Living in the future is not an advisable way to live your life. However, it does not hurt to go there once in a while in your business life. If you don’t, it is hard to remain competitive, relevant or nimble in the face of trends or shifts in the environment of business that you operate in.
A trend and a game changer both appeared in real ways 2016. The trend was robo-advisor and the game changer was DOL. After the DOL ruling, the landscape of the financial services industry changed permanently. With robo-advisor, there is an uncomfortable sense out there that the definition of value to a client will need to change for many! We remain convinced in both cases that the Experience Economy holds opportunity to be successful in the face of both. But I am not talking about that today.
What I do want to touch on is your need to begin now, today, considering how you will be dealing with these factors moving forward. You will soon be heading into business planning season for 2017, and we recommend strongly that you peek around the corner and consider what you will be doing next year to evolve your enterprise and make it more competitive and more relevant to clients.
Remember, the best business plan will guide you with real, tangible and measurable outcomes/results in the next 12-18 months. Then back it up and work out what you need to do every week to drive it all home. The last requirement is to check in with your activity list every week to ensure you are on track, and then look at your results every 90 days to see if you are moving the needle. Don’t make it too complicated. For a small business owner, there is a direct correlation between the overly complicated business plan and lack of follow through.
Continued success, TF.