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Is It Time to Reevaluate Your Business Plan?

Is It Time to Reevaluate Your Business Plan?

December 10, 2019
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We are living in an unprecedented time of change. Both technology and business practices grow and evolve at lightning speed.  Businesses, as well as business plans, should be updated regularly to stay ahead of the curve and to avoid having your techniques become outdated or obsolete. There are several signs you can look for when asking yourself if it is time to update your business plan. Below you will find some of the top indicators that tell you it is time to shift your thinking and your methods.  

Growing Dissatisfaction

One glaring clue that it is time to restructure your business model is noticing an increasing level of dissatisfaction, both internally and externally. If you are experiencing employee discontent, low employee retention, and high turnover, there is a problem with the way your business is conducting itself. Equally, external displeasure is a red flag and devastating to a business, when left unchecked. Identify the issues that are being expressed by staff and clients and focus on making immediate changes to rectify these issues.

Keep Up with The Times

There is an enormous amount of time and market research involved in creating your first business plan. Once you have created that plan, there is still an enormous amount of market research involved in maintaining your edge. Make certain you continue to do your due diligence and keep reading up on new trends in your market. There is never a time when it is not important to keep a mindful eye on your competition and what changes to their habits and practices may be occurring. Make it a priority to strategize and find ways to go above and beyond the other businesses in your field. Staying relevant on Social Media is something that should be built into any new business plan, and if yours does not have that, you are missing out on one of the biggest advantages a business can have today. It is also a perfect way to keep an eye on changes being made by the competition.

Analytics and Social Media

If structured social media campaigns are not a part of your current business plan, it is time to update your business plan to include them. Simply being present on social media does not aid in your business’ growth. You need to be certain that you are properly targeting your audience and that your content is engaging and relevant. The place to start is by learning how to use the analytics tool of a social media platform (like Facebook and Twitter) and use that information to entice the people that you want to come to your business and use your services. This information will tell you what type of promotion is best received by your target audience, where your current audience is and identifies how you might make changes to benefit your growth. This can be a daunting task for a busy business owner, so consider hiring a social media consultant, to handle that area of your marketing.

 

Finally, if you need any assistance with reevaluating your business plan, or to get started on a new one, call us or visit our website at https://www.manhattanridge.com/

 

The views expressed are not necessarily the opinion of Social Advisors, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice.  Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed.