Ask questions
As you prepare for 2011, it will be important to keep any
number of questions in mind. What those questions are will depend on your
industry, your goals and your financial standing at the moment, but there are
some questions that all businesses need to be asking right now. And those are: What
is happening in your industry? Is it expanding or contracting? Is your company
expanding or contracting? Where do you see your company in 2015? In 2020? Is
your company in the right market? Is it in the right position in the market?
What are the strengths and expertise that your company has that could be
adapted to another market or product line? Where can you turn to think through
your situation? Will your company be able to receive a large enough line of
credit during the next year? Will you be able to fund your growth? How
sustainable are the current demands? And, the great unknown, how will global
events affect your company?
“You need to make sure you’ve differentiated your products
enough from your competitors,” Johnson says. “Have you considered new and
ancillary products that will continue to push your business forward? Some
manufacturers are doing a good job but not all companies are there yet.”
With all of that in mind, you
will also need to think about innovation as much as ever. How will you move
ideas from the collective mind of your company to the drawing board to the
marketplace? Live in the present but remain focused on the future.
“Eyes on the future,” DeRocco says. “But
remember the volatility of this market.”
