Change is in the Air!
Updated: Jan 9, 2019
Summer is coming to an end...the weather is cooling off and the kids are back to school. Change is definitely in the air!
This past summer has been volatile in weather as well as for many businesses. What started off as a strong first half of the year, became somewhat soft in the 3rd quarter. Although many industries are anticipating a bit of a rebound in the 4th quarter, the ongoing concerns of increasing interest rates, health insurance, and the fact that there are no sustainable signs of growth, are keeping many companies very conservative in their long-term investments.
I always use this time of year to evaluate how the year has gone thus far, to plan for the last 4 months of the year, as well as, to begin looking ahead to the next year.
How are you going to finish the year? Have you begun thinking about 2014?
Some key check points you may want to look at:
Evaluate your strategic action plans. Have you completed what you set out to do so far this year? If not, it's not too late.
Have you been effectively managing your balance sheet? Are your receivables all collectible? Are inventories at a level that won't negatively impact your cash flow if things remain slow? Do you have availability on your line of credit?
Are you beginning to plan for 2014? Have you reviewed/updated your strategy and implementation plan? What are you forecasting for next year?
Have you made the structural changes you had planned on to add/develop and/or upgrade existing personnel?
Owning a business today continues to be challenging. The old normal is definitely not the new normal. The new normal requires much more planning, flexibility, creativity, and a team that can support change. The new normal doesn't allow for complacency.
As a business owner, planning for change, embracing change, and being flexible are key attributes to succeeding in today's global economy. Surrounding yourself with quality resources to help you navigate the complexities and to look out for you and your business are critical to longevity. Our world has become way too complex for a single individual to have all of the answers. Utilize the resources available to you both inside and outside of your organization to help you in achieving your goals.
Change is in the Air!
Jayne McQuillan, CPA, MBA, CEPA is a strategic management consultant, and the owner of Journey Consulting, LLC, in Green Bay