Revisiting your markets
A business review offers you the opportunity to stand back from the activity outlined in your plan and look again at factors such as:
- Changes in your market
- New and emerging services
- Changes in your customers’ needs
- External factors such as the economy, imports and new technology
- Changes in competitive activity
- Asking your customers for feedback on your business’ performance will help to identify where improvements can be made to your products or services, your staffing levels or your business procedures.
At the same time, it is important to remember that while reviews of this kind can be very effective – they can give your business the flexibility it needs to beat off stiff competition at short notice – it is important to think through the implications of any changes. In the new phase of your business you’ll need to plan your finances and resourcing carefully at all times.