It\u2019s easy to get a little lax about taking care of your car.\u00a0 That is, you get in, it starts right up, and then you\u2019re zipping down the road.\u00a0 No worries, right?\u00a0 But then, warning lights start appearing on the dashboard or the brakes start to squeak, and you realize you haven\u2019t had it serviced for awhile.\u00a0 Or maybe you procrastinated too long and now that little rust spot on the rear fender is a hole as big as your thumb.\u00a0 Or maybe you find yourself on the side of the road with a flat, wishing you hadn\u2019t tried to get a few more miles out of those old, bald tires.\u00a0 So sometimes, even though your car may seem to be running just fine, it pays to take a peek under the hood, kick the tires, and give the whole thing a good visual inspection.\u00a0 Likewise, we go to our doctor for an annual check-up, even though we may feel fine, just to verify that no hidden malady is starting to sneak up on us.\u00a0 Same with your business.\u00a0 Even though things seem to be going along just great, it may pay to take a peek under the hood once in awhile just to make sure we\u2019re not overdue for a tune-up.\u00a0 If you haven\u2019t given your business a check-up for awhile, please continue reading below.<\/p>\n
\u201cWhoever said, \u2018If it ain\u2019t broke, don\u2019t fix it,\u2019 probably never heard of preventive maintenance.\u201d<\/strong> As we enter the fourth quarter of the year, it seems a good time to give your business a thorough inspection looking for areas of weakness, of vulnerability, or areas for improvement.\u00a0 Your inspection should include:<\/p>\n Marketing<\/strong> – Markets and market conditions are continuously changing and evolving.\u00a0 Are your marketing plans and programs current and appropriate?\u00a0 Or are they old, tired, and in need of an update?\u00a0 Maybe you put some marketing strategies in place during the Great Recession that don\u2019t make sense anymore.\u00a0 Worth a look.<\/p>\n Finance<\/strong> \u2013 the Great Recession caused a raft of changes, not only in the way the Federal Reserve has tried to regulate the economy, but also in the ways banks must now do business.\u00a0 If you haven\u2019t already done so, you will benefit from a review of your banking relationships, and from a frank conversation with your banker about how your debt is structured and about how you can work most effectively together to meet your financial needs.<\/p>\n Operations<\/strong> –\u00a0 The seven most dangerous words in business are, \u201cIt\u2019s the way we\u2019ve always done it.\u201d\u00a0 Complacency, sooner or later (usually sooner), will come back to bite you.\u00a0 As Will Rogers once said, \u201cEven if you\u2019re on track, you\u2019ll get run over if you just sit there.\u201d\u00a0 You\u2019d better be constantly monitoring what you\u2019re doing and how you\u2019re doing it, looking for ways to do it better\/faster\/cheaper . . . because your competitors are.\u00a0 A little paranoia here is not necessarily a bad thing.<\/p>\n Administration<\/strong> \u2013 Are your systems able to deliver the information you need on a timely basis?\u00a0 Are your credit policies serving the needs of your business as well as the needs of your customers?\u00a0 Do your personnel policies and procedures allow you to attract and maintain the workforce you need?<\/p>\n We\u2019ve talked here about broad areas common to every business.\u00a0 For your own business, you should get more granular.\u00a0 For instance, what we\u2019ve termed \u201coperations\u201d here may actually be three or four different activities within your particular organization.\u00a0 It wouldn\u2019t be a bad idea to do a department-by-department SWOT analysis.\u00a0 In this, you\u2019d be looking for Strengths (competitive advantages), Weaknesses (competitive vulnerabilities), Opportunities (ways to leverage your strengths), and Threats (such as new regulations, new competitors, disruptive technologies, etc.).<\/p>\n It\u2019s possible that this sort of top-to-bottom look at your organization will show everything is just so swell that you can hardly stand it . . . but only if you do it blindfolded.\u00a0 It\u2019s much more likely you\u2019ll find a significant number of things that need to be changed or improved.\u00a0 So then what?\u00a0 Well, then you develop strategies to address those changes and improvements, and you fold those strategies into next year\u2019s plan.<\/p>\n You are<\/strong><\/em> beginning work on next year\u2019s plan, aren\u2019t you?\u00a0 Of course you are!\u00a0 Why would you not?\u00a0 But just on the off chance you\u2019re not working on a business plan for next year, call me.\u00a0 We should talk.<\/p>\n","protected":false},"excerpt":{"rendered":" It\u2019s easy to get a little lax about taking care of your car.\u00a0 That is, you get in, it starts right up, and then you\u2019re zipping down the road.\u00a0 No worries, right?\u00a0 But then, warning lights start appearing on the dashboard or the brakes start to squeak, and you realize you haven\u2019t had it serviced<\/p>\n
\n–\u00a0Steven Kasper<\/em><\/p>\n