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As I sat glued to the television watching commentary on Chrysler and how it is responding to its decline in market share I was struck with a thought about small business. If you have been following my blog, you probably know that I am a big proponent of modeling. In my opinion, having a successful model to follow throughout the business lifecycle is invaluable. So, here I sat watching Chrysler, a once successful automotive superpower, struggling and illustrating a very powerful lesson that every small business owner should always remember. What’s the lesson?
1. Have a fluid plan. Companies need a plan that helps them maneuver through turbulent times. There should be one to cover the short run and expanded to meet long run objectives. Most consultants agree that having at least a three year plan is a good start but take a lesson from the major players. Sit down with stakeholders and discuss the vision. Go out as far as five years in your planning by considering what you have to work with now, what changes need to be made, and what investment it will cost you to continue moving forward.
2. Keep abreast of news in the business world. Pay attention to what industry leaders and CEO’s are saying. It’s in your best interest because they have resources and teams that you may not be able to access. By following their interviews and give clues about next steps based upon what they have been advised concerning the industry, market, and economy that may help you, too. As you clue in on their news and sound bites, follow their lead. Do what the successful do and take the act of planning for the future to heart.
3. Be bold enough to make changes. When you notice things are not going according to plan then it is time to look for ways to improve what you can. Are the signs showing that new leadership is in order? How about the company’s vision? Is it time to eliminate any factors that are holding you back?
I will continue to follow Chrysler’s progress as it moves strategically through its five year plan. Check back often as I report on the impact that planning has on market share, earnings, and profitability.
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