Search:

Take Time to Update Your Business Strategy--Before It Grows Too Late

I recently noticed a flashing warning indicator on my car's instrument panel telling me that it was time service my brakes. I thought, "I'll call tomorrow when I have more time." Tomorrow turned into next month... and then the grinding started. When I finally got the brakes repaired, the repair bill was more than four times what it might have been had I heeded the warning light and not procrastinated.

Business leaders often procrastinate establishing or updating their business strategy. Refining strategy is uncomfortable because you have to acknowledge the goals that weren't met, or the activities that slipped by the wayside. It is sometimes hard to tear yourself away from the tangible, immediate issues at hand. For many busy executives, it seems impossible to take the time away from a hectic schedule filled to overflowing with customer fires, internal crises, delivering for customers, or closing new business. But what are the consequences of NOT stepping off the runaway train and spending time preparing for the future?

1. Customers grow tired of inadequate service and take their business elsewhere. Hopefully they don't take some of your other customers with them.

2. You are so busy serving existing customers that you don't have the capacity to bring in new customers, forestalling growth

3. Without new customers, you have no way to compensate for inevitable customer churn

4. Your employees are ineffective at best, and at worst, begin to burn out and leave. How much would it cost you if 50% of your employees were ineffective 10% of the time? For 200 employees, you may be losing a minimum of $1.5M each year!

5. Your competitors pass you by

6. Worse yet, you burn out yourself.

Postponing the development of strategy may be a short-term strategy in and of itself, but it is ineffective. Unfortunately, the treadmill you're on keeps running, dragging you with it, until you choose to get off and readjust.

To ensure business success, you need to ensure you set aside time each year to evaluate and update your business strategy. In addition, you also need to set aside a smaller amount of time each month to test & refine it. By ensuring that you are regularly evaluating and refining your strategy, you ensure that your customers, competitors, or the market don't leave you behind.

The time you set aside for strategy must be sacred; otherwise, it gets put off like my brakes until the penalty is much greater than the prevention. December is typically a good time to evaluate your business strategy because many customers are unavailable. Schedule the time and "Just Do It!"

Copyright (c) 2008 Curtis Bingham

Article Source: http://www.newagelivingarticles.com

Curtis N. Bingham is the President of the Predictive Consulting Group. He helps organizations dramatically increase customer acquisition, retention, and profitability. If you would like to learn more about customer strategy or Chief Customer Officers, visit ttp://www.predictiveconsulting.com or www.curtisbingham.com

Please Rate this Article

Not yet Rated

Click the XML Icon Above to Receive Business Articles Via RSS!

Additional Articles From - Home | Business

Kentucky Wildcats tickets - Bouncing back from Loss - By : Gen Wright
Skin Moles Removal - Know Your Options - By : Gen Wright
Newsletter Printing: When To Score - By : Janice Jenkins
How To Become An Entreprenuer - By : Richard McMunn
Custom Greeting Cards With A Human Touch - By : chelsea nicole
How to Sell General Goods on QxBid Online Auctions - By : qxmax
To Get Ahead of the Competition Begin Running Non-Stop Business Model Development - By : Donald Mitchell
Link Bait: Attracting Inbound Links To Your Website - By : Gen Wright
Ole Miss Rebels tickets - Oher makes AP All-American Team - By : Gen Wright
South Carolina Gamecocks tickets - and Kiffin Returns the Punch - By : Gen Wright

Article Directory Software
Click here to download the exact software that powers this directory for FREE. Start your own article directory today!

	Print This Article
	Post Comment
	Add To Favorites
	Email to Friends
	Ezine Ready

Top Authors
Submit Articles
Member Login
Most Popular Articles
Submission Guidelines
Ezine Notifications
Article RSS Feeds

Little Book Of Becoming
Masters of the Secret
The Singularity Is Near
Distribute Your Articles to 1000's!
Wildwind Enterprises
Bookstore
About Us
Link to Us
Contact Us
Privacy Policy
Terms of Service

LINKS

All Links DirectoryAll Links Directory is 100% SEO friendly Directory and Human Edited.

Dominate The Search Engines with this software

Make Money Being an Affiliate with this software it's easy!

Learn How to Make Daily Profits Online starting Right Now!

Idiot Proof Clickbank Trick Makes $6,513 In 24 Hours

Amazing New Discovery: True psychokinesis easy to Use. Learn to control it for manifestation, healing, karmic repair with chakras.Visit us to find out how This Is 'PK' Mind Over Matter (Ebook, Free Download) fosters positive permanent change!

Submit Your Articles Quick and Easy with this software!

Get Keyword Elite and never hunt for keywords again!

NewAgeLivingArticles.com » Copyright © 2007-2009 WildWind Enterprises
Terms of Service | Submission Guidelines | Contact Us | Link to Us| Privacy Policy | About Us | Article Submissions With A Click 100's of Sites!