Ask questions
As you prepare for 2011, it will be important to keep any number of questions in mind. What those questions are will depend on your industry, your goals and your financial standing at the moment, but there are some questions that all businesses need to be asking right now. And those are: What is happening in your industry? Is it expanding or contracting? Is your company expanding or contracting? Where do you see your company in 2015? In 2020? Is your company in the right market? Is it in the right position in the market? What are the strengths and expertise that your company has that could be adapted to another market or product line? Where can you turn to think through your situation? Will your company be able to receive a large enough line of credit during the next year? Will you be able to fund your growth? How sustainable are the current demands? And, the great unknown, how will global events affect your company?
“Because of raw material increases, I know a lot of companies are trying to spend more resources to try to find the best deal out there, to get good pricing, and then when they do find it, trying to buy in bulk to try and get quantity discounts and so forth,” Gregg says. “And that is helping their costs actually going forward and I think that’s going to pay dividends in the future.”
With all of that in mind, you will also need to think about innovation as much as ever. How will you move ideas from the collective mind of your company to the drawing board to the marketplace? Live in the present but remain focused on the future.
“Eyes on the future,” DeRocco says. “But remember the volatility of this market.”
