It’s the time of year we all tend to reflect on what’s just happened and plan for what we do differently. So, we thought we would share part of our thinking for an interview schedule we are using to identify the future support businesses may require.
All problems have a degree of impact on business from just plain annoying to ‘business killers’ that threaten the future of the business. Good businesses find solutions to these problems themselves or look to support from outside.
For these businesses there are two types of problems to focus on. These are the problems that stop them getting things done on a day to day basis and the problems that stop them from moving their business forward.
Good businesses have to be really good at problem solving and tend to have solutions for the day to day ‘business killer problems’ quickly (things like cash flow). They then manage those ‘day to day’ problems that have a higher degree of impact with dedicated internal resources or with trusted external expertise. These problems tend to revolve around market competition, regulations and skilled personnel. The problems that tend to need new solutions are those that are getting in the way of them taking up opportunities that could drive their business forward.
So, for part of our research we are asking our businesses to identify the opportunities that would have the greatest impact on their business. Then we are asking them if they can take advantage of this opportunity without support, if they can that’s great and the business can move forward. If they need support and they can identify where to get it from that is also good and shows that there is a network of support available for that business sector.
What will be concerning is if our businesses interviewed can see an opportunity that they can’t take advantage of because they don’t have either internal systems or external resources to support it. If our place cannot find a solution for these businesses then they will not take advantage of the opportunity they can see. This is not a problem in the short term but if we as a place continue to not offer relevant solutions then eventually our businesses will move to a place that can find these solutions. This is because the problems stopping businesses taking opportunities in the future eventually become the problems stopping businesses function on a day to day basis. For example, thirty years ago a problem with IT was not a ‘business killer’ now not linking your sales directly with your stock ordering could be.
So, looking back over 2018, what really got in the way of businesses based in your place? Then looking forward to 2019 what could stop them take advantage of those opportunities they see?
Could you have better helped them in 2018 and what are you planning to do to help them in 2019?
We at Thomas Jardine & Co are helping our place answer these questions, are you doing the same for your place?