May 17, 2019
In the May edition of Small Business Monthly, Abeles and Hoffman’s Principal, Jim Rose, sat down with their team to discuss his thoughts on business success. Here is a copy of the article:
SBM: What questions should businesses ask when they are setting up their strategy?
- What is your position in the marketplace?
- What’s the competition doing?
- Trends – What do we think your market will look like in 5 years? 10 Years?
- How will technology impact the industry?
- What’s the current status of the talent pool? What does this trend look like?
- Do you have the appropriate support system in place (bankers, attorneys, accountants, IT, HR, marketing, etc.)?
SBM: What are companies doing wrong when it comes to business success in 2019?
JR: Some businesses are looking too strictly at the numbers and not other factors. Sometimes owners will just look at what the P&L shows and ratios. It is never good to have a loss but sometimes you need to look beyond that. Are you laying the groundwork for growth? Maybe you were too ambitious in your growth targets. It is a marathon, not a sprint. Owners need to think long term as well as short term. Sometimes, if things don’t happen right away, changes get made too quickly.
SBM: What are companies doing correctly?
- Having strong leadership, united team. Having the ability to lead across generations and the ability to eliminate silos that run counter to teamwork/communications.
- Having the right people in the right place and having everyone working together on a common goal.
- Keeping an eye on technology.
SBM: How do you differentiate your business from others in your industry?
JR: We have the technical expertise and resources of the large firms but have the ability to provide the close personal attention, and the flexibility, typical of a small firm to meet client needs.
SBM: What best advice would you share with new business owners?
- Have a plan; set goals; be accountable.
- Understand your costs.
- Budget for the unexpected.
- Have the financing wherewithal to survive unexpected variances from your plan.
- Leverage your network of friends, colleagues, and professionals for advice; build a support system.
- Have the right team in place.
For other great business insights and local small-business news, check out this month’s edition of SBM
*Reprinted With Permission From St. Louis Small Business Monthly