I read an amazing quote that greatly pertains to business and one of my core philosophies. “There is, in fact, no guarantee against product (or service’s) obsolescense. If a company’s own research does not make its products obsolete, another’s will.”
I like to do all that I can to (through the use of technology) reduce the amount of time that I spend on routine bookkeeping activities to save my customers time and money. If I don’t, than someone else will for me, and I don’t want that. I beleive it’s best to always work in your customers’ best interests so that you don’t become obsolete even it it means losing some revenue.
What products or services do you sell that someone is trying to make obsolete?
What is your plan to deal with it?
Many business owners use the SWOT analysis tool to identify organizations’ strategic issues. I have participated in many SWOT sessions myself and quite enjoy the mental process of helping business owners and management teams set the direction for where they would like to go. If you don’t know what a SWOT analysis is, search it in Google and there will be about 9 million hits to help you out.
I came accross the following information while reading an older textbook I borrowed about Strategic Planning.
It goes as follows:
Combining Strengths & Opportunities = The best way to make money
Combining Weaknesses & Threats = The areas of most concern
Combining Weaknesses & Opportunities = The areas that an organization is too weak to respond to
Combining Strengths & Threats = The areas that the business is best able to respond when troubles arise
I plan to keep this tid bit of information in mind next time I participate in a SWOT analysis.