Part 1: Newsletter – Issue #710
| You already know that running a business is very difficult and stressful. But, running a business can also become habit-forming and very mundane. The processes and timelines you use “just happen” and we continue to do the same things over and over.
Albert Einstein is widely credited with saying, “The definition of insanity is doing the same thing over and over again, but expecting different results.” If your business is successful, it’s easy to justify doing the same things that got you there. However, ultra-successful businesses are always looking for ways to get better. One of America’s most respected leaders, Jack Welch, is credited with this way of thinking. He said, “Change before you have to”. It is always better to change when you can, rather than when you are forced to. So, how did your business fair in 2022? The answer to that question of course will vary depending on several factors like what business category you are in, and it certainly varies from business to business. The key questions for business owners to ask themselves before the new year are: What will you do differently? What will you do the same? In other words, Evaluate! If you want or need different results, you may want to heed Einstein’s advice from above and try some different things. “Without proper self-evaluation, failure is inevitable.” Self-evaluation is not easy. The key ingredient to a successful and useful self-evaluation is, to be honest. Be honest with yourself and be honest with everything that is around you, your employees, your business category, your competitors, your suppliers, your political preference, everything! This week we have provided 9 Key Self-Evaluation Questions that will help you have a better plan for success in 2023. Number nine is Evaluate Your Vendors. With all the disruptions of the past two and a half years, there are still opportunities abound. Are your current vendors taking care of you, and do they have your best interest at heart? RFPs (Requests for Proposal) from your current vendors and new vendors are one way to make sure you are receiving the best deals possible. It also serves as a notice to your current vendors that they should not take your business for granted. To see all 9 Key Self-Evaluation Questions, click here. We wish you an extremely successful 2023. |
