Why Vision, Strategy, and Adaptability Matter

Last week, we talked about developing and following a five-year plan and touched on having a fifteen-year vision of where you would like your company to be after those fifteen years pass—and they will. The big question is: will you have guided your company through all the obstacles to remain a viable business after fifteen years?

One good definition of vision is “the ability to think about the future with imagination and/or wisdom.” While having this ability is very important, taking the time to do so is equally, if not more, important. Owning a small business can be very rewarding, not only financially but also in reaffirming that you have the can-do attitude and determination to be a successful businessperson.

One of my favorite sayings about owning a small business is: “You work all the hours you can stay awake, but NO ONE can fire you on Monday morning.”

It is very important that you set aside time each week—or at the very least, each month—to take a deep dive into where your business stands and whether anything is happening that could, or will, impact how your products and services may be affected. It is essential to be inquisitive and open-minded and to develop a plan to keep your company viable.

One of the many obstacles I overcame was shortly after I bought US Audio, Inc., a company solely focused on selling dictation equipment. I heard that IBM was developing voice recognition technology. While I believed this would take a considerable amount of time, I began thinking about how it could affect my revenue, profits, and the longevity of US Audio, Inc. This process also led me to consider another important business practice: Don’t put all your eggs in one basket. More on this in next week’s blog post.

Keep reading our blog, or if you want to Wright Your Business immediately, book a 15-minute Google-Meet meeting to explore the possibilities.