In today’s competitive business arena, companies that stop innovating and expanding will likely be kicked out of the competition.

It’s easy to fall into the entrepreneur’s comfort zone. Sales is steady, employees are happy, systems are working smoothly, and everything is basically in place.

Then, BAM!

The economy goes down, people lose their buying power, prices go up, expenses soar, profits shrink, and lifestyles change.

The opposite scenario is as true. The economy goes up, people buy more, competition gets tougher, options abound, and customers demand higher quality of service.

In business, change is expected and it’s frequent. Either scenario demands from you as a business owner to stay ahead of the market and to be prepared for, or even pioneer, new ways of making money, or lose in the competition.

It is crucial to go back to your vision chair annually and start to think. That is what makes you different than your employees or followers. They don’t have to envision; they follow your vision.

Write down where you plan to bring your business three, five, and ten years from now. You don’t know what will happen but you are at least prepared. Changes are inevitable but your preparation makes them easier to adapt and anticipate.

I recommend to plan for maximum ten years. Some experts suggest 30-, 50-, or even 100-year plans. However, the world today is running at a faster pace than it was years ago. Plans for more than 10 years will likely require major modification to the point that it will be totally different than the original.

The last point I will share with you is about the fears you might have and how to overcome them.

See you on the next post!

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