| | With the harvest complete and winter on the way, it is time to evaluate last year’s business and plan for next year. Fall is a good time to evaluate whether or not the business is on the right track or in need of a change.
“Never guess when evaluating business success or lack of success,” says Kathy Bosse, new ventures specialist with Alberta Agriculture, Food and Rural Development, Stettler. “The true facts are those that come from financial information. Take the time to go over and analyses this information. Be sure to seek professional help if there is any uncertainty about options.”
The following decision making framework will help in evaluating information and making a decision.
- Define the situation – how is the business doing, be realistic. Things do not always happen immediately.
- Look at alternatives – think about all the different ways the business could change, from fine-tuning to taking advantage of new products or markets. Be sure to do the homework before making changes.
- Take action – develop an implementation plan, include a timeline, marketing plan, management structure and financial plan.
- Evaluate – always evaluate any change to the business so success can be demonstrated and identified.
There are no easy answers to business success. The one guarantee is that a lot of time and energy will be spent on the development and operation of the business; therefore, it is important to enjoy the work as well as the success.
The following are key points to keep in mind when evaluating a business or a change that was made to a business:
- produce what customers want
- create a high quality product
- provide a high quality service – good customers service can make or break a business
- start small and grow naturally
- make decisions based on good records
- establish a loyal customer base
- provide more than just a product or service – provide an experience
- keep informed – businesses have to be constantly changing to keep up with what customers want
- plan for the future – set goals for the business, and establish a plan of action to achieve them
Planning and evaluating are very important to the success or potential success of a business – be sure enough time is allowed. For help in analyzing a business, be sure to seek out professional assistance.
Contact: Kathy Bosse 310-FARM |
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