At Smith & Williamson, we often challenge our entrepreneurial clients with a simple question. "If your business didn't already exist, would you recreate it as it is, or at all?"
It's a good question, and one which many entrepreneurs might wish to reflect on as we head into the relative peace and tranquility of Christmas, ahead of what most people expect to be an economically challenging 2012.
For many business owners, 'business as usual' means turning the same handle - doing the things they have always done and expecting, and generally getting, the same result. If you own a successful and cash generative business, that may be all well and good.
In the wider economy, however, it's 'business not as usual'. Many are finding that their sales and margins are being challenged, partly through a lack of demand and partly through increased competition. So it's worth remembering that in a slow / no growth economy, there are probably only two real ways to maintain and grow your business. The first is to be ground-breaking or innovative, creating products or services that demand the attention of your existing or potential customers. The second is to take market share from your competitors, a fierce battleground and often an unprofitable, zero-sum game.
So why not use this start to the new year to identify your competitive advantage and consider how you can drive your business forward in 2012? Consider your products and services, your people, your purpose and your values. Look for unexploited opportunities, new markets and alliances and new ways of accessing these. Think about recreating your business as you would ideally wish it to be - there will almost always be a better way.
Footnote: My new book, From Vision to Exit, The Entrepreneur's Guide to Building and Selling a Business has recently been ranked in the 'top ten' business books of 2011. It's available on Amazon in hard copy or e-book format and can also be bought through the publisher at http://www.harriman-house.com/fromvisiontoexit
