And just like that, half the year has gone by. It’s been a bit of a strange one too. Not as strange as the last one, but a bit strange none the less.
Hopefully, you kicked off the year with some sort of plan for how things would pan out. Failing that, even some expectations as to how it would all flow. Now that it is halfway over, it’s a good time to check in – is the year going to plan? Time for a quick review:
– What were the top 3 things you wanted to achieve this year?
– Are they still relevant?
– What resources will you need in the second half of the year?
– How is your business’s financial health?
– Has the market you operate in changed, and how are you meeting those changes?
– And (maybe) most importantly: Are you on track to achieve those top 3 things?
If you’re on track, awesome. Keep up the good work! If you’re looking a bit shaky, now is the time to make any necessary changes to kick things up a gear. If you’re not sure what you need to do, get in contact. Best of all, this type of assistance may qualify for the Regional Business Partners Capability Development Voucher Fund.
Success and risk
There is plenty written on why businesses fail. But nowhere near as much looking from a positive angle; what enables success. This little number runs counter to the trend so is worth a read.
One of the factors identified is risk. While the article speaks to product/service risk, there are any number of other risks floating around at present and traditionally, assessing and managing risk isn’t a strong point of small businesses. Fortunately, it is something that can be learned. And just imagine if you mastered this skill. Would it have been beneficial to identify the disruption to global shipping early? Or the labour shortages faced by numerous industries that have recently emerged?
Assessing risk isn’t just about avoiding bad stuff. It is about making sure that if life is going to hand you lemons, you’ve got a good recipe for lemonade. Want to be better at assessing risks? Check this out.
If you want help assessing risk for your business, get in contact.
And speaking of risk, if you have a mortgage, economist Tony Alexander has helped identify a risk worth considering. Have a read about it here