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Good business plan minimizes risk, manages instability

Posted By Dave Simon, Wednesday, February 08, 2012

In a new year, most of us take a renewed look at the business landscape. What should our tech budget be this year? How should we project sales? Will banks lend to smaller businesses? If so, what is their threshold? Risks arise every year, some new and some old, and these risks can affect your bottom line.

A risk management services firm, iJet, recently released a 2012 forecast. In terms of the factors most likely to affect the economy this year, their findings not surprisingly listed economic instability at home and abroad, with the European debt crisis and the Occupy Wall Street movement as top issues. It would serve electronic security companies well to take a look at information like this, and plan accordingly.

Assessing how differing levels of economic activity might affect your bottom line is a good place to start. From there, it’s important to establish a strong foundation from which you can accommodate growth, or be nimble enough to scale back with minimal staff and resource disruptions.

Though the iJet findings don’t specifically state this, what is implicit in their information is that instability in the world is higher than normal. This instability will become a factor in managing your business. Creating a good business plan helps minimize the financial exposure that comes from making last-second decisions.

There’s no way to accurately predict what the future holds and we at ESA don’t have a crystal ball, but based on our Megatrends survey, what we see on the news and the general economic climate, we know that we all need to look ahead with our eyes wide open. Read up on what’s affecting our industry, and set a smart path to move ahead. It won’t be perfect, and you’ll have to make adjustments, but by having a baseline plan, you’ll be more prepared for what comes your way.

Tags:  business plan  future  profits 

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