Take stock → Lay plans → Take action →Review

At the time that this article was written South African sprinter Wayde van Niekerk had just run his way to a gold medal and a world record in the Rio Olympics’ 400m sprint, and into the hearts of South Africans. What you may not know about Wayde, is that three years ago, along with his great-grandmother who is his South African coach, he linked up with Usain Bolt’s Jamaican coach Glen Mills, looking to him for guidance in his training toward winning Olympic gold. That’s kicking it up a notch! Can you imagine the regimen of consistent and disciplined training that Wayde has been prepared to undergo to achieve this remarkable outcome? It is a great reminder – no change or improvement can take place without a situation analysis, forward planning, consistent action, and review.

How about you?  Since the time you established your business, you may have been inclined to let things run as they are, or you may currently consider yourself far too busy to take time out to take stock of where your business currently stands – even if you would like to kick it up a notch. The truth is that if you want to maintain or grow your business it is vital to review your business performance.

Ask yourself these questions:

Are you uncertain about how well your business is performing?
Are you sure that you are getting the most out of your business?
Are you making the most of market opportunities?
Is your business becoming unresponsive to market demands?
Is your business plan up-to-date? (Or have you not updated it since you launched the business?)
Is your business moving in a different direction to the one you originally planned?
Is it time to take your business to the next level?
If the answer to any of these questions raises a red flag for you, the chances are you need to take stock of where you currently stand in order to make some informed decisions, and to act upon them.

Something else you may not know is that The Referral Institute, international educators and brains trust in the sphere of referral marketing, have rebranded to become Asentiv.  Asentiv’s vision is to be the world’s leader in helping entrepreneurs to create Referrals For Life® and to work within communities of like-minded successful entrepreneurs around the world.   Asentiv’s Certified Networker III is an excellent programme through which to take stock of your vision and mission, your target market and your marketing plan, while creating and implementing a powerful referral marketing system that will take your business to new levels.

Taking stock means shining a light into every corner of your business.  This includes:

taking a close look at the business finances, with the input of your accountant –assessing your balance sheet, reviewing business costs and forecasting the next year’s sales benchmarking your business compared to your competitors – taking a look at market share, clients, suppliers, employee development and retention, company and product innovation, and business excellence and actively obtaining feedback from your clients and employees. It is vital to keep abreast of your company’s reputation in the marketplace – to examine your customer service levels, the satisfaction of your clients and employees, along with reviewing your own performance.
Once you have taken stock you will be far better equipped to ask yourself these important questions:

Where did we fall short?
How?
Was this the result of bad planning, bad execution or unexpected external factors?

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