Keep an Eye on the Big Picture of Your Small Business
Keep your eye on the big picture and prepare for the worst now.

Do Hard Analysis, Don’t Get Bogged Down. When things are good, it’s the right time to conduct an in-depth analysis of your business. Consider doing a SWOT analysis (strengths, weaknesses, opportunities, threats) when business is good, so you can repair your weaknesses while things are running smoothly.
Many small business owners fail to look at the big picture because they’re too bogged down in minutiae—the everyday challenges of running the business. But it’s a mistake to ignore the big picture. Take the time to shut out everyday things and force yourself to gain a longer perspective on what’s going on. Look at much longer metrics, such as what’s happened in your business over the past couple of years.

Ways to Look at the Big Picture. Mission and vision statements are good to jump start your thinking about who you are and what you’re really about. What winds up in the statement is secondary. It is the process you go through when forced to take a hard look at your business that is most valuable.
Small business owners should have a good team in place to help them keep the big picture in mind. It’s important that everyone on the team commit to the direction in which you’re trying to move the business. If you disagree with the advice and have good reason, consider getting a new team.

Don’t Forget the Industry as a Whole. It’s dangerous to look at just your own performance on sales and profits. You have to check out the competition. Remember that our economy changes. You can achieve success from making comparisons over time to learn what the competition is doing, what’s different about his or her customers and what’s happening with your own suppliers.

Use Advises. For small business owners, teams of advisers can be expensive, which is why it is so helpful to seek free advice from organizations such as industry trade associations, SCORE or the U.S. Small Business Administration.
Advisers will be able to identify trends in your business sector, new developments, and who’s succeeding and why. It can be hard for business owners to do this after operating on their own for a number of years, but the outside perspective is invaluable and will help you evaluate your business more effectively.

Brought to you by SCORE "Counselors to America's Small Business"