So…2016 is here and has started off slow with a very tumultuous beginning in the stock market.

While you may not be heavily interested in the market — what effect(s) would this have on your business?

With most businesses being involved in the global economy in some way — Have you thought about the potential impacts and how you will react and/or counter them?
Some of the effects may be the result of:
  • Terrorism
  • Uncertainty in travel/transportation and the global economy
  • The China effect
  • Investors feeling poor

 

So how does this affect businesses in small towns and larger US cities?

This will have an impact on our customers, who may spend less or change their spending habits. This may also impact your supply chain and how you obtain product because of the uncertainty in the economy, transportation, cuts in production and other factors.

 

Having said all of this — do you have your business plan done for 2016?

What are the considerations? (See our download section for a Business Plan outline)
Where do I start?

First, start by setting your goals for the upcoming year!

Second, make assumptions of what you need to achieve your goals and the uncertainty that exists today.

Third, evaluate both sides of your supply chain – customers and vendors.

Fourth, evaluate the risks to achieving goals and how you may counteract those risks.

Lastly, write your plan and make sure you have forecasts as part of the plan that include:

  • Best case scenario
  • Most likely scenario
  • Worst case scenario
To best determine your business’s direction, our Business Plan outline is in the download section of our website, www.tmgadvisors.net. Please download and email or call us for direction. Try us for advice FREE for one hour if needed.