1. The bottom drops out of the market – margins suddenly drop.

To get prepared for potential margin drops, your competition is likely controlling expenses as if they already have. Start doing this now and you’ll thank yourself in the future.

 

2. Customers will leave because your business is too “old fashioned”/the competition is more advanced.

Start using “old fashioned service” in ads and marketing with examples and testimonies so customers know and appreciate your services; not every customer is looking for the latest and greatest, many may value “old fashioned.”

 

3. Your business can’t grow, or if it can, your service will suffer.

Ask your teams what will break if the business doubles in size, then immediately start working on those challenges and band-aid points now. This will give your business the room it needs to grow in 2024.

 

4. Your business will get left behind or can’t keep up with technology changes.

With rapid changes to technology, it is easy to worry about not keeping up. Creating a culture where employees understand technology makes their jobs easier and customers happier, that’s likely how your competition is already tackling these changes.

 

5. Your people won’t want to change and may sabotage projects so as not to change.

Your competitors who are leading in your industry aren’t tolerating “stick in the mud” attitudes and are preaching the positives of change daily. To keep up with them and to make sure your people aren’t costing your business, it’s time to embrace the positives in change and champion them daily.

 

6. Everything is getting more expensive, assets and people included.

The businesses that are going to thrive during economic uncertainty are already looking for new revenue opportunities with existing customers so that their return is still good even with higher expenses. Ask yourself where you could do the same for your business.

 

7. There’s no good way to exit.

Owners feeling unsure about when and how to exit successfully are seeking out wise counsel from outside sources like Meridian. If you’re looking to exit, its time to do the same (click here to contact an advisor now).

 

Now that you know what other owners like you are worried about, it’s time to take action! If you’re looking to prepare your business for successful 2024, we need to talk. Give us a call or fill out the form below and we’ll connect you with a family business specialist who is ready to serve you and your business.