Traditionally, the start of the New Year is a time to reflect over the events of the past year and consider the possibilities for the coming year. On a personal level you might take stock of our financial and physical well being, deciding whether to
stay the course or make changes that will positively impact your finances or physical and mental health. Along with these considerations you might also make resolutions of things we’d like to do or accomplish in the next year.
Like your personal life, in your business life you must also consider your company’s financial position and make changes accordingly. You should question which divisions are making a profit and which are creating a drain on resources and why. This evaluation should look at product type, management and management systems and employees. The adjustments needed may be obvious but most times they are not. Additionally, it is sometime hard to eliminate pet projects because owners have some much vested in them.
It is times like this that you might need to consider hiring a consultant to help you with the process. A consulting company has no personal attachment to your business operations, management or staff and can objectively look at all aspects of your business making suggestions of changes that need to be made and if requested help enact those.
If there are concerns about your businesses productivity, the time for change is now. Delays and short term fixes will only make the situation harder and possibly more costly to deal with in the future.