From the Ephor Group eNewsletter:
As we approach the end of 2012, and initiate our planning for calendar 2013, there are a few salient factors that we must keep in mind as we proactively plan.
1. It is well known that the failure/bankruptcy rates of small business will continue to escalate. Over the past 3 years, our peers, who unfortunately had businesses that failed, have taught us that their mistakes included not changing and adapting fast enough to the “New Economy” and not proactively attacking increased competition as well as they should have.
2. Government, Education, and Public service will account for > 6 of 10 jobs in the new economy, therefore we will have to provide a “superior work-life” experience to attract the human capital to be successful.
3. Small businesses will be less of a factor in the growth of GDP and job creation, therefore we will enjoy less B2B small business trade, therefore requiring us to provide goods and services to large organizations, including government.
4. We must adapt to the changing demographics in the consumer base including baby boomers, millenials, and the increased diversity of consumers including the Latino and Asian immigrants.
As we prepare for 2013, we our asking the following questions:
- Does my team have the skills required to meet the challenges we will face? How will we overcome the gaps?
- Is my business model adapted, economically efficient and proactive enough to meet our near-term challenges?
- Is our team able to perform at the level of success required?
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