The business landscape is constantly changing—and prioritizing adaptation and growth is key to success. Here are five ways to help your business move forward through ongoing uncertainty.
1. Leverage technology to become more agile
The past sixteen months have reinforced the need to quickly assess, adapt, and grow. Technology can help your business expand on a short- and long-terms basis, whether implementing an e-commerce strategy or creating a more seamless supply chain.
2. Take an end-to-end view of your business to address key challenges
While it’s easy to get caught up in your business’ day-to-day activities, a forward-looking perspective keeps you focused on the bigger picture. Asking an advisor to conduct an assessment is an important step in creating a growth plan that can include a range of considerations—from operational efficiencies to a clear understanding of your business’ current market value.
3. Ensure your data is secure to mitigate risk
The rapid shift to remote work and e-commerce reinforces the importance of secure data. Small- and medium-sized businesses aren’t immune to cyber threats and should factor a robust Cybersecurity strategy into their growth plans.
4. Be aware of tax implications to minimize your tax burden
Consider any and all tax implications before you make any decisions for your business. Whether you’re looking to exit your business or want to expand into new markets, planning ahead is crucial.
5. Prioritize your people to anchor your growth strategy
The strategic use of technology and data can transform your business, but your people have a crucial role in any change—regardless of its scope. Factor in the need to upskill or train your people so that they remain active and engaged in your business’ success.
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The information contained herein is intended for general informational purposes only and does not constitute as advice or opinions to be relied upon in relation to any particular circumstance. For more information about this topic, please contact your Grant Thornton advisor. If you do not have an advisor, please contact us. We are happy to help.