This time of year also brings with it predictions for the new year.
While many experts put forth some very good educated guesses about what will work for businesses in the upcoming year, it is important for everyone to keep in mind that what works for most businesses won’t necessarily work for every business.
In fact, businesses that have multiple locations around the country (and the world) might find that what works in one region might not work so well for customers in other geographic regions.
Also, keep in mind that we are living in a time where the business environment is changing so fast that the predictions that experts make might become obsolete days (or even hours) after they are made. (This is particularly true if a new technology is introduced to the market that the experts weren’t aware of or if a vendor is bought out and is subsequently shut down.)
It is therefore of the utmost importance that businesses test and evaluate their business decisions at more frequent intervals and pivot based on what the data is telling them.
It might actually be the case that what they thought would work just doesn’t and that the actual business opportunity might be in another area.
If businesses are only evaluating their results at the end of the calendar or fiscal year, it might be too late.
Photo credit: Bill David Brookson on Flickr.