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Know your client/prospects' key challenges, growth priorities for 2018

09/06/2017

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By Wade Nelson

Business Outlook Survey can help executives set key growth markers that match client needs and expectations

Now that Labor Day has come and gone, CEOs are looking at year-end goals and starting to strategically plan for 2018. It is all too easy to jump from one season to the next without taking a pause to reflect on past performance.

How can you plan for future capital expenditures, outsourcing decisions, risk and security, staffing or technology investments without examining the prior year’s performance?

More importantly, how can you project future growth and direction without identifying the challenges your clients and prospects are facing?

Assessing current and future market conditions while benchmarking your outlook with others in similar regions or industries can help you evaluate past performance and lead to better data points for decision making in the future. 

LBMC, a Tennessee-based professional business services company, just launched a national Business Outlook Survey, a resource tool to provide answers to the questions keeping you up at night. By sharing your own business challenges and opportunities in the survey, you will gain access to key business trends and other valuable data when the survey results are published in November.

“The survey is not only a useful way to garner key information about your clients and prospects but also to review your own performance from the previous year,” says Suzanne Reed, director of marketing for LBMC. “It will help set key benchmarks on challenges so that you can be selective as to where you prioritize resources and understand where your industry or competitors are headed.”

In the survey, participating business unit leaders will report on how business conditions have changed for several indicators including revenue, employment, prices and company outlook. Answers will cover changes over the past 12 months and expectations for activity over the next 12 months. The survey consists of 35 questions and takes no more than 15 minutes to complete.

Strategically planning goals for the coming year requires a thorough review of the past. Taking that time now to research and analyze is vital to ensure that you are not only hitting your business goals but that you are providing the right solutions for the right challenges your clients and prospects needs will face in the coming year.

Business leaders are encouraged to take this survey and uncover some of the answers that will be beneficial as we head into 2018.

Wade Nelson is an LBMC manufacturing segment data analyst.