Lance Reid, CEO of Telcion Communications, emphasizes the importance of proactive planning for small business owners. Statistics indicate that a significant percentage of small businesses fail within their early years, particularly in the professional services sector. Reid focuses on the need for effective business planning and management skills as critical components for success. He urges owners to think beyond immediate challenges, understanding competitors, advantages, and industry trends, which facilitates better decision-making and long-term growth in the highly competitive IT services market.
Ineffective business planning occurs when an owner concentrates on the task at hand with no larger thoughts about the business.
Planning is not just about the present; it’s also about understanding competition and industry trends.
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