Will You Benefit From The Trump Effect?
Or will you end up like Hillary?
Like him or loathe him, Donald Trump will become the 45th President of the USA on 20th January. The last two years really has been marked by unexpected election results ...
The Trump Effect is one of change! Don't become irrelevant like Hillary ...
copyright: americanspirit / 123rf stock photo (licensee)
Jeremy Corbyn was elected in 2015 and then re-elected in 2016, Brexit was a leave instead of a remain vote and Trump won the 2016 presidential election last November. Of course, we have to say "unexpected by whom?" and I guess I mean 'unexpected' in that the political middle of the road was not followed, and the various electorates went for a radical change.
Now I am sure that the political pundits have, and will, continue to devote acres of column inches to analysing these results in detail, and that is not the intention of this blog post.
"My point is we are facing change!"
These changes have been brought about by popular votes. They might have been votes against someone else, or for some election promise that will never come to fruition, but the net effect is that we have change and, what's more, changes that are the result of a fairly widespread desire for change.
But what does that mean for your business? Well firstly, look inwards. Have you reflected on what you do that is staid and has been the same for ages and needs to be revitalised before you get 'trumped' by someone with a fresh viewpoint?
The only constant in this world is change, so if you don't change and update what you do, or how you do what you do, then your business will eventually become like Hillary.
As part of this process look at your competitors, but not the old established ones, find the startups that maybe do have fresh ideas. Or look to other countries, how do they do what you do and do they have a different way of doing it?
The next point is to look outwards. What opportunities or challenges do these changes mean for you, your customers, your competitors and your suppliers?
"Start this process by preparing a simple SWOT chart!"
That is identify your Strength, Weaknesses, Opportunities and Threats. Of course, you might find this hard to do on your own and do feel free to get other people involved in this process. If you have a team, then get your team involved. If you don't want to do that then get your mentor involved. What you don't have a business mentor? Then go get one! (we do business mentoring at JVCA if you are interested!)
January is normally the time to reflect on change or plan for the new year, but this January not only is change all around you, but so is the desire for change and with every change there are winners and losers!
"Do something to make sure that the Trump effect helps you to be a winner!"
Thinking of getting a mentor? Want to review your business model and see what threats abound? Call me on 0333 335 0422 or click here to send me an email enquiry and let's arrange to meet up soon.
Until next time ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.