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David Shelton’s business tips: Prioritising threats and opportunities

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If you have reviewed the threats and opportunities relating to your business, you will know the lists can be lengthy and contain issues of different scale, timespan and impact. Typically, only a few of these will be really important for your business, so use the following questions to help identify where you should concentrate:

  • What are the big changes in the external environment for the next three to five years?
  • How will they affect your business?
  • Which ones worry you most and which are secondary?
  • How certain are you that these changes will happen?
  • Are there any show stoppers that could prevent you from trading?
  • Which parts of government policy will influence what you do or what you advise upon?
  • Where are the greatest opportunities?
  • How well placed are you to respond to these changes?
  • Are there any actions you need to take now or within six months?
  • If the picture is unclear, what is your working assumption?

The answers to these questions should allow you to concentrate on factors that will directly affect your business. 

David Shelton is a consultant at Stoke Bishop Associates 

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