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Council Post: Preparing A Business Plan This Year? Monitor Last Year’s Spending Trends

Feb 26, 2025 - forbes.com
The article emphasizes the importance of planning and adapting for small and medium-sized businesses (SMBs) in cyclical industries, particularly retail, as they enter a new year. It highlights the necessity of reviewing historical data to understand past performance and consumer trends, which can inform future strategies. The piece notes that e-commerce is expected to continue growing, urging businesses to adopt hybrid operations and ensure their inventory is prepared for high-demand seasons. An online presence is deemed essential for long-term success, with a focus on managing growth and scalability.

Additionally, the article stresses the critical role of technology in meeting shifting consumer demands for quick fulfillment and unique shopping experiences. SMBs are encouraged to establish a solid digital foundation, starting with cloud-based inventory management systems, to facilitate the integration of advanced technologies like AI and ML. This technological adoption is crucial for streamlining operations, optimizing resources, and enhancing consumer experiences. The article concludes by advising SMBs to reevaluate their operations, embrace digital solutions, and remain adaptable to navigate challenges and ensure business growth.

Key takeaways:

  • Businesses in cyclical industries can leverage historical data to inform strategy and navigate seasonal shifts and changing consumer behavior.
  • SMBs must adopt an online storefront and manage it for growth and scalability to ensure long-term success.
  • Technological adoption, such as cloud-based inventory management systems, is essential for SMBs to meet consumer demands for quick fulfillment and unique shopping experiences.
  • SMBs should reevaluate operations at the start of the year, reflecting on past successes and shortcomings, and embrace digital systems to support business growth.
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