Strategy & Tactics: Business Planning Basics
Facing pitfalls? Here are 5 ways retailers can learn to be more prepared for unexpected twists and turns in both life and business.
Words by Rosa Sophia
When preparing for the future, retailers agree it’s best to have a plan—and a backup plan in case the first option doesn’t work out. James P. Smith of A.C.T. Audio in Vernon, Conn. said it’s best not to look at pitfalls in life as failures. “Look at it as a lesson,” he said, noting that it’s important to sit down and extract knowledge from the experience. “Then it becomes more of a success because you know what not to do in the future. You can analyze your mistakes and see how you need to change your mindset or your behavior—whatever the situation is—to keep moving forward.” Smith said when he makes a mistake, he uses it as an opportunity to learn, to keep something similar from happening in the future.
The debut KnowledgeFest Orlando took place June 25-27, and on Sunday, Smith taught his first class, called “Getting Out of Your Own Way: From Technician to CEO.” In it, he covered understanding core values, creating standard operating procedures and how best to delegate tasks. Smith detailed how he went from partnering in a business in 2011 to purchasing A.C.T. Audio in 2019, and what he learned along the way. He asked attendees to consider whether... read the rest by [Clicking Here]
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