2023 was marked with business transformation in response to the current economic times and the evolution of how we conduct business today, post pandemic, both internally and externally. Canadian SMEs are facing an increase in demand for a strong digital presence, a changing workforce, emerging AI, increased competition, to name a few. Successfully running your business, today, requires a continuous assessment of various facets, including your marketing strategy, sales approach, operational workflows, staying abreast of industry trends, and carving out time for networking.
The reality is, we’re often pulled in multiple directions and get caught up in the day to day operations more so than we would like to or out of necessity, underscoring the crucial need to take a closer look at how we’re spending our time – the balance between our day-to-day operations and our “think time.”
This dedicated thinking time is a cornerstone for any business owner or manager. It’s an opportunity for reflection on your business trajectory from a strategic standpoint, an evaluation of your value proposition, and an alignment check with your customers’ evolving needs. Are you truly attuned to feedback, product/service reviews, and the reasons behind missed business opportunities? Is it the right time to consider expanding your offerings and phasing out outdated ones. It’s all part of the continuous process of adapting and thriving in the dynamic landscape of business.
My advice is to incorporate quarterly “reflection periods,” or even more frequent ones, into your business priorities. To ensure this is an effective use of your allocated time, make sure you’ve gone through your quarterly results and compared them to your annual goals. Evaluate any lost leads, consider customer feedback, reviews, and recommendations, and if applicable, meet with your team, before you begin the reflection period. This practice will enhance your proactive leadership skills, enabling you to respond and adapt swiftly to industry trends, identify potential opportunities, and ultimately boost your bottom line over time.
Ritu Kohli-Sethi
Managing Partner , Greater Toronto Executive Centre
Ritu Kohli-Sethi is the Managing Partner at Greater Toronto Executive Centre (GTEC), a work space solutions provider, including fully furnished offices, meeting rooms, including a training space, and virtual office services. With more than twenty years of extensive expertise in operational strategy, management, and business development, Ritu stands as a seasoned professional.
Ritu holds an MBA from Ivey School of Business and has completed several certifications in various areas, such as property management and risk management. Ritu is a firm believer in continuing education for both professional and personal development and finds great joy in chronicling her life experiences, through her blog page and written submissions for various business publications.
