Let's face it. Every small and medium size business faces challenges and meets that proverbial fork in the road at some point in its evolution. Often, growth brings a perpetual series of forks.
It is what you do at these critical times that will determine if your business will grow to be a success and achieve its vision. If you are an entrepreneur, you know how rare it is that a growing business will follow the initial plan as drawn up. That is why it is so important when you reach these forks that you step back and objectively evaluate the business, operations, personal, capital requirements, and future outlook to see if the original business plan still holds or if a strategic pivot is needed.
This kind of detailed assessment can be done internally at the management or board level or by a third party who has experience building and running successful businesses and can bring an outside perspective. What is most important is that this review is truly objective and done on an annual basis.
There is no denying that starting, building and running a successful business takes infinite amounts of blood, sweat and tears. You will inevitably make mistakes, all companies do. What is most important is learning from those mistakes to ensure your company is stronger and knows when to identify forks in the road that appear. A regular objective operational assessment will help guide your company down the long, winding, and often booby trapped road to business success.