Business owners advised to study 2015 before enacting plans for new year

Business owners advised to study 2015 before enacting plans for new year by Lisa Grant Posted Jan 1, 2016 4:53 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Before they look ahead, managers and owners should check out what’s behind them.That advice comes from an expert with the Alberta School of Business.Associate professor Marvin Washington told 660 NEWS, people should examine whether their plans worked like they were supposed to last year.“We all had a certain expectations for the economy, we had an expectation of certain customers, an expectation of what our competitors would do,” Washington said. “Let’s go back and look at how accurate were we in understanding that. Now, if we were not accurate, then what am I going to do to change the accuracy level? What new information am I going to add to my planning process? But if I don’t add that new information then I’ll produce the same results as I produced last year, if I’m using the same places to get my information from.”He also recommended developing a strategy on how to be different from the competition and a Plan B if Plan A doesn’t work.On top of that, Washington said, people in managerial positions should determine how long they’ll be able to withstand low oil prices or the low dollar before making more serious moves.

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