I’d like to wish you a very Happy New Year and offer my best wishes for a prosperous 2011! After the challenges of the last three years, we should look forward to a year of more confidence and improving business conditions.
Main Street is prime to deliver for 2011 - Photo via CU Carrie via Flickr
New growth possibilities will be part of 2011. We have had to be defensive and react quickly to difficult conditions. We have reduced expenses, focused on our best customers, and looked to reduce risk as much as possible. 2011 should present us with opportunities to focus on growing revenue and working with new customers.
A great blog post from entrepreneur and author Steve Blank highlights the optimistic nature we should hold for the coming year. The new focus on fast development, rapid testing, and reduced features means more entrepreneurs can build a sustainable business in less time and money. With opportunity comes risk, and we need to make sure we are balancing our drive to succeed with smart risk management.
While we all like to “play offense” more than assuming a defensive business position, we need to ensure two things do not happen in 2011:
- We do not return to the attitude of prior to 2008, where many of us assumed spending would rise forever and the concept of risk was invisible. No amount of computer modelling or business analysis can eliminate all risk. We must accept that all important decisions involve a certain level of risk.
- We do not become tentative about assuming risk. I have watched enough football during bowl season to know the teams that play “not to lose” often end up losing. We need to balance the risk of new opportunities with the potential of growth and challenges.
I hope you are excited about the new challenges and opportunities awaiting all of us in 2011. While there is still an element of risk in our current environment, the opportunities for new profits and revenue growth should leave us feeling confident about this year.
