The mountain leaves are already changing, a sure sign that autumn will be here before we know it.
Harvest season invites us to reflect on the past year and assess our progress. Just as farmers examine their crops to plan for the winter and year ahead, so too can businesses use this time to review and analyze the past year, preparing themselves for new opportunities and the future that lies ahead.
Take Time to Reflect
For many businesses, the pace of daily operations often leaves little time for needed reflection. This economic “harvest” encourages businesses to take a moment and evaluate strategies, celebrate successes and identify areas for improvement. Such a time is not a distraction from core business priorities, but a necessary practice that ensures long-term stability and competitiveness. Closely examine market trends, the needs of your workforce and your customers’ expectations. Think about the now, imagine the future and make plans.
Recognizing the Changing Landscape
As part of this reflection, identifying areas where your business landscape is shifting allows you to adapt early and position yourself for growth rather than disruption. Market trends we’ve begun to see include significant shifts in sector leadership, continued strength in the labor market and evolution in the construction sector. These trends create compelling opportunities unique to Utah, with investors drawn to our state and major developments driving activity.
Preparing for New Growth: The “Planting” Phase
As we reflect on what the year has brought so far, it is essential that we learn and adapt to meet the evolving challenges that lie ahead. Building resilience in your business is essential when planning for economic uncertainty. For example, prominent in discussions for several months has been tariff-related pressure. Adapting and adjusting your business now will help anchor it to withstand potential ups and downs in upcoming quarters.
We can effectively “fertilize” our businesses and thereby thrive in new, unexpected circumstances by investing in talent development and capitalizing on our skilled labor market. Some questions to consider in your business:
- What will you do differently over the next three months?
- How will you prepare your business for any changes ahead?
- What is one thing you can start doing now to strengthen your business?
As we enter this season of reflection and renewal, the Salt Lake Chamber stands ready to support your business, help you navigate change and capitalize on opportunities. Together, let’s plan and prepare Utah for the growth that lies ahead.
