We’ve spoken about business trends recently and mentioned market and industry research. This guide will help you learn about using project management for accountants to research industry trends and help you better predict where your business will go. There is a difference between basic business trends and industry trends. Research on simply your business focuses more on the more micro aspects of your day-to-day work measured up against the same period of time on the calendar in the past. Industry is more macro in that it shows you the bigger picture, giving you information about different types of businesses that have to do with yours. An example: business trends at a stuffed toy company might focus on the sale of stuffed toys during holidays while industry trends would focus on the sale of all toys, including the stuffed toys made by that company. Learning about the other types of businesses in your industry and how they do well (or don’t do well) can give you an idea of how to grow your own business as well as the mistakes that could keep you from thriving. Learn more about how workflow software assists in predicting business trends in our recent blog here.
- Learn About Your Industry
Having a successful business for many years often brings about that old saying “if it isn’t broken, don’t fix it.” Why take the time to see what’s going on in the rest of your industry if you’re obviously doing it right? Sooner or later, you’ll have to grow in order to keep up and even if that growth was easy in the past, that may not be the case down the road. Staying ahead is the best way to combat issues as they come up, or prevent them from happening all together. Project management for accountants gives your financial department the tools to see what’s going on outside of your own little niche and use that information to generate reports that are easy for everyone to follow. Your employees and colleagues can all be kept up to date with a few simple periodic emails.
- Analyze the Gathered Information
Good project management for accountants includes a plan for those reports generated by the software. Along with the business trends you see with these reports, the industry analyses can work alongside business trends to give you a plan that works. Going back to the toy company example: business trends show sales of stuffed toys within the industry increase at holiday times and an industry analysis report shows that, during that same time, the sale of toys related to cars also increases. The company can use this information to focus on selling stuffed toys that are cars or have to do with cars in order to increase their sales further.
- Follow Through
Implementing your plan through project management for accountants and the reports generated by your new software is most effective when everyone participates and continues participating as time goes on. You can build a better business using this software by making sure that everyone is using it to the full advantages that are offered, including industry analyses on a regular basis. You can also use the software to monitor each project and create task lists and calendar reminders that keep people on track.
Watch Your Business Grow
The information you learn through industry analysis can not only improve the way you currently run your business but also give you new ideas for growth. You’ll learn from those who did it right as well as those who made mistakes so you can move into a new phase seamlessly and without shock to your loyal customers or employees. Project management for accountants is the perfect way to organize effectively and keep control over the growth that does occur. You’ll be able to see it through every step of the way and continue to grow exponentially. Start your industry analysis today and watch your business build up to a place you may have never imagined you could be!