Kitply Industries - January 2020






Look at the Next 10

2020 begins a brand-new decade with all of the opportunities and transformations that come with it. January is a great month to look forward to an exciting year, but it’s also important to take a moment and reflect on what you’ve already accomplished.

Take a look over the past 10 years. How far have you and your business come? Inevitably, you faced off against hardships, made vital choices, and passed milestones. Each of those circumstances led you to where you are right now. Reflecting on them and, more importantly, learning from them is exactly what pushes you forward. The past impacts the future, for better or for worse. Look at 10 years ago: Business owners pushed through the last dregs of the recession and either thrived or crumpled. Many of the larger woodworking companies that were around no longer exist, but the people in those business didn’t give up. Today, we see a surplus of smaller woodworking companies, formed from the disruption in the economy and subsequent layoffs 10 years ago. Resolute, many former craftsmen and employees became entrepreneurs as they set out to start their own businesses, and soon after, small shops popped up everywhere. The fragmentation of some of the largest companies in the industry led to the competitive market we see today, and it serves as a reminder of why we need to prepare for the next 10 years. How will the market shift over the next decade? Will you be ready, and will your business be agile enough when it does? The influence of technology only increased in our industry over the last decade and shows no signs of slowing down in the next. Robotic arms, 3D printers, and even artificial

intelligence have significantly changed the market, from sales to deliverables and everywhere in between along the supply chain. Of course, no one can see the future, but I don’t think I’m making a wild prediction that this is only going to increase, and increase rapidly. And whether it's technology, the economy, or something else we can’t foresee, one thing is certain: Changes will happen. Every business is different, but I’d like to share how we are looking forward to 2020 and beyond. I’ve integrated a seven-point plan here at Kitply Industries that we’ve used to plan for our future, and we’ve seen positive results. 1. DESIRE: For a successful future, you need to desire it. 2. SWOT ANALYSIS: By creating a SWOT chart, you’ll look at your company’s internal and external factors through strengths, weaknesses, opportunities, and threats. The goal is to support strengths, remove weaknesses, take opportunities, and brace against threats. 3. RANK AND PRIORITIZE THE SWOT: With your SWOT chart, decide what is most essential for the biggest impact. 4. FOCUS ON THE TOP 3: Take what’s left of your SWOT list and narrow it down to three distinct factors. So, how do we prepare?

5. BEGIN WITH THE END: Ask yourself: What is the perfect end scenario for you? What do you need to do to achieve that end goal? 6. IMPLEMENTATION PLAN: Start planning. Take what you’ve gleaned from your SWOT analysis, create a plan for the future, and implement it. 7. MEASURE: To track how far you’ve come in your goals, you need to measure your success. Create a system and track the metrics that are essential for you and your company. For Kitply Industries, the start of this past decade was our beginning. We wouldn’t have reached where we are today and accomplished what we have over the years without preparing and focusing on future growth. The world we live in is constantly changing — it doesn’t stop, and neither should you. -Ankit Sharma

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