A good captain knows when to change course

The Last Word

Last updated on July 2nd, 2019 at 09:19 am

John Feaman, CPA
President, Integrated Payroll Services Inc.
19 Crossroads Court, Suite 102, Delafield
Industry: Payroll services
www.integrated-payroll.com


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John Feaman is the president of Delafield-based Integrated Payroll Services Inc., a comprehensive payroll services company. He says companies should never get too comfortable with current success.

“Once you achieve sustained profitability, it’s easy to fall into the trappings of running a ‘business-as-usual’ operation. Why rock the boat when you are content to sail along a calm sea?

“Unfortunately, the sea never stays all that calm and constant vigilance is a must. To avoid a sinking ship, always be prepared to:

“Challenge your status quo. Investigate industry trends that may seem far off on the horizon, but could close in on you faster than you think. It’s healthy to regularly play out ‘if/then’ scenarios when preparing for the future.

“Think strategically about biz tech. Technology moves fast, and you are always wise to strengthen IT infrastructures. But be smart about technological investments; do your homework and don’t be afraid to consult with a trusted outside organization.

“Canvass the changing marketplace. As the speed of doing business increases, it’s not uncommon to see the needs of smaller companies begin to converge with those of big business. Stay close to your customers through formal surveys, informal lunches and everything in between. Then, be ready to make a strategic pivot if the data supports it.

“Tune up the brand. As Bob Dylan once sang, ‘the times they are a-changin.” And sometimes, so should your brand. Everything from messaging to your visual identity should be periodically analyzed to make sure it’s all still resonating as it should, both internally and externally.”

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