Have you taken the time to determine the strategy for your business? As Lisa Norton mention’s in her letter this month, a strategy and a plan are not the same thing, but she defines strategy as, “Determining how we are going to win in the period ahead.” Winning in business is bigger than bringing home the purple banner and the trophy. In order for your business to win, you need to turn a profit while making sure your customers have what they need to succeed.
A short-term strategy will help you accomplish your goals each year, and lead to a win in your business. As we approach the last quarter of 2019, it is a great time to start planning your strategy for the year ahead. Jackie Lackey, Marketing Strategist at BioZyme, suggests asking yourself three questions and analyzing your own responses as you begin to develop a short-term strategy to ensure success in your business.
1. Do I understand my business and its needs?
This one question might need to be answered by asking a series of more questions. What do you as a business owner or manger need to do to grow your business? Do you need to put more focus on strictly large accounts? Or do you need to diversify your customer base more? Determining what your business goals is a great first step to discovering what you need and what you hope to achieve for your business.
Part of discovering your business needs might also involve realizing new ways to upsell your products. Marketing should be a big part of your business strategy and determining the best ways to position, promote and sell your many products is all part of the strategy development.
2. What do my customers need to succeed?
A business won’t win if the customer is not happy. So perhaps one of the most important questions to consider is what the customers’ needs are. Of course, your customers want to have a profitable year; that is everyone’s ultimate goal. But, how can you help them reach that goal? They need to be aware of the many options that are available to them, and how they can use those options during various stages of production or before, during and after a show or competition. Listen to your customers. Learn their needs. Plan your strategy.
3. Am I making a profit?
If you are not making a profit, you are not going to be in business long. Then, you will have to start thinking about a new strategy and set of goals! Everyone that owns a business should determine their desired profit margin as well as have an accurate list of income and expenses. Once you analyze your profit potential, you will be able to set your business strategy in a way to ensure your business is lucrative.
Once you have discovered the answers to these three simple questions, you can start planning your strategic framework. Remember, start planning for the short term, with your customer’s success in mind, and you will win by getting to watch your business grow!