Developing an Effective Game Plan
Your Business Plan is the Key to Everything
How’s business? Come on, tell me the truth. Unless you are one of the very few who have learned how to find opportunity in tough times, I know the answer – business could be better, probably a lot better. So what do we do? Do we just hang on and wait it out? It could be a long wait.
Let’s try another approach. When a sports team goes up against a tough opponent they work hard on their game plan – no difference here. I probably do not know nearly as much about your market as you, but I know one thing without question – over the past couple of years it has changed. The market size, its dynamics, and how your customers go about their buying are all different. Chances are though that most of us are doing business the same way, just more frugally. It’s time to step back, reexamine our market and re-plan our business – unless you’ve already done this…in which case you’re probably too busy to even be reading this article.
Analyze Your Market
Is your market still big enough to support you and maybe a few of your competitors? Have the demographics of the market shifted at all? Is it a declining market, has it gone flat, or is it one that is seeing growth? Are there any new trends? Does it make sense to stay in the same segment, target the same customers or has something shifted to make you change? You did all this analysis when you went into business; it is time to do it again. Take a close look at your customer. How are they deciding whether to do business with you, a competitor, or spend their money somewhere else entirely? Has the manner in which the customer finds you, or you find them, changed at all?
Is your competition doing anything different? Maybe you are lucky enough they are not changing at all and have decided to wait it out – this would be an opportunity. If, however, they’ve become more aggressive, if they’ve moved to meet this new market, if they are looking to take your share – you had better get going.
After Looking Around, Look In
When you sort out what your market, your competition, and your customers are like today, take time to assess yourself. Do you have the products or services the market is demanding, or do you need to look at changing, reducing, or expanding what you offer? Is there a demand in the market you have the capability to meet, but up to now have not had a reason to pursue? Think about what’s in your capabilities that will sell. There is an easy way to determine what new products or services to pursue: ask your customer.
Where are you not strong enough to meet the market needs? Put in place the plan to turn your weaknesses into strengths. Know where you are already strong so you can build on it. Look very closely at the effectiveness and efficiency of your business. Is staffing correct in both numbers and quality? Are you working hard to maximize the output versus the input? This is not a time to allow any superfluous use of resources.
Build on Your Strengths
With all you have learned or confirmed, do you clearly understand the value you can bring to your customers? They are more careful with their money. What do you offer that will make them give it to you? What is the advantage you have over your competitor – is it significant, tangible, and something that will be hard for your competitor to emulate? If you want to win, it had better be a real edge.
Set the message you want to convey to the market, and how you will put that message in front of your customers. It may be time to fire up advertising, energize your networking, work through your current customers to find new ones, reengage however you can best reach potential customers. Reset your sales plan and have definable, specific actions to make it happen. Be accountable to yourself to execute those actions every month, every week, every day.
Don’t waste a minute. Understand your market, know your competitor, and listen to your customer. Go plan a path to success!
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