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How to Create and Evaluate your Business Strategy for Success
Creating a successful marketing and sales strategy as an entrepreneur requires that you understand the breadth and depth of your individual product or product line, who your target customer is, how you will reach this customer, and why your product is better than that of any of your competitors.
It is essential to know what your competition is doing (don’t just compare results) so that you can highlight the key differences that make your product unique.
You should begin with a simple self-analysis:
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– Of Your Business:
- Describe your business right now. What words express exactly where you feel you are? Brainstorm and just jot down what comes to mind.
- Make a list of the main services/products you offer
- What is selling well?
- What isn’t selling well?
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– Of Your Profits
- What is your turnover?
- What is your current end-of-year profit?
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– Customers
- How many customers do you have?
- Where do they come from?
- What kind of profile do they have?
- Who are your best customers?
- Who are your worst customers?
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Business Strengths
- What are the key strengths your business has?
- What are the key skills contained within this business?
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Your Attitude towards your Business
- How do you feel about your business?
- What do you find difficult?
- What is it that you like and enjoy?
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Your challenge
You will need to be honest with yourself and focus on the facts. This may involve some detail that you haven’t paid attention to for a while. You will need to be disciplined as you gather this information. Don’t rely on guesswork or gut feeling. Get the specifics as it is these details that will form the bedrock from which you can move forward. If you want to grow your business you will need to know exactly where you are starting from.
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CURATED BY
Writer, artist, Accountant and a forever learner. Learning, loving, Hoping.
These ideas consider how to create and evaluate a small business strategy for successful business growth.
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