We are re-running a series of popular blog articles which we originally posted last summer, covering a range of topics important to business owners and managers. This week we focus on why sticking to the status quo in your business, isn’t always right
In business, as in life, the old adage of ‘if it ain’t broke, don’t fix it’ is often put in to practice more than it should be; by following the same old plan, these days you are lucky if you still get the same old results.
Times are changing, and for any business owner that wants to stay ahead of the game, it is no longer acceptable to stick to the old ways. Now is the time to move forward.
Get Reacquainted With Your Customers
The onset of the digital age has meant that peoples range of choice in the market is far greater than ever before. Consumers and business customers alike now have access to a greater level of information, providing options that have never previously been available.
In order to make sure you are delivering exactly what your customers need, you first have to understand who they actually are. This makes effective market analysis a vital part of any business strategy.
At our seminars, we give you tried and tested tools that will help you define your customers and identify your product positioning. We look at the opportunities available within new markets, and compare your status with that of your competitors. Whether you are part of a start-up or have been operating over decades, such a process delivers effective and immediate results, and helps you develop the strategy that will put your business back on top.
Update Your Business Plan
There’s one question that every person focused on sales growth should ask themselves: ‘Is my business plan still relevant?’ If you can confidently answer in the positive, then your business will never be left behind.
A regular review of a company’s business plan is vital to ensure you are meeting your targets, and moving in the direction you want. This is a fundamental process in any organisation, so if you don’t have the skills or time within your SME to conduct such a review, look to consulting experts who will be happy to help.
Review Your Prices
Even when you have the right product aimed at the right market, your pricing strategy can still create a significant barrier to success.
Many companies will simply work out the cost of production, and add the necessary margin to create the target price. However, as businesses grow there is a need for a far more incisive attitude towards pricing. This will look at differing markets, unique customer profiles and your own price image to create a solid foundation for success.
To create the best opportunities for your business and make sure it continues to move forward, every asset needs be focused on the areas that will generate the best returns for your business. With a few simple tweaks, your business can be back on track in no time.