Simple Steps Make Great Strides in Growing a Business
After counseling 2,900 small business owners and training almost 9,000 business representatives to help them grow their companies, our center has found one perception to be very common with both existing and start-up business owners; equating lots of "activity" with "doing business". Like writing volumes of information in business plans that no one will read leaving you absolutely no desire to ever revisit the plan let alone update. Like spending hours generating statistics for a marketing plan without you knowing what they mean to your company's bottom line. Like delivering lengthy pitches at business expos without ever qualifying who you are talking to and if they want, use or even will benefit from what you offer.
More is always better when it comes to customer service. But for management purposes, actually by simplifying our approach we are likely to produce better results with less time and effort. Hopefully, you'll find some relieving suggestions here you to help you do less and have greater results.
First, we have been forever told that a primary key to the success of our business is to write a business plan. Sound thinking but I have consistently found that most every business owner having attempted the process, either ran the other way or dragged themselves so far deep into the process they ended up writing chapters of information that they’ll never ever remember, use or know how to use when asked which totally defeats the purpose. For all the “time” and real dollars you invest in a plan like this you prepare you should expect that you will reap some recurring dividends and produce results from your efforts.
You be the judge for yourself, but I have found more success when clients take a new look at this process and reorder their thinking to first begin with a marketing plan. Since it is a critical component of a business plan, and since customers are the bottom line generators of the revenue that puts the ching in our accounts, (and without them we don’t have a business, eh?) doesn't it make more sense to first clarify who our the markets are that feed us, where we find them and how we are going to reach them?
You can create an immediate impact to your bottom line by simply creating a basic marketing plan. Using just the following 5 considerations, create lists for each prioritizing each list from best to the least, select the top five from each list and then invest your marketing efforts accordingly:
1. WHAT you have to have to offer: Include not only the products but the services you provide too. Be sure to consider everything you do well, not just everything you do.
2. WHO you have to offer it to: Who is buying from you now, who could be buying from you or even who may have a routine need to refer what you offer. Don’t just think of your traditional markets, think of secondary markets and list referral sources too.
3. WHERE do you find them: Here you want to include geography, where they may congregate like regional or trade associations, what lists they may be part of, etc
4. HOW do you reach them: Advertising and direct mail always seem to rise to the top of many a list but for most businesses usually produces the least in returns. List everything including e-mail, presentations, events, expos, and etc. then mix and match the “hows” to the appropriate “who’s”. Be sure you know or find out how they best receive information on what you have to offer from their point of view, not yours.
5. HOW are you going to KEEP them: Just as you get the client or account t, another sharp competitor is working on how to get that business you have to call their own. Depending on how much you pay attention to maintaining your customer’s loyalty will determine how long they’ll remain true to you.
By completing this simple exercise you are likely to uncover markets hiding in plain sight. You are likely to discover arteries where you can locate heavy flows of target customers in one place. By becoming very focused on your market, you will create a measureable difference in your bottom line make great strides in growing your company.
Often we equate a business plan to our blue print for success. However, I suggest that you see you, the business owner, as the architect of your company and consider the marketing plan your vision. The simple plan you outline will help you define the clear direction of your business plan and help you chart your roadmap to success.
Lorraine Allen is the regional director of The College of New Jersey Small Business Development Center
