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Affluent Market May Disappoint Retailers by Spending Less for December Holiday Gifts
About 25% of the total estimated December holiday (Christmas and
Hanukah) gift market will be produced by the wealthiest 10% of
U.S. households, despite a reduction of 1.6% in their spending
to about $57 billion.
Approximately two-thirds of...
Focus On Results - Not Money
Are you in sales management for the money? Of course you are - and that’s fine but you must not lose sight of what will get you the money you are after. Developing the plan, implementing the plan and monitoring results - while being merely aware...
How NOT to Let PowerPoint Kill Your Presentation
PowerPoint is very popular in certain circles. In fact in some organizations a presentation can’t be given without it. But I invite you here to take a second look at the use of PowerPoint because: ·It’s overused ·It can be confusing ·It can be a...
Human Resource Communication Pays Off
Human Resource Communications and Corporate Communications – are they one in the same? Both plan and develop written communication strategies to further the understanding and perceptions of their audience. Both provide counsel and editorial...
Managers: Should Your PR Budget Stress Tactics or Strategy?
If public relations tactics like special events, brochures, broadcast plugs and press releases dominate your answer, you’re missing the best PR has to offer.
Such a budget would tell us that you believe tactics ARE public relations. And that...
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Start Thinking Strategically About Your Business
�You�ve got to think about the big things while you�re doing the small things, so that all the small things go in the right direction.� - Alvin Toffler
While we all know it is important to plan for the future, very few businesses actually do. Instead of citing the benefits of business planning and strategic planning, which we�ve all heard, here is a list of warning signs that indicate whether or not your business has a clear focus and if you are ready to be strategic this year.
- If someone asked where your business would be in 2007, you would have to think about it. If you asked your partners or management team the same question, you would get different answers. And you would not know what you are doing in 2006 to make 2007 a reality.
- Your company will not hit its revenue goals this year. While there can be many reasons for the shortfall, you are not sure how to grow the top line. Maybe it is time to apply the 80/20 rule. Do you know what 20 percent of your customers contribute the 80 percent of your revenue?
- There are inconsistencies in your brochure, website, sales collateral, etc. You can�t understand the content. More importantly, neither can anyone else. You find you have to explain your business to a potential client. You are telling different stories about how you provide value.
- You�re ignoring your competition. You don�t know who your number one competitor is and what they are doing, who their clients are, what products they offer, their pricing, or key message points. When your customers ask you to explain why your company is different, you don�t have a good response.
- Everything on your �to do� list is a priority. You don�t know where your time is best spent.
- Friends and colleagues can�t refer you because they aren�t sure exactly what value your business provides and to whom. They often ask, �What is it you do again?�
- When you�re presented with a business opportunity, you are unsure how to evaluate if it is something your company should pursue. In fact, you normally pursue all opportunities just in case you might miss the big one.
- You enjoy what you do, but you are not passionate about your business. You�d quit everything and follow that passion tomorrow if you could.
- Your business development consists largely of attending networking events, but you spend
Associated Websites
most of your time talking to people you know. And you rely solely on word-of-mouth for new customers.
- You don�t know why your customers buy from you. The majority continue to do business with your company, but you�re not sure what keeps them coming back. You�ve never really asked.
- You find your clients contracting with other companies for services you provide. When asked, they say they didn�t know you offered those services.
- When you ask your employees what success looks like, they don�t have a consistent answer. And your incentive plan does not synch up with performance expectations.
- You complain when your customers call because you just don�t have time to talk to them. And you notice your staff complaining too.
- You don�t do market research or solicit customer feedback because you know your market. You�ve been in the industry for years and you know customers� need and wants.
- You determine your pricing by looking at your competitor�s prices and discounting slightly. All your prices are based on your competitors� offerings.
- You can�t articulate what your company does best, but it is a good point of discussion at the Christmas cocktail party.
- When asked why you are in business, your only response is profit.
Sound familiar? Maybe it�s time to get serious about your business and get focused. Having a strategic plan and, therefore a succinct strategy, brings clarity and focus to your organization. It ensures your time, resources, and actions are not wasted. If every part of your organization is not pointed in the same direction, you�ll end up going in circles � frustrating yourself and your employees. Why not get strategic and make this year your most successful year?
About the author:
Erica Olsen is VP of Marketing of MyStrategicPlan, a web-based strategic planning system for small businesses. MyStrategicPlan.com helps entrepreneurs build and execute their business strategies through a cost-effective, do-it-yourself solution. With our web-based process, companies can build their strategic plans quickly and efficiently, leading to increased organizational focus and business growth. http://www.mystrategicplan.comShe is also an instructor and a writer.
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