You’ve been running a business for sometime now, and it’s time to evaluate it, find ways to conserve cash and to improve your bottom line. But appraising your business with a cold, hard eye will not be possible, by you alone, as it has been your passion, your pet project on which you have spent time, money and much toil. There are experts who have discovered a plan of action which is applied sincerely, will give you a good idea of where your business stands, and how to get to where you want to be.
Get your figures right. How much do you think your business is worth. Make the most accurate assessment you can of how much its cost to run your business. Be realistic and have possible goals. The big picture goals will give you guidance on how to structure yourself and where to put your focus on. Sizing up your business against others is also important as this will give you and idea about how much you want to grow, how big your dreams are and if they are achievable Find out where your business is on the industry scale and where you want it to be .
Discover your Niche
To find your foothold in the market where you have to compete with other small and big businesses, you have to pinpoint your own special profitable niche and own it. People will come to you for your special expertise in that niche. To find out if there is a zone in the market which you can capture, you have to take a look at your customers and your products. Who are your most loyal and profitable customers? Do both these categories overlap. In the same way which products and services are the most in demand and which are the most profitable? Look for the spot where loyalty, profitability and demand overlap. That’s your niche. Now make your business plan.
Target your Message
You have found your place in the market. Now its time to send your refined and sharpened message to your customers. Make this marketing message short, clear and crisp and test it across various marketing platforms to find out what works best with your target audience .Take feedback from key customers, find the common theme that runs through their response and refine your message even further for deeper impact. Get this message out through newsletters, social networking, blogs, and even loyalty programs. Keep in constant touch with customers for you to gain the status of a specialist.
Realign Your Staff
Critically assess you employees and see if they measure up. Create clear job descriptions and try to align your employees along these lines. You can then decide if additional training will be needed for improvement of if an employee is better suited for another function. You will clearly be able to lay down you expectations in following the new business plan
Now that you have a fresh business plan, marketing technology and employees in place, prioritize your needs and map out the avenues for funding your company’s growth. Growth does not mean bloating. Keep a check by looking into relations with the customers, marketing plans, technology updates and your employee status. Be fit to go the distance when the market demands.