Small Business Marketing Strategies

Whether you are writing a marketing plan for the first time, or have written many in the past, it never fails to open the floodgates of jitters and panic in most of us when it comes to generating small business marketing strategies on the fly. While you might have learnt a great deal in college about writing a marketing plan, what gives “soul” to the plan is your ability to breathe life into your small business marketing ideas.

Amidst the rush to plan your strategies and budget constraints, take a step back, a deep breathe and relax. Here are some tips to help you reduce the season’s budgeting and planning stress to a maximum.

Put On Your Strategic Hat

It is time to think strategy and from an overall broad business perspective rather than a tactical point of view. With a clear mind and well thought out business strategy, you can then begin to make more rational and critical decisions. Consider what drives your business cumulatively, and the management constrains which include financial and manpower resources. Use a funnel strategy whenever you strategise and plan.

It is important that you have a good start at the inception. You and your team should set aside an hour or two alternate days of the work week to brains storm on small business marketing ideas. The alternate days are to ensure that you and the team have enough time to think about the ideas in depth, and also have a breather in between days. An hour or two per session is deemed a right amount of time for brainstorming as too short a period achieves nothing and too long a period can drag on without achieve your objectives.

Brainstorming For Green Elephants And Purple Moons

When brainstorming, you and your team are encouraged to think outside the box, let new and innovative ideas flow naturally. In fact, your brainstorming white board, nothing is impossible, inclusive of having green elephants or purple moons (metaphorically speaking).

Never suppress the contribution of ideas, do not let preconceived notions negate the viabilities and always assume that every idea is workable until tested. Let everyone have their say and contribute to instill sense of ownership of the idea.

How Adaptable Is Your Marketing Plan?

Doing business is a very fluid process, and anything unpredictable can happen at anytime. So my advise to you is that your marketing plan should be come with “shock absorbers and springs on their legs” so that it can be flexible enough to absorb the unexpected when it happens and bounce back to form almost immediately. This is the art of business survival and your springs and shock absorption system are your key tools to excel beyond survival.

Not only should you have these mechanism in place, you should also be able to scan changes in your business environment which could literally open up for more marketing opportunities. Have a well oiled marketing mechanism which adapts well to the ever-changing times, especially in these times of economic uncertainty. Building in a high degree of flexibility can help you save a lot of unnecessary or miscalculated expenses.

Set S.M.A.R.T. Goals for Accountability and Instil Sense of Responsibility

Every specific goal you set should consist of attributes which are measurable, attainable, relevant, and time-bound. When your project is completed and upon evaluation, you will have a set of guidelines to gauge the level of success achieved, or execute the improvement plan.

This gives your staff and yourself a sense of accountability as well as a duty to ensure success in the projects you undertake.

Set Explicit Marketing Timeliness Especially For Time Sensitive Projects

All projects must come to an end, or rather, all projects will eventually be completed. Whether you complete them in record timing or on extended timing, will eventually means profit or loss to your bottom line. A marketing plan time line is key to measuring the effectiveness and implementation success of any project that you embark upon. Events management, overseas exhibitions and shooting of an advertisement message are marketing tactics whose success largely depends upon.

From a broad perspective, every stage of the marketing plan from strategy formulation, tactics planning to implementation of each of the tactics should each have an individual marketing time line to ensure that each and every one of the activities are completed within a time period.

Less Is More, So Clean Up Your Marketing List

It is better to leverage on a short list of marketing activities and optimize its revenue potential. Otherwise, you might encounter system overload should you implement a series of small business marketing ideas without the support of sufficient manpower or budget. Eventually this could hurt rather than benefit your business reputation, as well as bottom line.

Match your company’s strength and potential business opportunities whenever you plan your projects and one key promotion mix tactic would be marketing joint ventures which could literally expand your market reach many folds and joint benefits to both parties.

If this is not the first time you are working on your marketing plan, go through your past marketing strategies and tactics. Adapt the successful ones and discard the failures. Remember that the market is a dynamic force made up of consumers, competitors and governing bodies and any of these can create changes to in the market at any point in time. Old ideas may not work anymore.

Chase Your Screen Saver!

Do up a catchy slogan and your SMART goals screen saver message. This will serve as a daily reminder as well as motivation to push you forward.

Writing a marketing plan should never be a pain. In fact, you should have fun working out your small business marketing ideas with your team. Achieving them together with their help can give your entire team greater satisfaction of sweet success.

Yes, starting your own small business for the first time can be rather overwhelming to say the very least. You will need to have completed your business viability analysis, convinced yourself that the entrepreneurial route is the true path to embark upon for attaining your aspirations, and must have started preparing a business plan.

To Adopt The Traditional Brick And Mortar or Internet Business Models

First and foremost in your mind should be the type of business you will engage in as well as the delivery channel to adopt. Traditional approach of brick and mortar business models will differ very much from that of internet business models. While one might argue that the key difference lies simply on the delivery channels used, the planning and implementation of the actual nature of business is very different. In fact, the entire process from product conception to launch to maintenance of internet business models is very unlike that of traditional ones. Of course the business and marketing concepts will still stand over time.

That said, you can have the best of both worlds, in that you could separately develop the channels and extend your reach many folds. Remember that you are never limited by choice, only by the perception of your capabilities.

Name Your Baby, But Brand It For Success

The next step is the naming of your business or company. A name is Not simply just a name. And while you may think that this is a simple and individual choice, you should note that the name of your business or company is the point of first contact between you and your customers. It is the best time for you to brand your company and position it positively to their perception.

Having a funky company name might help you target and appeal better to the younger age group but having a stodgy one could help you target the seniors more effectively. For new business startups, you have only your name to brand the company, and the existing entities will look to their products and services to do the branding.

Business Registration Decisions

There are varying practices when it comes to business registrations depending on which country or state you reside in. However, note that there will surely be special licenses and permits at the municipal level before you start operations.

Consult a business lawyer if you need advice on the legal impact of your business registration or need help with submitting the right papers. They could help you save tons of money down the road if you plan well before inception.

Set Up A Business Operating System, Business Banking Accounts and Credit Terms

Setting up a business operating system, business bank account and record-keeping system is the first function procedure you need to attend to immediately after having registered your business. You will need to have at least one business savings account and a current account which allows you to better track of your finances.

Record-keeping is an essential task, albeit mundane, but you can conduct this task easily with a computer rather than manually. You record keeping system should work in tandem with you overall business operation system.

Work with your accountant to set up your credit terms. Setting your credit terms too loose gives rise to customers abusing the terms, slack payment terms and low conversion of account receivables to cash, thereby hurting your cashflow. Setting the credit terms too tight could give rise to unhappy customers who might not have enough turnaround time to pay you. Contact potential creditors, present your credit terms, listen to them and make adjustments along the way. That said, you should not deviate too diversely from your standard credit terms otherwise it would be a nightmare for your accountant when it comes to tracking.

Protect Your Business With The Right Kind Of Insurance

There are a variety insurance to choose from when setting them up for your business. And depending on the nature of your business, you might choose to buy different types. For example, if you are a surgical doctor, you might wish to purchase medical liability insurance, or highly insure your hands which are the key to any surgery you do. If you run a busy warehouse, fire and content insurance is key. And if you have employees, check out the type of worker compensation insurance you are eligible to purchase.

There are many different types of insurance, but most probably your company will need at least one. For example, if you’re going to have employees, you need to contact the Worker’s Compensation Board. Depending on your type of business, you might want to contact them even if you don’t have employees to insure yourself.

Setting Up Your Office With The Right Equipment

Purchasing supplies and office equipment is key to setting up your office. Again, bear in mind that your office is the first physical contact point between you and your potential customers. Your office needs to be presentable, not flamboyant, classy yet not outrageous.

Prep up the reception counter and conference rooms which are key areas where your clients might meet you. Keep your office equipment out of sight from these areas.

These are the critical functional steps to starting your own small business. For more information on the key tips, check out Preparing A Business Plan as well as planning successful Small Business Marketing Strategies.

If you are starting your own small business, where can you find the most lucrative and fast moving business opportunities in America? Is it the new business startups or small business franchising in fast food?

Well, we all thrive on fast food despite the greasy oozing grub. That said, not all fast foods are unhealthy, the organic sandwich bars, salad bars and soup shops for instance, which do provide you with filling yet nutritious meals. But regardless of its nutritional content though, fast food small business franchise opportunities do bring in the money.

In fact, this is a multibillion dollar business if you even stopped to think about it, what with the McDonald’s, Wendys’, Kentucky Fried Chicken restaurants all around the globe to prove the fact. Ultimately, billions of fast food lovers are indeed too huge a force to ignore, especially when you are working out a lucrative franchise.

Simply put, the franchisor will be building ‘chain stores’ to distribute his products and the franchise model allows him to avoid heavy investments and liability across the chain. That the franchisor is only as successful as his franchisee is very true indeed. This is why there is vested interest in both parties to ensure their businesses are run in the best way possible.

The small business franchising is a model whereby the franchisor provides the franchisee with comprehensive training, full support in business planning, marketing resources as well as operational advice, almost ready-made packaged products, and standardised in house promotions. The franchisee provides the venue and manpower to bring the business to the customers. In return for the investments, the franchisor will pay the franchisee a licences amount and an annual royalty fee, depending on negotiations.

In order for the franchise business model to be successful, the franchise business must meet and exceed the needs of its customers, have very strong branding, immaculate marketing and promotions planning, well incentivised franchisees and hardworking. Each chain store follows the same marketing and promotions plan to provide standardised products across the board. This business model is literally a distribution model which leverages and thrives on extensive reach of endless franchisees.

While all is well with the fast food franchise, it lacks flexibility. And the fraternity still finds its roots from the most fundamental and primal of all business plans. Take a look at the key success factors that I just listed, namely, delighting and over-delivering on great products and services, have strong branding, a good marketing plan, and hardworking workers. Indeed, these are, and not by coincidence, the key success factors for any small business too.

Alternatively, small business fast food startups can be lucrative too, especially when you are exploring a low cost start up business. Many successful small fast food businesses traced their roots to push carts by the corner streets and while you may not start a business on push carts, you could indeed build a fast food empire from humble food court units at your local shopping mall.

For food businesses, the key to survival and growth is to have an exceptionally unique recipe(s) which brings out the reminiscence and nostalgia of the yesteryears, the taste of mum’s or grandma’s cooking. Or tapping on one key and very abundant target market could literally help you turn your corner street startup into a chain in a matter of years.

Bear in mind too that fast food need not have to be burgers, they can be sandwiches, salads, soups, Italian, Chinese, Indian, Turkish (kebabs), Japanese, Thai or even your very own fusion foods too.

Yes, small business franchise opportunities like fast food small business franchising will always continue to make tons of cold-hard cash. But the new business startups too can have a fighting chance if you have that sustainable unique selling point that either bring back the taste of nostalgia and homeliness, or infuse innovative food fusion to overwhelm your taste buds. Yes, you too can build a food empire from a low cost start up business model.

If you are a small business owner doing local business and think that mobile marketing is only for the big corporations, you cannot be more wrong. Do not be left behind in the dust after the mobile whirlwind evolved so this and now is the best time to explore the potential of the extensive mobile media marketing approaches that have sprung up since the last two years. If your business deals directly face to face with customers or what many marketers deem as B2C, in any form of physical retail or F&B, then you MUST familiarize yourself with this up and coming advertising and promotion channel and you cannot afford to ignore these fast developing mobile marketing trends.

The Advent of Mobile Media Marketing

Indeed, with the influx of affordable smart phones in the market since the end of 2009, the scene is set for more word-of-mouth to take on a technological twist. Social network platforms like Twitter, Facebook, Digg, Youtube and more have fanned the fiery fire of mobile media marketing to reaching new heights. The operative word that triggered this invisible movement is none other than “info-sharing on a personal level”. Simply look at the recent Twitter Location-Sharing and you will know how easy it is to share your exact location and dinner dates too!

Have You Heard of 2D Barcodes or QR Codes Yet?

Ever heard of the term 2D Barcode or QR Code? If you have not, it is time to do extensive research on them as they will probably become one of your best and most effective marketing tool in the very near future. QR Code is a term to define quick response and the code works like a “hyperlink” to generate more information for the recipient. Take for instance, a 2D Barcode is included onto a picture of a beautiful model, you snap a picture of the 2D Barcode and provided with more information about the model or the fashion she is wearing. Even Google is giving away QR Codes to businesses on Google Listing.

Indeed, QR Codes or 2D Barcodes can easily become the new age green marketing tool that helps us save trees and reduce paper based marketing paper print by going mobile and electronic in the process… Truly Food for thought…

Get Laser-Targeted Results with Local Mobile Marketing

In my 20 years of marketing consultancy, this is the first time I am witnessing a truly highly efficient and laser-targeted marketing channel which delivers 90% click through rates and record response time with full tracking. In my opinion, local mobile marketing is probably the most appropriate medium designed for the small businesses and small business startups. This channel tends to support the nature of small business customer interaction. Individuals love to interact and play with their cell phones, and it is very convenient for them to simply spread the word about your business to their friends with a simple tweet or mention in Facebook.

Did You Know.. You Are Using Mobile Apps Almost Daily Nowadays

As mobile apps technology mature over time, more of such applications will be included into the phones by default and the use of 2D Barcodes will grow to become even more popular.

In fact, we are now experiencing an onslaught of people trying to tap into the apps marketplace by churning out endless apps into the market, many of which are targeted at iPhone users. There places where you can visit to find out which are the most popular apps, most downloaded and for what purpose.

As a small business owner, you should first You should also recognize what competitors are doing with mobile technology, such as running contests, giving away discount coupons, targeting pockets of customers at respective times of the day or even snatching customers from you without you even knowing it!

Yes, welcome to the brand new exciting world of small businesses. Indeed, it is time to rethink your “1D” marketing tactics and start your “2D” small business marketing strategies as soon as you can. Remember that Mobile Media Marketing need not be expensive, but it is a more efficient and effective approach if you master it well. And more importantly, mobile marketing trends cannot be ignored as they will become a powerful marketing force to be reckoned with in the very near future.

Many marketers have heard about mobile marketing or mobile media marketing, being the new lead and sales generation mechanism. What with more than five billion cell phone owners which has the potential to exceed the size of the internet at least five folds. We have had a taste of how the internet has made many people very rich, so think the mobile marketing and think five times the opportunities that the internet accorded us then. Such is the magnitude of this new marketing and sales channel. And the best part of it is that this channel is here to stay which is one key compelling reason why you need to know all about mobile marketing or mobile media marketing in order to expand and grow your business bottom line.

There are several approaches to optimise your mobile marketing strategy, namely for the purpose of marketing your products especially to local business, building brands, and running cost per acquisition deals.

Running CPA Mobile Marketing Campaigns

The key existence of mobile media marketing is to connect prospects with advertisers via the cell phone platform. To ensure that you achieve your marketing objectives you will start with setting up an account with a mobile advertising network. Be very careful which one you choose thought, as mobile marketing is still in its exploratory introduction stage of the product life cycle, which means that less than 20 percent of the new mobile marketing agency networks survive to the next stage. Partnering with a winning network is half the journey to your success. So take heed, do sufficient research in selecting the most reputed and trusted ones.

You can instruct the network to display your text marketing messages, banners ads or even mobile websites to the list of prospects you wish to market to. According to experience, your cost per click can range from one to twenty cents. You have a choice to advertise your own products and if you do not have your own products, affiliate CPA offers. When the prospect clicks on your mobile ad, he or she will be routed to your product page or CPA offer whichever you choose. They can be rather lucrative as they often pay about 40 percent of the sales revenue.

Why Are They Suitable Driving CPA Affiliate Programs

The key reason why many marketers swear by mobile marketing is that it can deliver your mobile marketing campaigns with laser targeted precision. The mobile marketing companies allow you to specify the type of cell phones carry, the carrier they are registered with to help you optimise per your advertising cost. In fact, you are required to be country specific as well due to the constraints of cross border databases.

Mobile marketing can delivers your specific mobile marketing campaign to specific people at your designated times of the day, and enables you to track for specific response results. Not only is this channel more transparent, more direct than direct mailers, it is less also threatening and imposing than telemarketing, and at the same time cost much less too. However, you will still need to keep testing the process for the best approaches to help you optimise your ROI.

It is important to note that your marketing plan is only good if you utilise a range of strategies integrated to achieve the desired results. And while mobile media marketing is still in its introductory stage of it life cycle, it would be critical for you as a business owner or marketer to embrace this channel to fully tap on the benefits for first movers advantage.

Mobile marketing, or what is also known as mobile media marketing, deemed by many marketers as the “new kid on the block” as a marketing strategy, it is largely believed to be the latest new media marketing tool that is capable of literally reaching out to billions of potential buyers in a world with little boundaries.

The short description of mobile media marketing is for marketers to engage in marketing promotions by advertising their messages to potential buyers via cell phones. Short message services otherwise known as text messaging or SMS, is the basic platform very popular with many marketers. They are also affordable when measured against the reach in terms of per customer acquisition cost.

Like in all newly established marketing platforms, there will be marketers trying to exploit and abuse this channel via spam. The Mobile Marketing Association, MMA, and Interactive Advertising Bureau, IAB, also have laid down guidelines for the proper functioning of mobile marketing and legalising it as an advertising channels. With the introduction of law and various opt in checks enforced, unsolicited messages have been put to a stop. In fact, some companies ensure that their customers agree by signing an opt-in form. And nowadays, in each and every messing sent as text advertising or mms marketing, you will find an unsubscribe link which allows you to easily opt out from the advertiser to avoid receiving future messages.

All around the globe, from Europe to Asia to America, text marketing has become the single most utilised mobile marketing channel in recent years. And with the help of mobile short codes, SMS advertising is made easier to administer. Many more potential buyers of your products can be reached via text marketing.

Mobile short codes are special numbers, similar to telephone numbers, except that they are shorter for easier reading. There are two key types of short codes, namely for dialing and messaging, and are technologically unique to the telco operators.

Creative marketers have innovated with mobile short codes to use them extensively especially for marketing and promotion campaigns like voting on TV shows, placing a purchase order, donations, as well as activating other mobile services. One key point for any user to take note is that the cost of usage is higher than your usual SMS text message and in most cases, you might be locked into a monthly or recurring subscription plan of which you may sent “STOP” to end the service at any point in time.

With the advent of MMS marketing or multi-media messages, short trailers and animations can also be sent. Bluetooth messaging is another legal and safe marketing channel, since it has an innate opt-in process built in within its system, not to mention its free and high speed of transfer. There are also new alternative marketing approaches whereby users can request for the option to send SMS to email addresses instead of cell phones.

And with the advent of mobile short codes is location-based marketing services which literally means that only certain geographical cell phone numbers will receive your SMS advertising messages, propelling local businesses to greater exposure and new heights. Your customers are tracked via GPS which is built-in their phones.

Is it safe to say that mobile marketing is a much safer legitimate marketing channel, as it works on the basis of opt-in. Marketers have a choice for their promotions to be location based and hence enhances local businesses and reach. Mobile media marketing is an inherent force that is here to stay. As early adopters, marketers should start innovating and tapping on its vast potential as a key channel in your small business marketing strategies.

Branding is a component of your small business marketing strategies that can potentially catapult your business to greater heights. It entails enabling your clientele to form a positive, permanent and recognizable association with your product and your company. Linking these positive images with your business can be done with a company design, logo, advertising slogan, and using colour to create a positive and at home feeling with your Brand. This is what is known as brand perception.

Branding – An Aethestic Form Of Psychological Perception

Branding is a very aesthetic form of psychological perception. It can work very subtly and subconsciously into the deep recess of your mind, either creating a positive or negative perception over time. Brands, with their designs, colourful logos and proactive advertising slogans can provide consumers with a feeling of familiarity via subconscious association, thereby enabling them to continue selecting your products and services.

Brand Perception

When your existing clientele have positive experience with your products they will continue to purchase from you and even spread the word to their friends. Hence, they are the best and most powerful word of mouth advertisers for your brand and products, creating free referrals which otherwise would have cost you thousands of dollars running brand marketing campaigns. Brand perception is key to your business success and your branding strategies must be created to integrate with the entire spectrum of marketing mix.

Your brand is capable of helping potential clientele remember your business. While few people have heard of your business, the philosophy you stand by, recognizing your brand and the positive things said about it enhances the chances of doing business with you. Positive mindshare in the public’s eyes can carry your brand to new heights and greater profitability.

How Branding Crumbles under Negative Perception

All that being said above, you need to recognize that your branding strategies will only work well for you if you have been generating positive perception of your brand, product and business as whole. Any slight displeasure or negative perception about your brand, product or company can give rise to plummeting image and sales. With the fast technology of social networking tools these days, one bad tweet about your bad product or service could spread by permutations in the millions, causing your brand to crash within the day!

Once you have differentiate your business through strong branding strategies, little else is needed to enhance it. Take for instance, what comes to mind when you have to order your soft drink at the cafeteria? Coca Cola of course. How can one beat the sturdy branding of a 125 year old brand that only brings happiness and joy to billions of consumers?

Get more Small business marketing strategies here

The recession is a tough period for most of us. Many suffer from reductions in income and experience shrinking household budgets. This has become the impetus for the ordinary consumers to make money as they spending it. Meet the new breed of Sell-sumers which are the epitome of “Selling – The New Saving” according to Trendwatching website. And of course, this is fast becoming part of the small business marketing strategies that some business owners employ.

Essentially, sell-sumers literally sell what they consume in return for money. In the name of consumer participation, be it selling their opinions to corporate surveys, paddling their views to fellow consumers, sell-sumers are fast becoming a commendable marketing force employed by far sighted early adopters. This is one of the best approach for product makers solicit feedback especially during product testing stage, but this is not to say that existing products do not benefit from it. They do, in the same way that new test products do. This is probably one of the low cost forms of generating product reviews and response from the product owners’ point of view. They are going into the marketplace to generate opinions of real users from first hand accounts – indeed, the most authentic product comments a product maker can ever have.

Consumers no longer simply consume, but literally participate and contribute to the marketing and product improvement process. Consumers are quietly riding the tide of this evolving trend of endless novel ways to make money from selling personal assets, opinions, creations etc. This new trend is here for good due to the fact that Sell-sumers are fast perceived to be a growing and critical link in the entire product creation and enhancement process.

Sell-sumers will give their opinion on new and existing products in the market and the most effective way to generate constructive feedback on the products is to accord them the greatest freedom to opine on the features, benefits and drawbacks. Product makers should then incorporate the constructive feedback into their product improvement process.

Consumers have been subconsciously trained to become experts in their products they consume in terms of their needs, wants and desires. In fact, they are also well tuned in topic of business, marketing as well as advertising. It hence follows that these sell-sumers can then proceed to give their opinions to any business owners who might even trade business tips and product feedback for money.

Being able to get extra cash is always a great proposition, especially when it is nothing more than simply expressing your consumer perspectives. Indeed, an interestingly twist to the traditional small business marketing strategies that we have been executing.

This is part 2 of the series Starting Your Own Small Business? Ignore These Key Tips At Your Own Peril, where we continue to discuss the top key rules of thumb business strategies which you cannot afford to ignore.

Lack of Focus Can Kill Your Business Eventually

While it is great to be diversifying your business into alternative markets, especially in these times of opportunities when everyone is strapped of money and buying a new product line or new business is comparatively less expensive than a couple of years back, overleveraging and over-diversifying will have dire consequence to your business. You might face financial, manpower as well as operational constraints which are common signs of over-diversification.

Flexible Strategies For Easy Adaptability

For every business, you should have a vision and mission in mind. They are there to provide you and your employees with the end in mind and help you move toward the objectives with clarity. While the vision often cast in stone, your small business marketing strategies should be easily adapted to the situation as changes according to the market forces. This is also why I always advice my clients that they should review their business plans and marketing plans on an annual basis.

Run Market Tests To Help You Make The Right Business Decisions

Even with the right business and marketing approach, you can run into demand and supply issues when starting your own small business. Hence, the advice is to produce less at the beginning, select one or a few channels to distribution your product and always run market tests. Repeat the tests if you have multiple market segments. Collect the market data, analyse before you decide to scale up the production. For a new start-up producing your own new products, they are often at the introductory stage whereby more than 65% of products die away.

Perfect The Art Of Delegation

Learn to empower your employees and let them run the show, if your set-up is not a one-man-show. Begin delegating as much as possible and this will accord you more time, energy and resource to concentrate on strategising your business from a top down perspective. This is the number one key criteria of any successful and efficient entrepreneur.

For more information on Starting Your Own Small Business? Ignore These Key Tips At Your Own Peril, check out part 1 here.

Get more good reads at Business Planning and Small Business Marketing Strategies.

I noticed that clients who approach me for advice quite often need help with where and what they want out of their businesses. I feel compelled to share certain key business thoughts based on the very basics of business survival with reference to small business marketing strategies, especially in these times of economic downturn. Hopefully, you will derive more depth upon applying these rationales to your businesses grow them in better perspectives.

Note that this is NOT a departure from your Business Plan but an essential addition to it, to be reviewed at least on a quarterly basis, if not reflected upon on a regular basis.

Clarity Is Imperative To Drive Your Business To The Next Level

Too caught up in the daily operations to sit back and reflect on where your business is right now? Are you in the Correct Business at the Correct Timing? And do you have the foresight to keep your business ahead of the game?

By being the Correct Business at the Correct Timing simply means riding on the economic tides to provide you with the greatest returns on your investment of time, effort and money. Take a simple example, if you are running a high end restaurant, you will likely be seeing diminishing patrons in times of economic downturn. So you probably need to re-strategize and reposition your branding and marketing plan, especially in terms of product offerings, pricing and promotions.

Foresight Is Key Driving Force Of Business Growth

By having the Foresight to keep ahead of the game, you need to know your trade and your competition extremely thoroughly and innovate. Should you be downsizing when your competition is at status quo? Or should you be expanding instead? Is there a need to expand your product offering or simply expand into potentially profitable markets with existing products? Sometimes you need to take a few steps back in order to make a leap forward.

Know When To Stop When Benchmarking Against Your Competition

Competitive analysis is a key component to your business survival. But overtly conscious and benchmarking of your business again competitive forces could stifle your creativity, make you a follower, not a leader in the pack. For Small businesses, your first step to dominating your top three competitors is understanding what they are doing, how to innovate and outperform them. Only then do you have the greater ability to outdo them in your continued growth strategies.

One major mistake business owners often make are engaging in price wars, which essentially shaves off almost all profits and weigh you down on your marketing costs. It does not foster well with customer loyalty and you may eventually lose the traffic in the aftermath. The worst part of the deal is that in a price war, almost always have a winner and a loser and you can get obsessive with price wars. Once you decided on this strategy, customers’ price expectations are re-benchmarked and you will have a lot of work to do in re-positioning and re-branding, unless of course you are targeting one time customers…

Can You Deliver Your Promise?

Your business competency works hand in hand with your delivery promise. Review how well your business is delivering its promise to your customers. Do you over promise and under deliver or vice versa? Is there a perception mismatch in the eyes of the consumer?

If so, run surveys, focus groups, get feedback and rectify the mis-perception. Set the Right Branding for your business and Re-launch a re-positioning campaign. Make sure this time round, you really over deliver on your promise.

Check out more good reads at Business Plans, Small Business Marketing Strategies and others.