Build a Successful Business in Four Key Steps - Part 2
In continuation with Part 1
STEP NUMBER THREE - Let the World Know You're Here
So you know where you are, and you know where you're going. Now you need to let your buying universe know you're here. You need to get customers buying your products or services, but do you know who these people are and where you're going to find them? Sadly, many business owners work on the 'Field of Dreams' mentality ("If you build it, they will come") and while there may be a little truth in that belief, the reality is that it's going to require that 'they' show up and buy a lot faster than your bank account will allow you to wait.
"Word of mouth" and "referrals" are not marketing strategies; rather they are the by-products of an effective one. A business owner's overall marketing strategy has to combine decisions about who the people are that are most likely to buy what you sell, what these potential customers expect in terms of quality, service and price, and how and where you can most effectively communicate with your target audience. Most of all, business owners need to be acutely aware of what needs of their potential customers are well served by the product or service they sell.
STEP NUMBER FOUR - Manage For Success
Fact: Most business owners are too busy managing to avoid failure rather than managing for success.
What's the difference?
Managing to avoid failure results in knee jerk reactions to financial pressures, operational issues and competition. Managing for success means constantly knowing what MUST happen in order for the business to grow and thrive. It requires pro-active attention to operational metrics and KPI's, and constantly tweaking the strategies that are not resulting in effective and efficient growth of the business.
Obviously, specific aspects of what applies to each individual business will vary however there are common elements to all business types that ultimately determine success or failure. Having clear goals, strategies, policies and procedures, providing effective training for operational and sales staff, and never losing sight of the goals that were set when the business was started are all critical components of success. Only with attention to key areas of performance can a business owner expect to avoid getting trapped on the hamster wheel.
With these 2 part articles on steps for creating successful business, it will help the new entrants and budding entrepreneurs to get motivated.
STEP NUMBER THREE - Let the World Know You're Here
So you know where you are, and you know where you're going. Now you need to let your buying universe know you're here. You need to get customers buying your products or services, but do you know who these people are and where you're going to find them? Sadly, many business owners work on the 'Field of Dreams' mentality ("If you build it, they will come") and while there may be a little truth in that belief, the reality is that it's going to require that 'they' show up and buy a lot faster than your bank account will allow you to wait.
"Word of mouth" and "referrals" are not marketing strategies; rather they are the by-products of an effective one. A business owner's overall marketing strategy has to combine decisions about who the people are that are most likely to buy what you sell, what these potential customers expect in terms of quality, service and price, and how and where you can most effectively communicate with your target audience. Most of all, business owners need to be acutely aware of what needs of their potential customers are well served by the product or service they sell.
STEP NUMBER FOUR - Manage For Success
Fact: Most business owners are too busy managing to avoid failure rather than managing for success.
What's the difference?
Managing to avoid failure results in knee jerk reactions to financial pressures, operational issues and competition. Managing for success means constantly knowing what MUST happen in order for the business to grow and thrive. It requires pro-active attention to operational metrics and KPI's, and constantly tweaking the strategies that are not resulting in effective and efficient growth of the business.
Obviously, specific aspects of what applies to each individual business will vary however there are common elements to all business types that ultimately determine success or failure. Having clear goals, strategies, policies and procedures, providing effective training for operational and sales staff, and never losing sight of the goals that were set when the business was started are all critical components of success. Only with attention to key areas of performance can a business owner expect to avoid getting trapped on the hamster wheel.
With these 2 part articles on steps for creating successful business, it will help the new entrants and budding entrepreneurs to get motivated.
