We hope you'll enjoy this edition of Strategy Matters, a newsletter bringing you news, tips and strategies for effective communications from Strategic Communications, LLC, committed to bring you success through strategy. www.stratcommunications.com |
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Avoid marketing missteps in a bad economy.
When times are tough, the tough get...scared, actually. And that can be dangerous. Slow business, declining sales, media tales of bankruptcies, downsizings and more bad things to come can cause even the most stalwart business person to think about changing something. And changes may be appropriate. But avoid acting too hastily or without a solid plan of action. Brands are built slowly but, unfortunately, can be destroyed by a single wrong move.
Don't just "do something." Do the "right" thing. How can you know what the "right" thing is? By looking strategically at your business, your market and your desired brand position and ensuring that everything you do is consistently aligned to achieve measurable results. Read more on www.stratcommunications.com. |
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Leading in difficult times. |
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During these difficult times, when the news media reports continually on layoffs, bankruptcies and business closings, employees are understandably "on edge." While visibility of senior leadership, open communication and opportunities for employees to offer feedback are always important, the uncertainties that most are feeling now mean that even more focus needs to be placed on ensuring that employees are being kept up-to-date on issues that impact the organization and, ultimately, their paychecks.
There are a number of things you can do:
- Spend time with employees. Hold "all-hands" or "town hall" meetings to give employees an opportunity to ask questions - and receive candid answers. Interact with employees "on their turf" - in work settings, break areas, etc. Management by "walking around" is more important now than ever.
- Encourage senior leaders to be visible. When they're out of sight employees may worry that "something is going on."
- If something is going on, encourage leaders to be as forthcoming as they can about who, what, when, where, why and how. In the absence of information employees have a tendency to "fill in the blanks" - some of their guesses may be wrong and could inadvertently lead to some of your best people looking for jobs elsewhere.
- Offer plenty of avenues for feedback and input - one-on-one, through old-fashioned "suggestion boxes" or new-technology forums like chat rooms, blogs or social networking sites.
- Communicate several times, several ways - once is not enough. Engage in an ongoing dialogue will employees to remain aware of what's on their minds and to respond to the questions and concerns they may have now.
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7 critical business plan elements. |
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Whether starting a new business, expanding an existing business, or simply introducing a new product or service, it's a good idea to start with a plan - a business plan. To some, developing a business plan may seem like an extremely time-consuming and unnecessary task. But, keep in mind that the very process of preparing a sound business plan can help you identify barriers and roadblocks that can be corrected before you actually risk your financial resources.
Business plans can range from the simple to the complex, but there are some key elements that all business plans should include. Following are "7 Critical Business Plan Elements":
1) A convincing business case or "reason for being."
What is your business all about and why does it - or should it - exist? What benefits does it provide? To whom? Why, in 50 words or less does your business "have what it takes" to succeed. If you can't come up with this pithy, "lay it on the line" statement, you may have a tough time trying to sell your product or service.
2) A differentiating product or service description.
What, specifically, is the product or service you're offering? Not just a pizza restaurant, but a pizza restaurant with a specific menu, using certain specific items, appealing to people in a certain specific way, etc. Include those unique points that differentiate your product or service from others.
3) A clearly defined target market.
What is the market for your product or service? Over what geographic area does your market extend? What type of businesses or individuals does your product appeal to. Again, be specific.
4) A thorough competitive analysis.
The degree of competition that you will face and the extent to which you can effectively respond to that competition are important factors in your success. Consider not just direct competition, but all substitute products and services that may represent threats to your sales. For example, if you're develop a business plan for a health club, local stores that sell exercise equipment for the home represent competition. Look at each competitor's strengths and weaknesses and consider how your business is positioned against that competitor. As with other elements of your plan, be honest - and be specific.
5) A credible statement of goals and objectives.
Your goals serve several important purposes. They define the objectives that will drive all of your activities, they provide incentives for motivating staff, and they serve as milestones by which you can measure success or identify areas for remedial action. Express your goals in the form of quantitative targets (i.e. expected sales volume or percentage share of the market).
6) A comprehensive marketing plan.
How do you intend to market your product or service? Your marketing plan should describe how your target customer group will be motivated to purchase your product or service. It should detail your marketing goals, the marketing mix you will use (i.e. yellow pages, Internet and signage, or television, radio and direct mail), the cost and the anticipated impacts. And, of course, your plan should be designed to meet your stated goals and objectives.
7) A credible financial plan.
How much revenue do you expect your business to generate? Don't just pick a number out of the air. You need to support your financial predictions with sound data and evidence. What is the financial feasibility of your business? The bottom line matters. What financial goals have been established and what evidence do you have that these goals can be achieved? Even if you're not looking to others to provide financial support to help you get your business off the ground, being realistic about the financial potential of your business will benefit you. If you can't come up with a positive bottom line, don't fudge the numbers. In the long run, you're the one that will suffer.
Your business plan should serve as a blueprint for your business, detailing what the business concept is, what is expected for the business in terms of goals and objectives and - most importantly - how (specifically!) you will achieve those goals and objectives. Leave nothing to chance. Take this very important first step to ensure the viability of your business. You'll be glad you did.
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Strategic Communications, LLC, specializes in strategic communication planning and implementation for brand management, community, customers, employees, marketing and media relations. Working with businesses, large and small, Strategic Communications, LLC, has developed a reputation for tying tactics to strategies and measurable results based on each client's unique goals and objectives.
Sincerely,
Linda Pophal
Strategic Communications, LLC |
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| Linda Pophal
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