Success Tip: Taking Strategic Action
Small businesses face constant change due to:
- New competition in the market
- Changing tastes and preferences of the customer
- Technological innovation
- Rising cost of doing business
Successful small businesses stay focused on the following during tough times:
- S.M.A.R.T long and short term goals
- Developing new business strategies to stay current & efficient
- Improved profitability
Strategic action means formulating a plan based on the “Big Picture” rather than just looking at the immediate issues. A strategic plan should encompass three key things: external analysis, self analysis, and marketing strategy.
External analysis includes identifying both your existing market segment and your target market segment. You must also identify and research your competitors, examining their strengths and weaknesses in terms of work environment, core values, employee retention, market penetration and other similar parameters. After market research and analysis comes industry analysis. This involves identifying major market trends, opportunities, and threats. Industry analysis also includes awareness of changes in laws and demographics. External analysis helps you identify potential opportunities for expansion and growth, as well as prepare for potential threats.
Self-analysis can also be referred to as S.W.O.T. analysis: strengths, weaknesses, opportunities, and threats. Assess all areas of the company, including personnel, technology, production, finance, organizational resources, and leadership, looking for strengths and weaknesses. Match strengths with opportunities available to the company and weaknesses with threats to see where the business is vulnerable. Take advantage of opportunities available by developing internal strengths, and work on improving internal weaknesses.
Analyzing the business both internally and externally will show you how you can strategize your marketing actions in the best interests of the company. Strategic marketing requires a focus on the customer, and today’s customer is driven by relationship. Customers do business with people and companies they Know, Like & Trust. Remember that your customers have lots of other choices, and you have to make it valuable for them to choose you over the competition. Your marketing strategy must take all of this into account.
Need help formulating a strategic action plan for your business? Pamela Finnesand, The Business Maximizer can assist you! Schedule your complimentary Business Breakthrough Strategy Session today.
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