1. Know your customers
Which demographic of the population are you aiming to attract? Identify your target groups and promote your service or goods to ensure that it appeals to the target.
2. Know your competitors
It is essential to make an assessment of the competition to ensure that you can be successful when you enter into the market. Once you enter into the market ensure that you continue to watch the business environment to ensure that you can rapidly react and adapt to the changes within the environment successfully. Ensure that you understand where your product is in its lifecycle to maximise profitability whilst at the same time investing in innovation.
3. Plan ahead
The plan you have today may not make sense in a year so ensure that you assess the market conditions as the environment changes continuously and update your business strategy to align with these changes. As your business grows your strategies change for example they may change from “how can we attract new customers” to “how can we strengthen customer relationships to maximise growth with current customers”. Whilst you are updating your strategies make sure you stay alert for opportunities at the same time.
4. Building commitment within your team
Creating a passionate inspired team leads to passionate and inspired results. Ensure that you outline your vision to your team, regularly communicate with your team, provide sufficient training and understand your team’s strengths and weaknesses to ensure that you can overcome obstacles as a team.
5. Make the best use of your finances
Planning and assessing new opportunities is key to making the best use of your finances. Ensuring that you have good cash flow can help you to avoid cash restraints limiting growth, to ensure good cash flow it is important to effectively control stock and supplier management. Reduce delivery cycles to reduce costs through working with suppliers and regularly clearing obsolete stock can help to achieve this.
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