Key Considerations There are Key Considerations to assure that our business grows rapidly. Let’s look at our business right now and see if these considerations apply. The product or service is well-suited to the needs of my current market. That means that people want, need and will use our product or service. They can afford and are willing to buy now. Careful market analysis was completed before commencing business operations. In other words, considerable thought went into whether or not there is a market before the product or service was offered. Here are some of the questions that we need to ask with regard to market analysis. This is a very important question with regard to this new product or service, is there a market? Will people buy this product or service? Is the market large and concentrated enough, that we may sell our product or service with margin enough to make a profit? For example, there may be a market for 100,000 units of a particular product in the United States. But if it is one per community throughout the country, it’s almost impossible to reach those people with any kind of advertising or sales effort. So the very fact that the market is not concentrated enough means it would be impossible to make a success of a business selling one per community. Here’s another question with regard to our marketing analysis. What else is available? What other products or services are available to the same customer that we are going after and how is our product superior in a meaningful way, to the other product or service? A key reason for business success is tight financial controls. All successful businesses have careful financial controls. They very carefully consider their every expenditure. They do an analysis of it. They work from very careful budgets, week by week, month by month, quarter by quarter. Carefully consider our every expenditure, in advance, before we make it. Never buy new when we can get it used. Never buy it all if we can rent it. Never rent it if we can borrow it. Make it a game to conserve our cash and keep our costs as low as possible in everything we do. Now, here are two things we can do to assure that our business continues to grow profitably month after month. Be perfectly honest with ourselves and our product or service offerings. Make sure that there is a big enough market that we may sell to profitably. Then think about our customer all the time and why our customer would or should buy from us. Accurate customer analysis and identification is the major reason for business success. “Remember, Success is always Within Reach”
Posted on: Wed, 24 Jul 2013 20:41:20 +0000
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