QUESTIONS FOR ALL SMALL AND MEDIUM BUSINESSES

 

 

INTRODUCTION KEYWORDS: Success, growth, planning, coaching, mentor, sales, marketing, training, insight, direction, clarity, change, opportunity, measure, monitor, adjust,

 

COMPETITORS

  • What are their strengths and Weaknesses?

  • What is their message to the market?

  • What image are they pushing out to the market?

  • What is their competitive advantage?

  • What is their value added strategy?

  • What differentiates you from your competitors?

  • What is your competitive advantage over:

    • Their product or service?

    • Their company?

    • Their people?

  • What value do you provide against your competitor?

 

Brief Summary: (Example below)

By building a competitor strategy you are 39% more likely to create a high performing company. This analysis will provide value added reasons that differentiate you from your competition and give the market reason to choose you over other options.

 

PRODUCTS OR SERVICES
  • Is your product packaged to suit your target market?

  • Do you need to modify your offering (packaging, positioning, and image) to get the attention of your market?

  • What is the value of your offer to your market?

  • What are the market trends of your product? Are they increasing, stagnant or in decline?

  • What products/service are providing the majority of your sales and profits?

  • Do you have a measuring tool in place that provides current and reliable information?

 

Brief Summary:

 

PRICING
  • Are you comparative to your competitors?

  • Does your pricing match your image?

  • Have you costed your product correctly?

  • What is your profit margin after all expenses?

  • What is the impact of credit, discounts and delivery costs to sales?

  • What value is built into your pricing?

  • What is your markets perception of the cost of your offering after purchase?

Brief Summary:

 
DISTRIBUTION
  • Do you have adequate market coverage and service?

  • Is your distribution channel delivering the results you seek? Why?

  • Are there other channels of distribution that you have overlooked?

    • E.g. Online, Partnership, Networks, Affiliations, Distributors, Resellers …

 

Brief Summary:

 

PROMOTION

  • Is your message suited to your target market?

  • Do you have a budget?

  • What is working?

  • What is not working?

  • Are you measuring the success of your efforts?

 

Brief Summary:

 

PERSONAL DEVELOPMENT
  • Do you continually educate and develop your skill sets?

  • Have you identified opportunities for improvement within yourself and your business?

  • Have you created an action plan to turn weaknesses into strengths?

  • Do you have measurement indicators to assess performance?

  • Do you have mentors or a coach?

  • Do you include training as part of your business growth strategy?

  • Do you monitor changes that affect your business?

  • Do you accept change as a necessary part of personal growth?

 

Brief Summary:

 

TIME MANAGEMENT
  • Do you have systems in place that work for you?

  • Are your systems able to be understood by others?

  • How do you prioritise your day/week/month?

  • Do you use a diary (electronic or print)?

  • Is your office or working environment cluttered?

  • Do you set deadlines on tasks?

  • Do you delegate work?

  • Can you minimise distractions?

 

Brief Summary:

 

CLOSING SUMMARY:

 

Things to Consider for Building Successful SMEs Worldwide

When it comes to growth and success, business owners need proper planning as well as specialized coaching in order to increase sales and boost marketing efforts. An expert mentor will provide you excellent training while giving you the best insight for clarity and direction.

If you think that your business is not in good shape, you need to change your direction for the better. This will help you embrace the opportunity to grow and adjust in the competition. Always make sure that you monitor and measure your marketing efforts in order to succeed in no time.

 

Competitor Strategy

If you can successfully build an excellent competitor strategy, you can also successfully build a strong business foundation. In fact, you can take advantage of high-performing company with efficient analysis that will give you value-added reasons to set your business apart from your competitors while providing the market more convenient reasons why they should choose you.

It will be necessary to understand your competitors’ weaknesses and strengths, their message, their image, competitive advantage, value-added strategy, and other essential things to consider. Hence, you also need to understand your own competitive advantage over their products or services, company, and people. Do you have greater value as compared to your competitors?

 

Right Products & Services for the Right Market

You have to make sure that all your products are made just right for your market. Suit the needs of your target audience and you will succeed in marketing them. Also, take into consideration the modifications you need to perform in order to achieve the right packaging, image, and positioning.

You need to be aware of the value that you are offering your market so that you can get their attention effectively. Don’t forget about the market trend that your product is having, whether declining, increasing, or stagnant. You also need to determine which product or service is getting the majority of your profits or sales. Having an excellent tool to measure your market is important to get reliable and up to date information.

 

Proper Pricing

Getting a competitive pricing is essential to attain successful competition. Your pricing should efficiently match to your image. Is it important that you cost your products and services correctly? Of course it is. Also, after all of your expenses, you have to determine your “profit margin” to help you decide if you’ve got accurate pricing.

 

Appropriate Distribution

Get enough service and market coverage in order to achieve proper distribution channel in order to best deliver exact results that you are aiming for. Whether it is for online, affiliations, networks, partnerships, resellers, or distributors, you have to identify which can help you attain successful marketing.

When it comes to promotion, you need to deliver the right message in order to suit your target audience. Continuous personal development is also essential to get your business on the right track. Don’t overlook the important of time management as well because it will sum up your skills for successful SME in terms of world-class marketing strategies.