We come across it all too often with Small and Medium businesses (SME’s) working harder in order to manage and maintain their grip on the market. Growth comes down to evaluating your current position and practices by looking at how you can best build a business entity that is geared for growth. Understanding your business, market and influencing factors are only the beginning of smart practices.
Here is a checklist of questions you should answer yourself. They will give you a better understanding of your current position and enable you to make a better judged decisions that will reward you with profitable long term outcomes.
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?
What value do you provide against your competitor?
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?
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?
You must ensure that what you are offering is suited to your target market. This may change due to internal and external factors that may see your market demand change over time. Having the right tools to monitor and measure influencing factors will keep you up to speed for that required of a proactive business manager.