Steps for Business Success
DEVELOP AND IMPLEMENT A STRATEGIC PLAN.
- Written goals to guide all activities in the business, which must include time factor and costs. Review the plan ongoing.
FOCUS ON YOUR COMPETITIVE ADVANTAGE.
- All successful businesses have competitive advantages that distinguish them from competitors. They must be developed and maintained. What is your business good at?
DEFINE YOUR MARKET SEGMENT.
- Focus on who are the customers and their unique needs and wants. Market segmentation, identification and positioning are critical.
BUILD A BROAD PROSPECT BASE.
- A continuous search for new customers through relentless prospecting to every possible market segment player.
BE FLEXIBLE AND ALERT TO
- Flexibility to adapt to customer demands is imperative through listening to the customer tuning into the ever changing environment. Be aware of your competitive moves.
PROJECT THE RIGHT IMAGE.
- Make the right impression to your stakeholders (customers, suppliers, employees, government and anybody else that deals with your business).
MONITOR YOUR PERFORMANCE.
- Analyze your financial position focusing on positive cash flow (not profit) as well as the quality of your product or service, while ensuring empowerment of your staff.
OPTIMIZE YOUR COSTS.
- Cost control will ensure price competitiveness (not compromising on quality) which is a critical factor in a recession.
RE-INVENT YOUR BUSINESS.
- Customers are becoming more discerning and the environment keeps changing, therefore your company must be constantly looking for improvements and / or radical changes in focus.
Antonio Lagarto CEO Enterprise Support Asia Pte Ltd - 2009