Advice To An Aspiring Entrepreneur : Plan Strategically
December 14th 2006 08:34
It is a fact that new businesses face a great chance of failure than of success. But the odds can be tipped in a new company's favor with strategic planning, adequate capitalization, and the right technology.
The new environment for doing business has been brought about, according to Tom Friedman, in his book "The Lexus and the Olive Tree," by three elements : the democratization of technology; the democratization of finance, and the democratization of information.
Improved access to technology, finance and information have brought companies closer to their companies. The result : Consumers empowered to demand more choices and more values; Consumers who can move away from companies who won't deliver.
Investing in the preparation of business plan will provide small and medium enterprises real competitive advantage. Here's some compelling reasons why a company should develop a comprehensive strategic marketing plan :
* It forces management to set priorities and assure tough questions, like : What are your companies strengths? Weaknesses? What will your product do for the consumer that the competing product won't? What messages do you want to send to the marketplace? What negative issues are you dealing with now that need to be overcome?
* It provides a benchmark to ensure that marketing initiatives fully support an organization's business objectives. programs that don't support those objectives will become evident during the building of the plan and can be put aside.
* A sound plan will be maximize and leverage marketing investment. Determining a company-wide
marketing strategy upfront will save time and resources, and allow management to see where it can leverage certain initiatives for even more impact.
* A solid plan will help the organization speak with "one voice" so that all marketing activities are fully integrated and consistent.
* A strategic plan can unify employees and strengthen the company's focus on meeting it's core objectives.
The new environment for doing business has been brought about, according to Tom Friedman, in his book "The Lexus and the Olive Tree," by three elements : the democratization of technology; the democratization of finance, and the democratization of information.
Improved access to technology, finance and information have brought companies closer to their companies. The result : Consumers empowered to demand more choices and more values; Consumers who can move away from companies who won't deliver.
Investing in the preparation of business plan will provide small and medium enterprises real competitive advantage. Here's some compelling reasons why a company should develop a comprehensive strategic marketing plan :
* It forces management to set priorities and assure tough questions, like : What are your companies strengths? Weaknesses? What will your product do for the consumer that the competing product won't? What messages do you want to send to the marketplace? What negative issues are you dealing with now that need to be overcome?
* It provides a benchmark to ensure that marketing initiatives fully support an organization's business objectives. programs that don't support those objectives will become evident during the building of the plan and can be put aside.
* A sound plan will be maximize and leverage marketing investment. Determining a company-wide
marketing strategy upfront will save time and resources, and allow management to see where it can leverage certain initiatives for even more impact.
* A solid plan will help the organization speak with "one voice" so that all marketing activities are fully integrated and consistent.
* A strategic plan can unify employees and strengthen the company's focus on meeting it's core objectives.
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Comment by Nina