Business Planning - Think About These
Seth Godin’s book, The Purple Cow1, inspired this four-part series of articles on business planning.
From your business planning ideally you should try to stand out and not fit into the norm. Otherwise, you are invisible!
Criticism should be welcomed. Don’t take it personally. It’s people who have projects that are never criticized that ultimately fail. You can’t predict which ideas are going to work. It does take time and effort. It’s the unpredictability of the outcome that makes it work and worth the effort. Some people that don’t want the risk wait until a hit idea comes along and then copy it.
The Canadian geese fly in formation following the leader. After a while the leader goes to the back and a new leader steps forward. Some people think there is security working for a big company but sometimes even they have huge layoffs. They have to start over looking for the next leader.
Does your business planning look like everyone else's plan?
Leading is more important to do just for that reason. Find ways that you can be different and stand out. Being and doing the same as everyone else just won’t get you noticed or ahead. Solving problems and doing it in a cool way makes it successful.
People used to buy records. Now with CDs and buying music over the Internet the music companies have been slow to accept that the music business has changed drastically. Some companies advertise their product to everyone by making a very general ad. These are most likely to fail. The innovators and adopters are not interested because of the generality of it. The early and late majority are not responsive to a new product.
In your business planning, plan to market a brand new product in a big sensational way is the right way. If you don’t grab people’s attention, get retailers excited about stocking your product and get the factory to unload the entire inventory, then you have lost. You only get one chance to make a first impression. It takes time for a new product to be accepted.
During the dot com boom many products were introduced but they disappeared before they had a chance to be accepted. There was a French baker, Lionel Poilane that wanted to take sourdough bread baking to the next level. He did extensive research, developed the best recipe and trained the bakers in how he specifically wanted the bread made. At first, it wasn’t accepted but now the quality far surpasses the competition and his bread is in all the fine French restaurants.
Business planning and tracking
Track how effective your ads are. Ad agencies did not like it when advertisers wanted to track how effective their ads were.
In business planning every product, interaction and policy a company has should be examined regularly. This helps the companies figure out what is working so they do more if it and also show what is not working to stop doing it that way.
Think of how much it would cost you to measure your business. Measuring leads to success.
More functions and a better style also lead to success.
Making it a better experience for the user is something else to focus on.
The small to medium sized companies have a chance to increase their market share by changing the rules of the game and becoming remarkable. The marketplace is moving faster and faster. People are willing to switch who and what they are buying from if it gives them an edge.
Large or small - starting a home business requires business planning.
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1Godin, S. (2003). Purple cow