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Business Diagnostic Strategy 2

Survival Stage

 

 

Congratulations! Your business is growing and starting to get some serious runs on the board.

Your Business Diagnostic indicated you are in the Survival Stage of business development. The next step in your growth is to move onto the Success stage.

Strategies to Move from Survival to Success Stage

Broadly, your major goal is to increase economic health

  • Bring in formal planning.
    • What do you want your organisation to be, do and achieve in the next few years?
    • Think about your business Purpose. Why are you in business and what’s the difference you can and do make to the broader community? This provides the framework for your planning process
    • Identify your Vision, Strategies and specific actions.
    • When you identify your Vision, base it on your strengths and the realities of your market.
    • Culture
  • Measure your culture so you understand whether it supports achieving your Vision.
  • Marketing:
    • Identify and describe your primary target market. Don’t be afraid to go after a niche – you have a better chance of standing out in a smaller category. Just be sure the niche is commercially viable.
    • Explore that primary target market so you understand as much as you can about them – who they are, what their pain is, what their needs and wants are. Research them on the internet or in the library (desk research) but also ask them (primary research). If you’re speaking to them (which is my recommendation), be sure to ask them for feedback on your products and services so you can better tailor them to meet real needs.
    • Do pay attention to what your competitors are doing and be clear about what you offer compared with their offering. Ask yourself, why would a client buy from you rather than your competition?
    • Start building your brand (if you haven’t done so already). Think about how your customers experience your business, the benefits they get from dealing with you and what you’re like to do business with. Once you have identified and articulated your brand, ensure you represent it consistently in all your communications.
    • Create the experience you would like to deliver to your customers (desired customer experience)
    • Look at your website and ensure it is focussed on WIIFM (what’s in it for them) for your prospects to consider you.
  • Sales:
    • Continue with your clear, focussed and consistent sales activity.
    • Consider purchasing a Customer Relationship Management System (CRM) if you haven’t already to keep track of how your client relationships are building.
  • Finances:
    • Watch income and costs to increase profitability.
  • People:
    • Develop your leaders and managers so they can start actively contributing to the business.
    • Develop your own leadership capability
    • Increase sophistication of your recruitment, retention and engagement processes.
    • Ensure they understand precisely what is expected of them.
  • Systems & Processes
    • Work back from your desired customer experience to identify what contributes to it. Then develop systems to deliver the regular repeat elements of the experience.
    • Understand the flow of work through your business and develop – or refine – systems to increase efficiency and effectiveness.

Strategies are based on our High Performance Framework

Next Step

If you feel you have the capability and accountability necessary to move from Existence to Survival Stage on your own, I wish you the very best.

If you would like some support, I offer Bite Size Consulting – meaning small, defined and affordable packages of time with me to work through the challenges and opportunities involved in moving to the next level.  For more information

or email me on suzanne@purposetoprofit.com.au for a chat.

 

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