When I founded the youth marketing agency, Buzz Marketing Group, I was 16 years old and new to the world of business. Ask yourself, what would make someone buy my product over the competition? Focus on what makes your product or service different than others on the market that are similar.
Even now with evolving new media and technology, there is still a need to understand whom these new and powerful consumers are and how to get their attention. Where will you sell your product or service? Your company may gain the most profit from a strong online presence. Even so, consider the pros and cons of an online outlet versus a traditional bricks-and-mortar approach.
Also, given your service industry, where might your customers expect your location to be? The main question you want to answer here is, How will people know about my product, and why would they want to try it? Consumers absorb massive amounts of advertisements a day. What incentives will you offer? Research is essential when devising your business plan, especially when considering the estimated value of your product.
When I consult with a new client, I have them consider their target audience. What do they look like? Where do they shop? Hang out? Are they online? If so, what websites do they like? Build a profile of your ultimate consumer. Even give him or her a name. Ask yourself, would Rose like this new ad? As with any process or program, the success of the endeavor improves with a clear vision of the objectives and desired outcomes. A risk management program in general focuses on identifying and mitigating risks.
That is too general. Define the desired outcomes clearly. If it is to reduce the consequences of adverse surprises in the market, or from your products, say so. Be specific and clear. The statement of the program objectives provide direction and guidance for all involved both inside and outside the organization. Risk identification and risk mitigation are complex tasks, your risk management program should not be complex.
A clear objective is a start. Streamline and simplify data collection, analysis and reporting, for example. Yet, when a recall is the right course of action, the triggers and implementation should be kept simple. An overly complex risk management program increases the risk of making poor decisions, mitigating minor risks, or diverting resources unnecessarily. An effective approach to reduce risk in an organization is reducing ambiguity. Subscribe to our free email updates to get tips, resources and freebies sent directly to your inbox.
Review and revise your budgeting process by considering the following: Involve Relevant Players : organization-wide cooperation is critical to ensure a smoother budgeting process. Budget for income first : create a realistic projection of reliable income and make sure budgeted expenses are less.
Understand revenue source s : budgeting is a form of risk management, a healthy mix of diverse revenue streams will help keep the organization stable should a revenue source go away. Budget for capital in addition to operations : a capital budget can run for several years, but a good strategy should be in place to ensure non-operating goals are met. Ensure the budget is presentable : you have worked hard on the budget, make sure others can understand it. Review and revise : the budget may need to change due to unforeseen circumstances, think of it as a fluid document.
Comments 2. Wil says:. Jun 20, at pm. Yassah G.
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