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Thoughts from a New Business Hunter

Is It Time to Reshape or Evolve Your New Business Plan?

17/10/2020

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Well it's been a rough few months for many and the prime minister said to expect the months ahead to be 'bumpy'. Therefore, it's reasonable to expect varying Covid restrictions to continue for at least another 6-12 months. For some sectors, e.g. the travel industry, it looks likely to need a vaccine or herd immunity to help them return to anywhere near norm.

Commercial trends and the big economic disruption is forcing through change.

As we now have a better understanding of the future, it's a good time to review your New Business strategy. Ask yourself:

  • What's happened since lock-down?
  • Where you are right now?
  • Where are you most likely to be heading in the next 6-12 months if you continue without making any adjustments? Try to be objective and realistic of future expectations.
  • Are you comfortable with those probable projections?

Yes? then good for you, carry on as planned. 

No? then it's time to consider a re-pivot.

It can be hard, bewildering or upsetting to accept that what worked well in the past is suddenly not working so well for you now. Try to stand back and evaluate your portfolio of work and the markets you've been servicing.

Some aspects to consider:

  • How affected has your regular target market been by Covid?
  • Are you typical prospects likely to get through the next 6-12 months without significant impact?
  • Do you need to diversify?
  • Is there anything more you can add or offer that opens you up to other sectors?
  • Do you have any competitive advantages? 
  • Do you need to ramp up your new business activities?

The above is some broad guidance to help work out the future. For my thoughts on your specific situation, get in touch.
​Ilse
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Common Mistakes Entrepreneurs Make

16/2/2019

 
Puzzles and conundrums interest me, so unsurprisingly I like tackling new business challenges as well. But why do some some businesses flourish and others flounder? 

Having a successful and growing business is more likely to be a long process with ups and downs, trials and errors along the way - so d
on't be fooled by those overnight success stories. 

But you can tip the balance so it is more in your favour by avoiding some common mistakes:

  1. Not researching your business proposition - look at your target market, competitors, consult experts and potential prospects (see my Feb 18 blog).
  2. Get your business to market as quick as possible - slow launches and delays destroy business ideas.
  3. Skimping on marketing - too many people think you can get by without it - you can't.
  4. Take advice - it could progress your business to where you want it to be.
  5. Don't be afraid to pivot or change course - be honest about mistakes and if necessary quickly change strategy.
  6. Put yourself in your prospects shoes - would they really want what you're offering? If there's not really a demand you won't really get anywhere.
  7. Talking to your market and networking - if you're not actually speaking to your prospects, industry experts or influencers, then you're missing opportunities and not getting a proper handle on your target market. 

Of course, if you need any help with the above then let's talk!
​Ilse

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Strategic Targeting & Customer Profiling

22/2/2018

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Right now there is that uplifting feeling of spring approaching. Tightly closed yellow daffodil buds ready to burst into bloom. Crisp blue skies which bring that fabulous sharp light. A rejuvenating brisk air and the noticeable longer days. All of which I think helps to focus mind and spirit on a fresh business strategy for finding new clients.

So where to start? Carefully consider who to target. Who you would like to work for and realistically who would give you the work? Define your target and customer profile. Essential characteristics to consider are:
​
  • Industry / market sector
  • Location 
  • Company size (turnover, number of employees, etc)
  • Financial or commercial trends
  • Their clients & target market
  • Your minimum order / budget spend / account value per annum
  • Your compatibility with them

Take a look through your best clients and see how they fit with your target profile. What common characteristics do they have? Can it be improved? Or would you like more that are similar or better or both?

Once you've decided on your target market, consider the following:

​​
  • Are there enough potential companies who fit your target criteria?
  • Will your target market really want your product / services?
  • Can they afford your product / services?
  • How often are they likely to need your product / services?
  • Number and strength of competitors in your target areas

Get your strategy executed as soon as possible! Slow starts = slower development = slower results; this might not be the pace and timescale you want that new business to land within. From time to time review and revisit your target criteria. Don't be afraid to re-pivot  - be honest about your mistakes and if necessary change direction quickly.

That's it for now. Check out my future blog for more tips. Gosh I just looked outside and it is snowing!


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    Ilse 

    Strategic new business hunter

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