Resources2017-08-08T15:54:48+00:00

Resources

To prepare a successful Business Strategy, the issues and their effects need to be identified to form a sustainable plan for a successful outcome.

There are four key tools we use to sort through the myriad of issues in any business.

  • Mind Map
  • SWOT Analysis
  • Competitor Scoping
  • Marketing Plan

The tools we use to monitor your ongoing business will vary greatly by business and be developed at the time. These will be influenced by the information and reports you already have available.

Mind Mapping

Mind mapping has been used in various formats for hundreds of years. It is also known as brainstorming, visual thinking, problem solving, concept maps to name just a few. When preparing your mind map the categories may vary but the concept remains the same

The conceptual mind map as attached applies to all business. The categories will change to suit the individual businesses but the concept remains constant. Key categories are listed with each of the elements that affect them. During the formation of this document the impact of each element on other categories will be clearly identified.

For example when a retailers sales exceed expectations this impacts on stock levels, profitability, payment terms, cash flow, admin, technology.

Every thing we change affects at least one other part of out business When making any business decision the impact this has on another part of the business must be considered.

Businesses will remain successful and grow if they stay focused on the big picture.

SWOT Analysis

A SWOT analysis is conducted to give a focused structured analysis of your business. This can be conducted at any level a product, a category, staff, the entire business or the industry in general. By identifying the external and internal factors that impact on your business effective plans can be formulated or modified for your business plan.

Strengths

What are they and how can be capitalise on them?

Weaknesses

How do we turn these into strengths or eliminate them completely?

Opportunities

What areas remain untapped that can be expanded on

Threats

What are the elements that could potentially harm your business now or in the future. They can be competition, environmental, availability of supply.

Competitor Scoping

This exercise needs to be regularly maintained to keep you up to date with the market place. Being aware of your competitors is getting more difficult as the digital world explodes around us.

With our simple template once you have identified your competitors you can readily update the information relevant to your business.

This template simply highlights the issues competitors cause. Constant monitoring of their stores, web sites, digital media updates and all advertising will identify these issues. Utilising this form will highlight any commonalities and consistencies for you to consider in tweaking your business.

Marketing Plan

Successful marketing is planned well in advance. Plan the next 6 to 12 months at all times. What happens at the end of the year in June impacts on what you can do in July.

With proper planning you can plan to link into National or local community events where applicable to your business. Is your business impacted by Football grand final for a sports store, or Mothers day for a gift shop Xmas, Easter, the Spring Racing Carnival, Olympic Games>>>>>>

Plan your marketing first, then align your advertising with it. Be mindful of sending mixed messages to the consumer. Do not set a marketing display for cheap clearance lines and advertise your most expensive items. Don’t advertise Womenswear heavily on Fathers day week. Timing is everything. Proper forward planning will assist with your purchasing plans, staffing, holidays, and the financial implications to your business. Remember from our mind map in preparation for our strategic planning everything we do impacts on other parts of our business.

Marketing is long term plan, Advertising is short term. Using a simple format will enable you to plan your year ahead and then to look back at last year and anniversaries those events that were most successful for you.

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