How much money do you want to take home in 2014? Everyone I have spoken to has 2014 pegged as a more profitable year than 2013. To me, this attitude says that there will be more competition. Our target market is going to be more demanding and will be expecting better services and products.
For those business owners who know what to do and how to implement their plans, the future looks bright. All businesses may believe that the future is bright, but unless they know the meaning of effective implementation, they will not realize their dreams.
Going back to the basics, let’s take a look at some must do’s:
- Without a doubt, the products and services that are delivered have to be of a quality nature and definitely beneficial to the target market. As an owner, you may believe that you offer beneficial service and products but that message has to be conveyed to your target market.
- Management of the business is critical. That includes running a profitable business. I know of a business that finally hit the million dollar mark in total revenue in 2013, the problem was it cost 1.2 million to reach that income. The rational was that the target market now knows about the business and 2014 will make up the difference. You can’t make up a loss with volume that costs more to deliver than it produces in revenue.
- Your target market has to trust you and yes, it has to also like you. We don’t often use the term “chemistry” in the business world, but all the marketing efforts have to be based on creating the trust and chemistry needed to attract the right target market.
- Time to look for whales and not minnows. If you believe that you offer the best service or products and offer the most possible benefits, then target the whales that will make a difference when you catch one. You can’t have a profitable business unless you have excellent customers. Let me once again define excellent customers: “customers that can benefit from what you provide and are meaningfully profitable to you.”
A few days ago I posted a blog, “Sourcing for Clients”. It ties in to our topic tonight and it gives statistics as to where the best prospects are hiding. Please go back and focus on this article and re-work your marketing plan to reach the best possible new clients.
Nothing is easier than saying words. Nothing is harder than living them, day after day. Arthur Gordon
Nick J. Petra CFP. Let me help you reach your dreams, call for a free hour consultation.
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