you are undoubtedly hunting for gifts. While these are obvious year end considerations, you should also be reviewing your business strategy for 2006.
Business Strategy – 2005
Whether your fiscal year ends in December or doesn’t, the end of the month is a good time to take stock of how things went in 2005. While the old saying is “time flies”, it is particularly true for businesses. Business owners tend to be fixated on two to three month time periods. As a result, they can fail to see developments over longer periods of time.
After you’ve taken care of all your holiday gift purchases, you should have some down time in the last two weeks of the month. Business tends to slow down as people deal with the holidays, travel to see family and so on. This is the perfect time to go back and consider the business year. Specifically, you should focus on where your business was in January 2005. What were your goals at that time? Did you meet them during the year? If not, why? You will almost always be surprised when you realize how the business developed over the last year. This global view can give you a better perspective and evaluation of how things are going.
Business Strategy – 2006
After contemplating 2005, you should give consideration to what you want to accomplish and where you want to be by the end of 2006. Ask yourself the following:
1. What is a reasonable revenue increase for 2006 compared to 2005?
2. Are their products or services you should pursue?
3. Are their products or services you should drop?
4. If a strategy is underperforming, does it make objective sense to continue pursuing it or cut your losses?
5. What are your biggest frustrations and how can you deal with them?
6. Who are your most valued employees and have you taken a moment to thank them?
7. Who are your least valued employees and what should you do about it?
8. Which vendors or suppliers do great work for you and which don’t?
Many other questions will run through your mind. There are no wrong ones. What is important, however, is you write the goals and thoughts down and keep them somewhere private. Next December, you should pull them out and see how things are going.
Business Strategy – Year End Considerations
7 Considerations When Making A Business Sales Letter
When making a business sales letter, the primary goal is, obviously, to make a sale. However, focusing on this bottom line is ultimately what causes a lot of business sales letters to fail, simply because customers feel that the letter is all about trying to seperate them from their hard earned money. The best business letters are made by people who believe in their products and know that it is actually to their customer's benefit to use it over other competing products. Building on this basic rule, there are 7 factors to consider when making a business letter that will let your customers know that, while you ARE out to make a profit, it will be based on THEIR satisfaction with your product.
Target Market Type - consider the demographics of your intended market. Know how they think, how they talk, what they need, how much of a budget they generally have, and what benefits they can find in using your product. This knowledge makes it easier to tailor a sales approach that they can relate to. Using fancy words or "business jargon" when your target market is mostly composed of people who haven't studied economics, for example, will only serve to overwhelm and confuse them.
Product Details - know your product intimately. This does not mean that you have to blab about the endless hours of research that went into making your product superior to others, or the incredibly high tech materials and construction methods that went into making it. Intimate product knowledge from a consumer point of view boils down to one thing: What can your product do for the buyer?
Product After Sales Support - if your product provider has after-sale support options, be sure to include those as some of the advantages of buying what you have to offer. Customer service lines, extended warranties, and even home service options are things that show the customers that you will still be there for them even AFTER you've made a sale. This also imparts a measure of faith in the product that it won't simply break down a few months or even weeks after purchase.
Selling Approach - the most effective selling approach is to remain customer oriented. By focusing on your buyer's needs, you increase the likelihood that they will prefer to buy what you have to offer over the competition. However, you also have to consider HOW your target market thinks and communicates; some demopgraphics prefer elaborate statements, others value a sense of humor, still others prefer terse and straight to the point presentations. Know how your customers generally communicate and make your style suit them.
Layouting - a good visual presentation is one of the keys to any good document. Layouting is essential in any letter because it makes the document catch the eye at first glance and makes readers willing to see what you've got. Beyond the looks, however, layouting also involves the order and manner in which you present your information. A graphically stunning letter that has poor layouting when it comes to presenting information will still fail. Be precise and orderly in your presentation of facts.
Timed Response Incentives - this is a fairly classic method of getting a quick response from a customer. The most common places you'll see this will be on shopping channels, with announcers saying something like "order within the next 30 minutes and get a 10% discount". Timed response incentives in business letters should be similar BUT should offer greater leeway for customer response to special promotional discounts. The failure of shopping channel program's approach is that customers feel pressured to buy NOW, which makes them think that all the company wants is their money, period. Promos on sales letters should have a much more relaxed time table, like "We're having a 10% sale all of next week, from 12:00am X date to 12:00pm Y date. Feel free to drop by and look our products over."
What Should They Do Next? - Lastly, customers HATE being left in a lurch if they wind up liking what a product has to offer but get little or no information on how to actually go about buying the product. Always include extensive contact info on the letter that lets them know the fastest and easiest ways to get in touch with you when they want to ask questions or buy something. If you have several contact numbers, try splitting them off into several types as well and include these in the letter, like a "product inquiry" number, another for making personal purchases, another for bulk purchases and/or potential retailers, etc.