A leap year is upon us!
This means an additional day and certainly those added responsibilities for the entrepreneurs to look into.
With 2015 just concluded, it's the perfect to plan strategies that will serve you through the upcoming year.
The blue-print to entrepreneurial charades shall be laid out, well in advance, including the marketing plans, strategic budgeting and what not. A firm needs to be rather vigilant with the issues in hand and loading the garrison in advance, will serve the cause, in a much better way.
For a business strategy to blossom, the entrepreneur must plan in detail. However, with the global growth being an uninhibited facet, the plans need to be flexible and certainly, proactive.
Until recently, I have been managing a business calendar to take care of all the necessities and improvements, depending upon the time in hand. Hence for the business that require assistance, having an itinerary is actually the first step.
I believe that failing to plan is actually planning to fail. Prepping up for 2016 remains a misnomer, unless we draft a detailed layout for the upcoming business year. A 16-month itinerary is what could work for the entrepreneurs. The key to everything is conceptualizing and this guide will certainly bring out the caveats to the same.
Analyzing the Situation at Hand
- Physical Resources
- Financial Resources
- Human Resources
- Current Processes
Once the internal aspects are taken care of, the entrepreneurs must turn the tide towards extrinsic influences that include:
- Economic Caveats
- Market Trends
- Existing Competition
Once the SWOT analysis is concluded, one can just be a tad bit expressive with the futuristic ideas, but certainly not before.
Re-Assessing the Buyer Persona and Reinforcing It
We all have customers, buyers or a wider audience base to fall back upon. The persona associated with each might change with each passing year and we must be ready to evolve with time. This calls for a survey or ground analysis, prepping us better for a revamped marketing strategy. However, if the timeline isn’t quite broad and we are simply migrating from one financial year to another; no alterations are necessary, in most cases.
The aforesaid techniques will help gauge the financial aspect of a business and now we can move ahead with the upcoming goals. The only concern should be the nature of these ideas, tagging them as time-sensitive, result-focused, specific, measurable and definitely achievable. The idea behind these goals should be inclined to growth and must be detailed. However, one must skillfully segregate the yearly goals into monthly, quarterly or into smaller divisions, for adjusting the tactics with time.
Developing Campaigns and Tactics
Once the capability of your company has been assessed and the goals have been strategized, you must look for the best possible campaign to sell the products and services. A strong marketing plan should be specific and extremely tactical in nature. Every stage of the cycle needs to be kept into account. The entire procedure can be segregated into three processes, namely:
- Cold Prospects: These include campaigns that can cultivate brand awareness. The ideas include public relations, content creation, target advertising and a lot more.
- Warm Prospects: These strategies must not be inclined towards selling but for urging the buyers to buy. Backbones to this include email marketing, targeted content drafting and identifying interpersonal contacts for improving sales, indirectly.
- Hot Prospects: These include direct strategies that will close down a sale. Personalized emails, in-person advertisements and phone calls, include a large part for this version of campaigning.
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Revamping the Existing Technology
The entrepreneurs must spare of thought for the technological changes that are extremely frequent. Depending upon the nature of the business, the firms should look to inculcate futuristic technologies that would come in handy. Be it the recent validation of Microsoft’s PowerApps or something associated with seamless web development, the enterprise must be well aware of the changes and technical inclusions.
Budgeting as Your Marketing Ally
The overall budget must be pre-defined, except a few modifications like come along in due course of time. According to me, the entire financial strategy must be designed before the budgeting aspects are determined. This way excess costs can be curbed and the firms can save in a lot of money that can be implemented elsewhere. The entire arena of budgeting can be segregated into a few strategic priorities:
Market Oversight: This aims at a casual look into the market for gauging the initial costs for the detailed regime
International Growth: Most of the firms look to migrate out of their comfort zone and if the same happens in 2016, then one must be ready to additional funds and a flexible budget.
Distribution: The upcoming year might be infested with brokers and cover holders who would be asking for loyalties and extra remunerations. Therefore, business budgeting for 2016 must cover all the grey areas with precision.
Capital and the ‘Convergence’: The market capital is an extinguishable resource and any form of convergence will certainly add to the stability.
Market Operations: Not only the product, but selling, campaigning and other workloads need to the taken in hand, often with additional costs. Hence, prepping up for 2016 aims at being more inclined to costing that to anything else.
Other aspects which do float up at times include:
- Business Essence
- Asset Management
- Revenue Goals
- Time management
These core competencies, along with the detailed ones, do contribute towards the guaranteed success, in the upcoming year.
We only have a few days before stepping into the year of great expectations and potential. The entire modus-operandi should be ready by this time, including resource management, marketing ideas and what not. Follow these mentioned tips and you are all set for 2016 that guarantees success, innovation and definitely, wellness.