|
|
 |
|
|||||||||
Q. What are three winning strategies you recommend for a new business to succeed in today?s competitive market? Sanders: The actual list is more like 103; but if I have to go with three, they are:
Q. Are there specific strategies that you feel new startups need to focus on to get themselves noticed more quickly than their more mature counterparts? Sanders: Continuously reach out to potential customers. Build relationships not just a customer base. Help your customers and prospects even when it?s not directly related to a sale. Most sales are not made on the first contact. Develop a method to capture and save the names and contact information of prospects who don't buy from you. Follow up periodically. A little gentle coaching will eventually convert many of them into buyers. Q. How important is marketing in the strategic development of a new business? Sanders: Marketing is one of the legs of the three-legged stool of business development. It should be imbedded in everything you do from naming your business, registering with the local Chamber of Commerce and Better Business Bureau, joining networking groups, handing out business cards, satisfying your customers, having a positive attitude. Q. Given that so many startups have limited budgets, what are some low cost, high impact strategies that I can implement quickly to get started? Sanders: Businesses spend their time and money chasing new business and ignore their existing customers. Remember that customers are prospects too. Stay in contact with them. Find or develop other products or services you can offer them. It's easier?and more cost effective -- to make a sale to a previous customer than to someone who never bought from you. Q. What are the major points of consideration I should give when starting my business? Sanders: Research, research, research. Know your target market. Know your industry. Know your competition. Have a business plan and follow it! It?s the road map that keeps you on track. Update it continuously and always set your vision three years out. Q. What is your background and experience in business planning? Sanders: I have written and presented hundreds of proposals and business plans to support concepts and strategic recommendations for programs that have generated millions of dollars in revenue. I currently write business plans and private placement memorandum for an investment company that secures venture capital for new startups and existing businesses in a variety of industries. Q. Why do so many new startup companies fail? Sanders: Once a new company is up and running, the most obvious cause of failure is simply running out of money. Experts call undercapitalization a symptom of poor planning, however, rather than a true cause of failure. Other reasons why businesses fail in their early years include: poor business location, poor customer service, unqualified/untrained employees, fraud, lack of a proper business plan, and failure to seek outside professional advice. Clearly, planning plays an integral part in success. Q. What are some of the biggest business development mistakes to avoid? Sanders: Most startups start with an entrepreneur's dream. Yet many start-up entrepreneurs, jealous of their dream, refuse to part with it, and risk being the big fish in a shrinking pond instead of sharing their dream with a team who can shape and guide it into open water. Most startups make the mistake of falling in love with their product or service. Ultimately, it is this lack of self-criticism that causes many companies, startups and their more mature counterparts, to fail. Q. How can failure be avoided? Sanders: Avoid tunnel vision. Business owners must take a very hard and realistic look at their idea, product, or service long before they think about making a business out of it. Get some objective, outside input if your own view is colored by being too close to the situation. Ask yourself these questions: Is there an unmet need or problem that will be solved by the business? How difficult will it be to communicate the solution? In other words: Why should anyone want to buy from you? Most startups seem to regard their product as an end in itself, a solution looking for a market, instead of one that focuses sharply on a problem which they are uniquely qualified to solve. Q. What is your final piece of advice for would-be entrepreneurs or current business owners? Sanders: Limiting your own potential is the biggest mistake anyone can make. To avoid this mistake:
Request a FREE Consultation Today! Don’t wait a minute longer to have the cost-effective marketing solutions and profitable results that are customized for your business. We provide a free, no obligation consultation service for clients and prospective clients.
|
|||||||||
|
|||||||||
