Business in this day and age focuses a lot on new media, new technology and the age of digital everything. These are great tools to utilize in order to promote and market your business extremely well, but what about behind the scenes of your business? How do you analyse your target market? How do you keep track of profits?
This is where going back to using old school techniques can help!
There are many programs and softwares that can help you to manage every aspect of your business and track what is working and what isn’t within it. Excel is a key example of such programs; it enables users to create spreadsheets in order to track and display information, users can perform analysises on risk, target market, competitors and so on as well as performing numerous other functions.
The beauty with technology is that programs such as Excel, although outdate the new digital era, are able to be updated with new programs being created all the time to help businesses from start ups to established take control of their businesses’ behind the scenes.
For more information on how programs such as Excel can help your business tune in to RedShiftRadio tomorrow, Tuesday 21st September from 10AM, where our very own Amanda Daniels will be discussing the subject in more detail with her guest Traci Williams from Excel Ace.
Key Performance Indicators (KPI) reflect a company’s measurable goals to achieve and succeed. They can relate to any company in any industry and are vitally important to the success of a company.
Key Performance Indicators need to be carefully selected by a company; they need to be achieveable, but challenging and, most importantly, they need to be measurable so progress can be recorded.
As Key Performance Indicators reflect a company’s goals they do not alter or change often unless a company’s goals do or if a company is close to achieving their goal.
Koogar has KPI’s, do you?
To find out more about KPI and how it affects your company, tune in to RedShift Radio’s Business Day to Day show tomorrow between 10am – 12pm to listen to Koogar’s very own Amanda Daniels and her guest, Kathryn May of Matrix Analitix, as they discuss KPI in more detail.
Setting goals within your business is a great way of staying focused.
Concentrating and being highly focused on what you want to achieve from your business will always see you striving for a goal; good motivation for any business, whether start up or established.
By properly channelling your motivation, energy, ideas and drive you will succeed in any goals you have set yourself.
The goals you set for your business should not be unachievable, but attainable, especially for start up businesses. By setting smaller goals at first which you can achieve you can build up confidence within the business and then begin to aim higher and higher, ensuring the goal is always reached.
So, instead of saying “I’m going to make a profit of £250,000 this year,” try setting a goal along the line of “I’m going to sell 50 widgets per week.” By setting this kind of goal, you are aiming for at least 50 per week, meaning any more is a bonus, which you’ll feel great about when you achieve higher.
This kind of focus is incredibly important, for any company, as it represents the drive and ambition behind the business.
A business plan is not the same as a marketing plan as a marketing plan helps to identify your target customers and so on. Whereas, a business plan is something you can do at home with a cuppa!
Ok, so there are different types of business plans depending on what type of business you run and also what type of person you are. By creating a business plan you are able to focus on the business year ahead; how much profit you expect to make as well as organising your budget and so on.
However, it can also be aimed at how you see your business in a year’s time; how many customers you expect to have, the new office you’ll be able to move into etc.
Business plans are a great way to keep focused on what you want out of your business and where you envision yourself as an entrepreneur.
Maintaining your marketing campaigns is fundamental to any business. It doesn’t matter how busy you are or how tight your budget is, you should always have some degree of marketing within your company.
This is especially important as we are still not out of the recession. Many businesses will reduce their marketing budget when times are hard or completely cut it and try and maintain the clients they have already. However, many studies show that by cutting the budget on your marketing your business may not resume its normal sales figures for at least 18 months – 2 years. Can you afford to do this?
The businesses that survive recessions are the ones that continue business as normal. You should not increase your budget as this may prove self-destructive, but you should definitely maintain it.
A good example of this takes us back in time to 1920s America, where, after the Wall Street Crash many businesses were suffering. However, there were two businesses in particular who chose completely different ways to handle the imminent recession. One continued its marketing and started to explore new ways to build up its brand image and awareness, ensuring they stuck to their budget, which was fairly minimal. The other decided to cut back and completely scrap its marketing altogether. 80 years on and the company that continued its marketing is still around today and recognised worldwide. However, the company who gave up completely on their marketing are no longer around.
We are always reviewing our marketing campaigns and coming up with new ways we can increase our brand awareness without it costing the earth. There are so many different ways to market your company economically nowadays such as viral marketing; social media in all its forms.
You too could find different ways to maintain your marketing and in doing so ensure your company moves with the times and increases its brand awareness.
Oh and the company who survived the recession way back in the 1920s was…Kellogg’s!
Now don’t get value confused with your USP. They may seem similar, but there is a subtle difference… You’re USP is, obviously, you’re unique selling point or proposition, meaning why your customers would choose you over your competitors. The value you give your customers, on the other hand, is what you do for your customers that they may not know about. The ‘behind the scenes’ work if you like.
We, for instance, keep up to date with the latest technologies. Once we have created a web site for you and it has gone LIVE we don’t just leave it there with you never hearing from us again. We will contact our clients with any updates they should be aware of or new technology that will make their web site stand out from its competition.
So, what value do you give to your customers?
Please feel free to comment as we’d love to know how different companies interpret value and see how they provide it.