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30 Minute a Day Business Plan: Part III

November 17, 2010 - Ernest Hohmeyer
By now you should have created a vision or “passion” statement for your business and from that have developed key products or services you envision. Remember, if you are in business, it is good to dream at this point about things you have always wanted to do with your business. If you are just starting this exercise you can go to the Adirondack Daily Enterprise blog Adk Biz Today.

I would now take that list of keys services and/or products and put each of them in their own column on an excel spreadsheet or its own piece of paper. From now on we are going to treat these key services/products as individual businesses. One common mistake I have seen from small businesses in the 25 years that I have been doing this is that all key products/services are lumped together. By doing this it becomes very hard to determine later in the exercise how you will market them and how to track their performance and for many micro businesses how we will manage them.

As you list your key products/services, briefly describe their individual intent. The next exercise in our 30 Minute a Day Business Plan is to list who is going to buy these products/services. Be as specific as possible. If your customer is more than local than it be may an idea to break them out into regional and/or visitor markets. The more you can detail who may be interested in buying from you the better you will be able to understand how to best reach them.

If you can come up with this list, then congratulations, you have just taken the first step in target marketing. Do not worry if the list is incomplete or you eventually get rid of some of these products/services, by the time this exercise is over you may also have changed your vision. And it’s okay if you do as the point of what you are doing is to test as best as you can your business assumptions. Remember, to have a new look at your business, the only one you have to satisfy is you.

 
 

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