5 Defining Your Business Now

Why Take Stock First?

It is important to assess exactly where you are now before you embark on your journey. Many people are so busy doing that they rarely take the time out to take stock and reflect. It is vital, from time to time, to take that vital step back from the cut and thrust of your daily workload. If you keep on doing what you have always been doing, you will always get what you have now.

Your Challenge

You will need to be honest with yourself and focus on the facts. This may involve some detail that you haven’t paid attention to for a while. You will need to be disciplined as you gather this information. Don’t rely on guess work or gut feel. Get the specifics as it is these details that will form the bedrock from which you can move forward. If you want to grow your business you will need to know exactly where you are starting from.

Your Business Now – Special Response Checklist

Your business

• Describe your business right now. What words express exactly where you feel you are? Brainstorm and just jot down what comes to mind.
• Make a list of the main services/products that you offer.
• What is selling well?
• What isn’t selling well?

 

Turnover and profit margins

• What is your turnover?
• What is your current end of year profit?

 

Customers

• How many customers do you have?
• Where do they come from?
• What kind of profile do they have?
• Who are your best customers?
• Who are your worst customers?

 

Business strengths

• What are the key strengths your business has?
• What are the key skills contained within this business?

 

Your attitude towards your business

• How do you feel about your business?
• What do you find difficult?
• What is it that you like and enjoy?

 

How To Use This Information

Having answered these questions you will have some specific facts, thoughts and feelings to work with. You now have a starting point. This is where you are now. It is a good idea to mark the date in your diary or on your calendar when you did this exercise. This information gives you a basis from which to start to think about your future and where you want to go.

6 Evaluating How Well Your Current Marketing Is Working

What Is Marketing?

Marketing is everything that you do to communicate your business to both your existing and potential customers. There are many different ways that you can market your business. Most people use a combination that works best for their particular business.

What Works And What Doesn’t?

If you are spending money on marketing your business it is vital that you know what works and what doesn’t. There is no point in investing money when what you are doing is not bringing you a good return. So how do you know whether it is working or not?

Your Challenge

Your main challenge is continually to test and measure your marketing efforts. Relying on gut feel is not enough. You will need some tangible feedback. Try the following checklist indicating what you have tried and whether it was successful or not. Note down any tangible evidence that you have to support your definition of success. Have a look at this marketing evaluation checklist and evaluate how successful you consider your marketing efforts, to have been to date.

Current Marketing Evaluation Checklist

Which of the following have you tried and how successful has it been?

Rate each area: 1 = no success, 5 = very successful

Brand identity	1	2	3	4	5
Newspaper advertising	1	2	3	4	5
Advertorial	1	2	3	4	5
Radio advertising	1	2	3	4	5
TVadvertising	1	2	3	4	5
PR/articles	1	2	3	4	5
Direct mail	1	2	3	4	5
Sales letter	1	2	3	4	5
Networking	1	2	3	4	5
Telemarketing	1	2	3	4	5
Events/talks	1	2	3	4	5
Newsletter	1	2	3	4	5
Website marketing	1	2	3	4	5
Referrals/recommendation	1	2	3	4	5
Sales person	1	2	3	4	5
Window displays	1	2	3	4	5
Host relationships	1	2	3	4	5
Special offers	1	2	3	4	5
Email marketing	1	2	3	4	5