Jeremy Gray – Practical Solutions to Difficult Problems IBGR. Network. The World of Business at Your Fingertips Be sure your business will make money before you launch. Planning ahead leads to success. Episode 29 – The Ansoff Matrix – How it can help your startup scale. ‘Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!’ The Red Queen – Alice in Wonderland – Lewis Carroll Published 1865 Every entrepreneur starting out has visions of her/his baby growing into a successful business. They may not be dreaming of becoming a unicorn, maybe $1 Million turnover is their goal. But at some point, in the business lifecycle they will need to reinvigorate their business. Like any project business expansion is a balance of risk versus reward. Let’s examine a couple of tools that may help you decide how to expand your business.
https://hbr.org/2016/09/know-your-customers-jobs-to-be-done Tags: How to start a business, achieve start up success, Ansoff matrix, business growth, market penetration, the successful entrepreneur, business common mistakes small business start-up; avoid these common mistakes of business, mistakes in business, IBGR.network, Jeremy Gray, Practical Solutions to Difficult Problems Episode 30 Do you know your market size? No one will fund you without this information. Learn how to determine this important metric. We are not willing to compromise our values in order to increase our market share. Pavel Durov Is your target market large enough to support your ambitions for your company? This is an important metric that you, and your potential investors, need to understand to be able to assess your chances of success. I have read articles that say the market size needs to be in the billions. Yes, if you want to be the next unicorn with a $1 Billion valuation. But if being a unicorn is not your goal, the market still needs to large enough to support your business plan, and not by assuming you will achieve market dominance. At least not yet.
Episode 31 Market Penetration Strategy – What is right for your business? Apple's market share is bigger than BMW's or Mercedes's or Porsche's in the automotive market. What's wrong with being BMW or Mercedes? Steve Jobs If you’re looking to start or expand your business, you need to have a firm understanding of how to enter and grow within your chosen market. This requires you to take what you’ve learned during your market analysis to develop a market penetration strategy for your business. For your business is the key word. Many online articles talk about achieving market dominance, cite examples like Apple or Coca Cola. Certainly, dreaming big is often thought of an important attribute that leads to success. Dream big and plan with realism. The fundamental 4 Ps of marketing:
Keep in mind that market penetration should not be conducted in a bubble. Any strategies you develop or steps you take should connect to your broader business strategy and help you reach specific milestones. One way to keep this top of mind is to incorporate a review of your market penetration rate and any ongoing strategies into your monthly plan review. This will encourage you to look at financial forecasts, milestones, and current tactics all at once. If you find that a current penetration strategy doesn’t support your larger goals, it may be wise to back off or reallocate resources until it becomes relevant. Or it may present an opportunity to adjust your business plan to fit the opportunity you’ve found. But without reviewing it alongside your plan and financials, you’d never know for sure. Tags: How to start a business, achieve start up success, Ansoff matrix, business growth, market penetration, the successful entrepreneur, business common mistakes small business start-up; avoid these common mistakes of business, mistakes in business, IBGR.network, Jeremy Gray, Practical Solutions to Difficult Problems Episode 32 Inflation is coming – are you ready? How to cope with rising costs. Many folks in business today have never had to deal with inflation. In the US and Europe, the last time high inflation was rampant was back in the 1970s. The world today is very different from 1970s and no one is predicting we will see the same levels of inflation we saw back then, but prices will be rising faster than we have been used. The most recent inflation prints have done little to reduce concerns about inflation. The U.S. consumer price index jumped 6.2% in October from a years ago, official figures revealed on Wednesday, the sharpest annual rise for 30 years and vastly outstripping the U.S. Federal Reserve’s target. Chinese producer price index inflation surged 13.5% annually in October, while U.S. PPI grew at 8.6% annually, equaling an all-time record. That we are seeing inflation is no surprise. Shortages of labor and materials, partially triggered by Covid 19 are pushing up prices. Freight rates have skyrocketed, and oil is trading at near recent highs. Governments have been printing money for fund covid relief initiatives and combined with quantitative easing measures there is a lot of money in the world economies. I have been predicting that inflation was bound to be a consequence of these actions, I am only surprised it has taken this long. As a SME you may be less able to pass on price increases to your customers, if the major players in your market are only passing on a fraction of the true cost increases you may have to accept lower margins for a time. Some belt tightening may be required. To maintain profitability all parts of your company need to be ready to respond.
Tags: How to start a business, inflation, supply chain, procurement, cost control, contract negotiations, achieve start up success The successful entrepreneur; business common mistakes; small business startup; avoid these common mistakes of business; mistakes in business; IBGR.network; Jeremy Gray; Practical Solutions to Difficult Problems I am committed to helping entrepreneurs succeed. I can bring the experience of 30+ years of experience at the C-Suite level in an MNC from Europe, North America, and Asia. Combine this with seven years of helping a diverse range of businesses and I can provide you with practical solutions to any difficult problems you may be facing. Please do not hesitate to contact me for chat via the following links: mailto:jeremy@business-in-asia.org Or schedule time via Calendly: https://calendly.com/3-continents-consulting My websites include: https://business-in-asia.org/ https://thedentistscfo.com/ My LinkedIn URL https://www.linkedin.com/in/jeremy-gray1
0 Comments
Leave a Reply. |
new choice for BUSINESS SEARCHArchives
August 2023
Categories
All
|