5/1/2021 Tip: Uncovering New Opportunities | Growthink

5/1/2021 Tip: Uncovering New Opportunities

Today’s Quote

“Regardless of how you feel inside, always try to look like a winner. Even if you are behind, a sustained look of control and confidence can give you a mental edge that results in victory.”
~ Arthur Ashe

 

Today’s Tip

In concluding this week’s theme about the importance and benefits of business planning, today’s business plan benefits are as follows:

  1. To judge the success of your business. A formal business plan allows you to compare actual operational results versus the business plan itself. In this way, it allows you to clearly see whether you have achieved your strategic, financing, and operational goals (and why you have or have not).
  2. To reposition your business to deal with changing conditions. For example, during difficult economic conditions, if your current sales and operational models aren’t working, you can rewrite your business plan to define, try, and validate new ideas and strategies.
  3. To document your marketing plan. How are you going to reach your customers? How will you retain them? What is your advertising budget? What price will you charge? A well-documented marketing plan is essential to the growth of a business. And the marketing strategies and tactics you use will evolve each year, so revisiting your marketing plan at least annually is critical.
  4. To understand and forecast your company’s staffing needs. After completing your business plan, you will not be surprised when you are suddenly short-handed. Rather, your business plan provides a roadmap for your staffing needs, and thus helps to ensure smoother expansion. Importantly your plan can not only help you understand your staffing needs, but ensure your timing is right as it takes time to recruit and train great employees.
  5. To uncover new opportunities. Through the process of brainstorming, white-boarding and creative interviewing, you will likely see your business in a different light. As a result, you will often come up with new ideas for marketing your product/service and running your business. It’s coming up with these ideas and executing on them which is often the difference between a business that fails or just survives and one that thrives.

 

Today’s Resource

The Fastest Way to Finish Your Business Plan

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Trivia

Today’s Question: The name of which company was initially proposed as “Pequod,” but the idea was retracted when someone said “No one’s going to drink a cup of Pee-quod!”?

Previous Question: Which dot-com company that had its heyday in the 90’s developed the SSLP for secure online communication as well as with JavaScript?

Answer: Netscape. Netscape’s web browser was once dominant in terms of usage share, but lost most of that share to Internet Explorer during the first browser war. 

By the end of 2006, the usage share of Netscape browsers had fallen from over 90% in the mid 1990’s to less than 1%. 

The first mover and/or early winner doesn’t always win in the end.
 

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