Marketing: Who are you talking too?

by Victor J. McCoy

Whether you are writing the market analysis portion of a business plan or simply developing a separate document specifically aimed at setting forth your marketing plans, you need to approach the task armed with research and knowledge. You will use your marketing statement as a tool to secure funding, attract investors, and, perhaps most importantly, to make money for your business. Plan the document through and write it carefully.

Writing your marketing statement is a task that requires research and the knowledge gained from that research. From that we begin to realistically formulate our plan.

Your market statement should cover at least one full year of your business' operations. During that year it would be wise and prudent to record you activity to analyze the results monthly. During that year also seek new and creative ways to market your business.  By the end of that year you will be able to see what is most effective and what you need to avoid. New technologies and market conditions may allow you to accomplish more with less in the coming year. But always be thinking forward as you observe, research and inquire.

The following information will guide you through the process of developing your statement. You do not need to purchase any special business software templates. Just begin preparing it in a Word document.

List quantifiable goals.  Start right by listing your goals. Make sure they are realistic and measurable. For instance, your goal could be to attract one hundred new customers. Or, your goal could be to increase profits by 10 percent. Spell the goals out; use bullet points for readability.

Section 1 of your statement

  "Market Analysis." In this section, describe (in great detail) your business' market. List the target groups (youths, adults, doctors, etc.) that your business aims towards. Discuss your competition. Include analysis about the market's potential for growth (or shrinkage). Use this section to provide a snapshot of your market.

Section 2 of your statement

"Product Lines" or "Services." In the third section, explain what your business offers. Use the data in the market analysis section and discuss what you intend to introduce into the market.

 Once your product/ services have been described, explain what marketing tactics you intend to use to launch your marketing campaign. Marketing strategies include web, direct marketing (such as sending coupons or letters to targeted people or groups), print and television advertising, and participating in trade shows.

Section 3 of your statement

The budget. Finally, end your marketing statement with a discussion of how you intend to fund the marketing plan and what your budget will be. Your budget should include and itemization of your expenses including business cards and fuel needed if travel is necessary.

This is just a short summary of the basics of how to write a marketing statement or plan.  If you would like a free copy of the entire makeup (what it includes and table of contents)  email me and I will send you a copy.

The Five Functions of Management

by Victor J. McCoy

French industrialist Henri Fayol wrote that all managers perform five functions: They plan, organize, command, coordinate, and control. Today, we have condensed them to these four: planning, organizing, leading and controlling.

It is true, that organizations exist to achieve goals however lofty or minuscule they may be. It takes a competent and skilled person to accurately define those goals and the means for achieving them. Management or leadership is that someone that must make sure the right (or best) goals are being pursued by the organization. If leadership is not clear as to which goals to pursue it won't be long before the organization ceases to exist or become stagnant

The planning function defines and prioritizes the organization's goals. In the planning process both the strategic plans and tactical plans are determined along with a time frame and resources needed.

The organizations structure is critical to the execution of the plan. Many good plans fail because the organizations structure would not support such a plan. Failure occurs when the organizing function is not carefully deliberated. It includes determining what task are to be done, who is to do them, how those task will be grouped, the chain of command, and what type of reporting system will be needed.

The third function of management requires a person(s) with good to great leadership ability. This function requires people to get the job done as efficiently and effectively as possible. Therefore, leadership skills are a must for the person responsible for this function. They must possess the people skills to motivate and encourage others to do their best, and reward them when they do and lovingly (but firm) correct them when they don't.

The final function of controlling ensures that things are getting done according to plan with adjustments being made if necessary. Significant deviations could be very costly and destroy an organization. Actual performance must be monitored documented and compared to what was actually planned.

You will find these four functions operating in any successful business to some degree or another, formally or informally. You will not find these functions in a failing business, but you will find dysfunction.

The 5 B's of Business Success

by Victor J. McCoy Sr.

One of the primary reasons why most small businesses fail is not due to a lack of capital. Most failures are the result of the organizations leadership. Leadership coach Dr. John Maxwell says, “Everything rises and falls on leadership”, and I believe he is correct.

Business failure is primarily a result of what the leader (business owner) does or fails to do. In some cases, it's in part to what the leader does not know to do. In other words, it’s what they don’t know that hurts or impedes their chance for success. As a business owner your business will not rise above your level of [business] competence. Whatever the “next level” is for your business you must be their first - competent. You can also surround yourself with others that possess a level of accomplishment in those areas.

A commitent to personal growth by investing in yourself – books, seminars, college courses, workshops and the like will greatly Increase your competence and increase you chances for success.

Leadership and learning are indispensable to each other.

~John Fitzgerald Kennedy

Below I have listed what I call the 5 B's to business success. There are a few additional characteristics relating to the business owner leader that I will post in another article.

Be self-aware. self-knowledge and a clear understanding of your strengths and weaknesses are critically important to your success. The problems and pressures of operating a business are not for the timid or mentally slothful. A resilient, stable, focused, problem solving and problem avoiding atitude towards your business will be of tremendous benefit to your business. Avoid creating unnecessary problems. Necessary problems will always find there way to your door.

Be accountable. Many business owners fail to have someone they can candidly talk to concerning where they are emotionally or mentally concerning their business. You need someone that is very knowledgeable and can be objectively honest and encouraging.

Be a good steward. Learn to manage your life or life will manage you. Manage your business resources and make them work for you to accomplish what is needed. That is the essence of stewardship.

Be a faithful leader. You won’t always make the right decision but admit when you fail – and you will blow it sometimes, learn from it analizing what you did and understand what you should have been done - that’s wise. Don’t just get up and move on without reflection - that's foolish. If you do, you probably will repeat that lesson. You must mediate on what is ould follow.Then your actions will change.Think the same way and you’ll get the same thing - even if your thoughts are correct.

I used to think that running an organization was equivalent to conducting a symphony orchestra. But I don’t think that’s quite it; it’s more like jazz. There is more improvisation.

~Warren Bennis

Be diligent. Laziness and not doing what is necessary will destroy your business or cause it to not operate as efficientlyas it could. Once you establish your plan execute, execute, execute. Make adjustments when needed, rest when needed, have fun when needed. But still execute, execute, execute. Businesses fail when the owne/leader failes to execute an excellent will thought out plan.

From this we see that your businesses success begins with "you".