When your business success may be in jeopardy, what advice could you as a business owner benefit from? Some good advice can be learned through these questions.
1. What are your strenghts and how do you wish to distingush your company from the competition?
2. Is your product a low cost option?
3. Does your company provide a value-added service of some kind?
4. How do you communicate your competitive advantage to potential and existing customers?
This last question brings us to the second most important piece of advice: marketing. Marketing is a very important step in getting your small business back on the road to success.
To determine your specific marketing needs, look at these questions and answer them for yourselves:
1. What is your competitive advantage?
2. Where do you make your money?
3. What are you best at?
By determining the answers to these questions, you can ultimately understand where you are most profitable as a small business. If you can see where you want to be in 2 years to 5 years, and the direction your industry is going, you will be understanding your short term potential.
Copyright Jeanine Pfeiffer