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1
Why Do You Need A Business Plan?
2
Make Sure Your Sales Prospects “Hear” You
3
Your Pricing Strategy
4
Identify Your Market – Why And How
5
Happy New Year!

Why Do You Need A Business Plan?

In my 35 year career, I have only known a handful of small business owners who have prepared a business plan.

I find this astounding.

You would not leave the house to go shopping without some sort of plan – even if only in your head – about where you are going, where you would look to park the car, what you will wear with one eye on the weather, what you will buy, and how you will pay for it. Without this, how would you know whether to turn right or left at the end of your driveway?

Yet people start their businesses and run them for several years without thinking the journey through! Even worse, some people would read my example of the shopping trip and say “I’m just like that – I have it all in my head, that’s good enough.” Really? You are going to invest thousands and years into your business and you think it’s enough to have a thought kept in your head?

If you own an emerging business, relatively new, maybe 5 or 6 years old or so, and you are finding that you work hard every day but not seeming to get anywhere – if you find that for the last few years you have tried one idea before thinking of another and switching but not getting any co-ordinated growth forwards, how’s that undocumented “thought” working for you?

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Make Sure Your Sales Prospects “Hear” You

I was recently reminded that people take in information in different ways.

This has a critical impact on sales conversations you are having with sales prospects.

Have you ever been in a position where you have been trying to explain to a sales prospect how your service or product could really help them, laying out all the benefits in the way you should – and their eyes glaze over? If you have, you will know that sinking feeling that you are losing them, no matter how well you prepared your pitch, nor how well you got on with them and how you warmed them up at the beginning.

The fact that people have different preferences on how they receive information is crucial to whether or not they “hear” what you are telling them, so what can you do to make sure you give them information in the way they want it? Read More

Your Pricing Strategy

Pricing your product is not merely about whipping out a calculator.

Price is a legitimate marketing strategy.

Sure, you need to calculate your pricing so that you don’t make a loss and so that your financial objectives are met, but beyond that, you need to set your price so that it is attractive to your customers and suits the placement of your product in the market.

This week, I have a free downloadable worksheet for you to work out how your price can be a marketing strategy to attract your target market.

How does price do that?

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Identify Your Market – Why And How

If you try to market to everyone, you market to no-one.

Your product is “just right” for a section of the overall market – they are the ones who have needs that can be met by your market. But understandably, many people fear missing out. “If I concentrate on a target focus,” they say, “What happens if someone outside that focus also wants it?”

I have a free download for you this week that can help you find your real target market.

Think of it as a game of numbers – how do you find a segment where you have the most chance of finding the customers who are ready to buy your product.

How does that work?

Read More

Happy New Year!

I wish you a happy new year!

May you look forward to a happy, fruitful and successful new year in your business, relationships and personal life.

Remember, life is for living and living to fulfill your purpose. It’s not all about money. It’s not all about what you can buy.

Why don’t you take the next half hour or so to think about what you are passionate about in your life and how following that passion makes your life meaningful?

What makes you get up optimistic and full of life every morning? How can you fill your life with that passion? What can you do every day to just keep that feeling going?

Have a great new year, and I’ll be back on the teikoh.com blog next week.

See you then!

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