Around 85% of UK start-ups fail within their first 3 years. Resulting from financial struggles, resource limitations and frequently from a lack of insight and analysis into their market. The 5-step approach I have outlined here is designed to be relatively easy to follow and it has already helped SMEs from a wide variety of backgrounds to grow and retain their profits effectively. It’s fairly simple, you’ll know when you’ve reached each goal once you can confidently carry out each of the steps outlined below.
Nearly every business owner or executive I have worked with has found it challenging to set clearly defined goals, often unable to evaluate fully and act – especially if it would disrupt output. For example, changing the packaging or features of a product that is already in the market may affect profit in the short term but ensure your strength against the competition for years to come.
To survive in such a competitive marketplace such as ours you need to be agile and aware of all internal and external factors that dictate your future success. Each of the goals below relates to understanding key parts of your overall business strategy and can help across all areas of the business.
- Identify your target audience
- Know your product
- Find out how to reach potential customers – Detailed Section
- Perform a SWOT analysis and understand competition
- Review your performance and adapt accordingly