Our topic this month is “Strategic Planning Versus the Holiday Hangover.” To avoid the “holiday hangover” it is vital to have strategic planning done before the new year begins so that it starts off with a bang, instead of wasting the first month of the new year battling holiday hangover and trying to create strategy at the same time.
Part of that strategic planning must address the positive changes in our economy that are already taking place. Some businesses will most definitely do better than others, so let’s find out why and how.
Rising Tide Raises All Ships
If you look around and listen to the news currently, it very much seems that we’re headed for economic improvement. This will mean that your prospects and customers will have more buying power, and your company will have increased sales, higher profitability and overall success. Additionally, increased optimism will raise overall enthusiasm in engaging in commerce.
As John F. Kennedy was fond of saying, “A rising tide raises all ships,” and this quote is certainly applicable today. In an improving economy in which buyers and companies have increasing confidence, everyone involved is going to do better. Even if they simply conduct business as they always have, they will be riding the wave of the improving economy.
Some Better Than Others
So, in a rising economy, a company could just “cruise along” and still see higher sales numbers and profits. But a business could do even better than one that just goes with the flow. How would that happen?
It would come about by the business taking full advantage of that economic improvement. In this instance, the election results almost immediately indicated improvement in the economy, the stock market hit record highs the day following announcement of the predicted Presidential election winner and the consumer confidence index is well up and rising. Company leadership, anticipating economic improvement, could then formulate strategic planning for the coming year, making sure sales and marketing, as part of the planning, takes complete advantage of an improving economy.
For Example…
Let’s take, as an example, a company that stocks and sells plumbing supplies. A rising economy, as well as the anticipated rate cut from the Federal Reserve, bodes well for the real estate sector, providing more money for individuals and businesses to purchase houses and commercial properties. All of these types of structures will require plumbing maintenance and repair—hence plumbers will need tools for their own service people, and pipes and fittings for various jobs. Knowing this, the plumbing supply company can immediately begin promoting to their plumbing company customers, as well as prospective customers, to “stock up for the coming demand.” They could even offer discounts for purchases right at the beginning of the year to stimulate business at what is normally a slow sales time.
Aim High
In any business, as part of formulating strategy to take advantage of an improving economy, company leadership should think with the highest possible levels of expansion, into as many different sectors as possible.
Planning this way, a company can still be part of the “rising tide”—and at the same time, gain an extra 10, 20, 30 percent or even greater than the businesses that are “just cruising” and riding the economic wave.
Be one of the businesses that takes complete advantage of a good economy—and totally succeeds because of it.
To learn more, sign up at SELLability.com.
Recent Comments