Category: Business Plans

Introduction to Big Smartie

According to executives, nearly half of all strategic initiatives fail.

Continue Reading…

One sure way to develop efficient tactics

One sure way to develop efficient tactics – Don’t roll the dice. All your
tactics can be very effective and efficient to implement once they are tied directly to your larger strategy. You can quickly evaluate each tactic based on your companies values, personality, positioning, SWOT, and consumer needs.

Here is an example of the potential cost of neglecting to directly tie
tactics to a larger strategy. During the Atkins Diet craze many potato chip companies who had solid growth for years were suddenly losing revenue. Sales and business development people were screaming for a diet product. Companies started reformulating their product line, designing new packages, creating new sales programs and new messaging—then the fad wore off. The image of their company had now become convoluted, and getting back their market share
likely was even more difficult.

This initial response was human nature. Of course, the natural response was to develop “diet products.” Without organizational guidelines that are stronger than the panic, what else would an entrepreneur do?

Since constant change seems to be the constant part of the business climate, this re-creating of tactics would need to happen quite often without the overarching guidelines. The leadership team, or in some unfortunate cases an outside firm, would need to regroup again, put their heads together, and craft another set of actions they’d need to take immediately to respond to the new situation. Next, they’d need to create a new budget to support those actions, scrapping former efforts to adapt to the new situation.

It is possible that these are actually the correct actions for that moment in time, but how can you be confident that they are appropriate for the long-term goals of your company?

• How do you know this is the right direction and not just a new direction?

• In what ways should the new plan connect directly to former efforts and in what ways should it deviate?

• Will the return be worth reinventing internal procedures to support the changes?

• Will the company really be able to deliver on its new promise/direction?

The Brand is losing power.

We want more—more than just “stuff” for the sake of having it. We want more than the emotional high of associating our personal worth with the brands we choose. We want less jargon and more for our money. We want to save the trees, save the planet, save the children, and educate the poor, and we want a product that does what it claims it will do. Or we’re out.

This is an exciting time for brands who prefer telling the truth. It’s encouraging that we are all demanding more from the products and offerings we spend our money on. It restores a little faith in human nature. But it will also increase the demands on the business owners to pay attention to their customers and to find a way to be accurate about who their company is and it’s motivations. The question is how?