Posts Tagged "business plan"

Getting The Knack Of Market Research

Posted by on Oct 29, 2014 in Blog

Getting The Knack Of Market Research

“I have always found that plans are useless, but [the act of] planning is indispensable.” – Dwight D. Eisenhower Planning is the first stage in creating a winning strategic business strategy, however planning requires accurate data in order to make reliable projections and forecasts.  Plans based on unreliable or inadequate intelligence are essentially worthless.  So, it’s critically important to the success of your business that the data from your market research is accurate, reliable, timely, and focussed. The following steps can help you to improve the quality and depth of data that you receive from your market research. Define Your Target The amounts of data that you can gather in a given market research campaign are potentially limitless. Since you only have a limited amount of time and resources to spend on data collection, you need to limit your scope and focus on an actionable target. Define the goals of your research before you begin your data collection process by figuring out what exactly you are trying to discover.  Examples of common goals at this stage of market research include identifying your target market and their wants and needs, or learning the best price point for your product based on...

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How To Stress Test Your Business

Posted by on Feb 27, 2013 in Blog

Managing and operating your business when everything is running smoothly is relatively easy to do but how would you manage an issue that significantly impacted on how your business operated and threatened the ongoing viability?  Being able to stress test your business can prepare you for when something has an unexpected adverse impact on your organisation. A stress test for your business mainly involves analysing and assessing the impact on your business under certain circumstances and then identifying strategies that could be implemented to address the impact.  This could occur due to a new competitor opening up, changes in legislation increasing costs, your business is growing too fast or your cash flow is decreasing or too slow to arrive.  To help you to stress test your business look at the following questions and work out what you would do to address each issue. Do you know your breakeven point and by how much sales would need to decrease to reach that point? If sales volume did decrease what production or overhead costs could be reduced? What is the impact on your profit if you decreased prices by, for example, 5% or 10% and is this a viable option? Would...

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