Strategy & Plan
CRM Deployment /
Customer Data Mining
New Business Formation
Mergers & Acquisition /
Strategic planning helps you identify your business vision, mission and objectives, and the overall plans on how to optimally achieve them in the short, mid and long terms. To be successful, the strategic plan and its key components need to adopted and embraced by all key stakeholders. Each of the strategic planning components should be periodically reviewed and updated by these key stakeholders to address your changing environment and your company's evolving capabilities. Failure to develop strategic plans that are embraced by the key stakeholders and periodically updated to reflect changing conditions will greatly diminish your ability to be successful.
Visioning starts with the definition of success for your organization. From that definition, a company's, division's or department's vision, mission and objectives are defined. External market forces, third party dependencies and internal capabilities are all considered. Your plans are integrated with any external ones. Participation and consensus by all key stakeholders are crucial. Visioning Workshops are traditionally 1 to 3 days depending on the size of your organization, the number of key stakeholders, and the degree of communications between these stakeholders.
New product, new release, add-on product. Should you use the same strategy, plan, channels and resources to take these products to market? One product is priced at $100,000, another at $10,000 and another at $250. Again, should you take these products to market in the same fashion? Finally, one product minimally takes 5 days at the customer's site to install, another needs to be customized at the factory from special customer instructions and the other can be dropped shipped and immediately used by the customer. Should these products use the same market, sales and service strategy? The answer to all three questions is "no".
Twenty years ago, most products were sold through retail stores, field sales or mail order catalogs. Since then, many different channels have been created to promote, survey and sell products and services. These include TV, radio, newspapers and magazines to promote products and build brand recognition. Products are now also sold through super-stores, with other products, over the telephone, via direct mail/email solicitations and through the Internet. In previous times, expensive products would be sold only by field sales, or through a retail center where a potential customer could come and try the product out. Now, multi-million products are sold over the telephone, and cars are bought through the Internet.
Coordinating your interactions with each customer has a major impact on customer retention and you ability to sell new products and services into your customer base. Which customers are most profitable and which are least profitable? What types of products and services do the most profitable by and use/not-use?
An operation is outsourced for one of two reasons: a third-party can perform the necessary functions better than the current and/or improved in-house organization; and/or a third-party can perform the operation significantly cheaper than your company can, even with additional investment. You should not outsource an operation if by outsourcing, you will significantly:
When selecting an outsourcing firm, remember that a contract will not necessarily protect you if the vendor does not meet your performance expectations.
And, remember than when outsourcing, your business processes need to be modified, and some additional employee training may be required.
Whether your spinning out an existing operation, or starting a new company from scratch, we have actively participated in both. It is not enough to have a great idea or product, you need the proper team and plans, key customers, sufficient market size and adequate financing to succeed. No one ever has all of these ingredients when they start. Your success will be governed by how quickly you acquire these ingredients, how well you use them and whether you have hit your market window in a timely fashion. It used to be that hard work and perserverence was enough, but not anymore.
What is the difference between a merger, acquisition and partnership? Is the preparation any different between them? Are they critical to your short, mid and/or long term success? Why?