To keep management’s strategic thinking fresh and responsive, there are three basic business planning questions that need to be asked and answered:
“What business am I really in?” is a defining statement all business should ask. Sometimes you need to take a step back and look at the big picture. Are you really in the business you think you are in?
“What do my customers want and expect from my business?” lets you answer from the consumer POV (point of view). What’s the word on the street? Do your customers love your company and your products? How’s your service? Listen to what your customers tell you either in-person or by their buying habits.
“In a year from now will my business needs change and will my customer’s needs and expectations change?” if answered correctly can be the catalyst to implement processes and technology that can keep your market share active and growing. What about 3 or 5 years from now? It’s never too late to consider where you and your competition might be in the short-term future and long-term future. Many niche markets are created by following the research, watching the trends, and gut instinct.
Don’t be afraid to walk a different path if you see a need for that product or service.
~PPP
