NCET explores business and technology
By Marie Gibson
Creating profit in business is linked not only with our economy, or with the owners’ decisions, or with the success of the salespeople, or with the skill of the marketing reps—it’s really tied most closely with the way that owners think about business, money and profitability.
From an insiders’ viewpoint, I’d like to share with you several key steps to energize your business, find new ideas and insights and connections, and become more profitable than ever.
First, you must define your niche and select an appropriate business model. It’s important to have very specific products and services that you offer to a precise niche — usually an underserved market. Know what is unique about your service or product, and make sure that you are able to itemize and articulate the unique benefits of what you have to offer.
Second, set clear, definite goals for your business and create a business plan. You need to create specific, achievable goals that will stretch your ability as a business owner. As part of the process of establishing goals, you may also need to create a formal business plan.
Third, create a marketing action plan. The business plan is the overall umbrella for your business; the marketing plan is more specific and focused on how you’re going to connect with your customers, how you’re going to build a brand, and how you’re going to actually sell what you’re selling.
Next, be sure to set up your internal systems including systems for customer service, accounting, human resources and technology. Accounting and systems provides the language of business. You need to have good records and a clear understanding of who buys from you, and who loves your company so much that they will promote you to their friends and colleagues.
As a business owner, you need to be known in your community and respected as an expert in your field.
Everything you do is part of building your brand and your business.
In business, you need to choose your role models wisely. Find people that are successful and that you respect.
Look for people whose businesses you not only admire, but who you also admire for their values, ethics and temperament.
We all are given the same 24 hours in a day—the only difference in our success is what we do with the time we are given. The best way to improve your business profitability is to relentlessly optimize the use of your time by focusing on the key steps that will help transform your revenues into profits.
Learn more about Transforming your Revenues into Profit at NCET’s Tech Bite luncheon on April 26th. NCET is a member-supported nonprofit organization that produces educational and networking events to help people explore business and technology. Register for the event and get more info at NCETbite.org.
Dr. Marie Gibson is President at Gibson & Associates, a consulting firm that specializes in helping business owners transform their revenues into profits. This column originally appeared in the Reno Gazette-Journal.