Build your Business

Here is an insight into a seven stage programme that we devised to help our clients to achieve a greater understanding of their business. The results allow us to decide on the best strategy and actions to help them to achieve growth.

A Seven Stage Process

Here are the seven stages - hopefully, they will get you thinking about your business and get you started on the process of growing your business.

Stage 1 - Purpose

If this is your own business, then why did you start it? Think about both the personal and professional reasons. For example, if you are running a small lifestyle business to spend more time with your family, is that achieved? On the other hand, maybe you were compelled to start/run a company to improve a particular market or create a new product. Is this being achieved?

It is essential to define your business vision (what you want to happen) and the mission (actions to achieve that) during this stage. These are not specific financial targets (don't worry, they will come); this is about charting the direction of travel. An example could be a cancer charity, and their vision may be to see a world without cancer. Their mission (solution) to achieve this is to raise as much money as possible to invest in research for eradicating cancer.

Finally, for this stage are values. The behaviours and actions that will define your business may include being an incredible employer, a charity supporter, or a green company.

Your answers will help to shape the personality and character of the business.

Stage 2 Market

Let's begin to understand and review the market that you trade in. Who are your customers? It would help if you delved as deep into demographics and lifestyles possible. Most important, though, is to define the problem(s) that you solve for your customers or look at how your product or service improves their lives?

Then there are the existing competitors, who are they and how good are they? Drawing out this vital information will help determine the current situation in your market. Talk to people, read online reviews, ask your customers.

Each market is different, and you may be looking after a wide range of customers. Therefore, it is essential to have as much insight into the market as possible and understand what drives interest and sales.

Stage 3 - Proposition

One of the most challenging things to ask any business owner or manager is to describe their business. In some ways, they know it too well. The key is breaking it down into a short and memorable description or pitch.

Your business needs to have a clear point of difference in the market. Something that makes your product, experience or service stand out and ensure that it is relevant to your target customers, ideally, with a hook or element that cannot be copied or used by anyone else.

Stage 4 - Brand

The appearance of the brand and any related design work, promotional material or packaging is vital. It has to look good and consistent and clearly explain what it is and why it should be experienced. It is also essential to consider the best channels for marketing and growing brand awareness. Finally, and just as important to review is how welcoming the business is, especially new customers.

Stage 5 - Numbers

Understanding business costs and setting effective pricing is very important. There needs to be a balance between having the right customer price point and enough margin to operate the business. So this is the stage to review all trading and transaction costs.

Define stretching but realistic goals and targets. These should be monitored and reviewed constantly. When achieved, they should be celebrated! It is incredible how many businesses don't set financial targets and therefore can't objectively evaluate performance.

Finally, cash flow should be considered, especially if there is potential for this to cause a strain on the business.

Stage 6 - Strategy

Stages 1 to 5 has all been a journey of discovery to understand your values, brand, market, product etc. Although we have quickly outlined the areas to review, we use a series of 20 questions to guide the process, with the answers determining both the current position and the aspiration/potential for future growth.

This stage is about identifying the best way forward with a simple statement that defines the strategy, which can determine and focus the activity.

Stage 7 - Actions

So there is now a strategy. This final stage is all about bringing it to life. Stage 7 is about deciding on a list of the required actions that will achieve growth. Each one of those actions should be owned by someone who will be responsible for making it happen. Important to note for each one is a date that it should happen and a measure to record that it has happened successfully.

That was a brief outline of our 7 stage business builder. The programme represents a logical and common-sense way to create a growth plan. This system can be applied to any business, charity or organisation.

It is transformational to control the strategy and direction of a business, rather than being pushed and pulled by the daily grind.

About

Based in Loch Lomond, Paul Saunders Marketing works with clients throughout Scotland, providing marketing consultancy and creative digital media for businesses, charities and organisations of all sizes.

Services include marketing, commercial photography, brand design, website design, video production and social media, events & PR. Call Paul on 01360 661029 or get in touch via the contact page to find out more.

I hope you have found this blog helpful! If you would like any advice to build your business, please get in touch.