Issue link: https://iconnect007.uberflip.com/i/1515304
48 SMT007 MAGAZINE I FEBRUARY 2024 the customers who need your products and services. is profile should list the qualities and characteristics, including their: • Market • Qualifications they require • Technology • Services • Position in their own market (you want to collaborate with leaders) • Chemistry between you and them • Value of the things that you do for them • Ability and willingness to pay their bills Click to read Targeting the Ideal Customer. The Competition: Your Worthy Opponents Who is your competition? To truly evalu- ate your position in your chosen market, you must know who else is there. What is the competition offering your customers? Once you know this, you can determine how you will do the job better. In short, to offer some- thing different, you must figure out how to best your competition and be downright out- standing. Look for gaps in the marketplace. What do your customers want t h a t n o o n e e l s e i s supplying? Remember that every single suc- cessful company looks for a need in the mar- ket and then meets that need better than any- one else. The Strategic Business Plan: What Business Are You In? e strategic business plan should be part of a company's foundation and sales efforts, and the best way to develop, execute, and imple- ment a strategic business plan is to be inten- tional and focused. is can't be the owner's plan alone; developing a good strategic busi- ness plan must involve the entire management team. is helps create ownership of the plan across the board. I highly recommend having open discus- sions about the future of your company. Here are some thought-provoking, self-examining questions you can use with your teams: • What business are we in? • What market do we serve? • What do we do? • What do we do well? • Why do people buy from us? Who are our customers? • Why did we start the company? • What are we good at? • What is our technology level? Click to download my strategic business plan questionnaire. Answer these questions properly, and you will have a complete strategic business plan for your entire team about the direction of your company. The Customers: Who Is Your Ideal Customer? Knowing exactly what type of customer you want is the key to your s u c c e s s b u t r e m e m - ber that you can never be all things to all peo- ple. You must choose a lane. Evaluate your cur- rent customer base and decide who your best customers are and why. Why would they buy from you? What do they like about you and your product and services? Next, use this information to create an ideal customer profile, which is designed to describe