In today’s market, it is more important than ever to define who and what you want to be. Everyone knows the importance of defining your business objectives, determining your competitive differentiators and identifying the target markets to focus on from a services and applications standpoint. However, the day-to day challenges of working in your business versus focusing on your business minimize the opportunities to gather, review and analyze information in order to put “pen to paper” to define your company’s strategic plan and long term goals. IMG will utilize proven Six Sigma methodologies to help you define and organize your strategic business plan.
The following programs are the cornerstones of building out a successful business strategy:
Defining of Business Objectives and Goals
All companies understand the inherent value of goal setting in steering a growing business in the right direction. Unfortunately, figuring out exactly what the right direction is—and the road map to get there—isn’t as much of a no-brainer.
Certainly, you should have long term goals so you know where you ultimately want to be. However, in this ever-changing business climate, your focus needs to be on your short term goals and objectives – which is really “How” you will eventually reach your longer term goals.
Let the team at IMG help you put pen to paper and get those goals out of your head and into action.
You probably already know that SWOT refers to strengths, weaknesses, opportunities and threats. SWOT analysis is a process where the management team identifies the internal and external factors that will affect the company’s future performance. SWOT analysis is done as part of the overall corporate planning process in which financial and operational goals are set for the upcoming year and strategies are created to accomplish these goals.
But why should you do a SWOT analysis?
Every company–even the largest ones that dominate their markets–has a finite supply of manpower, production capacity and capital. Evaluating the company’s strengths helps it determine how to allocate these resources in a manner that will result in the highest possible potential for revenue growth and profitability. IMG specializes in helping the management teams examine where the company can compete most effectively by utilizing their resources most efficiently. Often our clients discover they have competitive strengths that have not been fully utilized in the past.
If you’re ready to begin digging deeper into your business to determine the best approach to get the most potential for revenue growth, call IMG today to get started.
Preparing a Competitor Analysis is an activity that all business owners must undertake at some point in establishing and growing their business. Having solid knowledge of your rivals and their activity in the marketplace helps you make better decisions during the strategic planning phase. It ensures that you’re ready to respond to your competitors and exploit any weakness in order to gain a larger share of the pie.
An important distinction to make before we begin is that a Competitor Analysis is not a Product or service Comparison. Although we may make mention of the types of products sold, we should not be including the detailed product features in a Competitor Analysis. Quite often, two seemingly distinct products can solve the same customer problem or satisfy a similar need. At its core, a Competitor Analysis is a document that evaluates the strengths and weaknesses of your rivals.
IMG will work with your team to build a comprehensive view of your competitive landscape.
Target Market Analysis
Every successful business plan includes a target market analysis because you have to know who your customer is before your business can succeed.
We will conduct the necessary research to deliver a written analysis and recommendation for your best market opportunities.