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Welcome to our September 2005 Newsletter!
In this issue you will find a listing of our
upcoming events, updates about the On Target
Program and articles to help you run a
better business.
Be sure to check out our Quick Links
in the lower section of the right hand
column for the Tech Tip of the
Month!
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Upcoming Events |
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Give Me Liberty...and
Profitability!
On Target Fall Conference
Philadelphia, PA
Thursday & Friday, October 6-7, 2005
8:30 AM to 5:00 PM
Sheraton Park Ridge Hotel &
Conference Center
King of Prussia
List of Events:
- October 5 - New On Target
Members: Bonus One Day Financial
Management Intensive Workshop -
Members of the On Target Start
Up Program are also Eligible for
this workshop
- October 6 - On Target
Conference Day 1
- October 7 - On Target
Conference Day 2
- October 8 - On Target Office
Managers Workshop
Note: For members who are involved
with both On Target and Summit: On
Target events dovetail with Summit
events also held in Philadelphia in
the same time frame, so you will be
able to attend everything for which
you are signed up.
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Profit From A Niche Market |
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Operating in a niche can be very
cost effective as well as enabling
your business to become a leading
player in its field. A niche market
lets you target your sales messages
with greater precision; the more
specifically you define your niche
the easier it is to cater to the
shared interests and needs of the
people or businesses in that market.
A great example of niche marketing
comes from an entrepreneur by the
name of Frank Kern. He markets a
product for parrot owners that he
guarantees will teach their parrots
to talk within 30 days. This one
product nets him an estimated
$20,000 per year and is just one of
fifty niche marketing sites he’s in
the process of setting up.
What is a niche market?
A niche market is a group of people
or businesses that can be described
as:
- Sharing the same interests
and requirements
- Having a need or desire for
your products
- Sharing the same
communications channels
- Large enough to produce a
profitable volume for your
business
- Not presently being targeted
by a large number of your
competitors
You need to find areas where
prospective customers’ needs aren’t
already fully satisfied. Analyze any
other businesses operating in this
market area and the quality and
features of the products they offer.
You then have to create a
competitive advantage by offering a
value-add that isn’t already
available.
Clarify what you’re doing
Estimate just how much time, money
and other resources will be required
to profit from this niche. Meet with
your team and prepare an outline of
the project. Identify what is needed
to develop the product or service to
a marketable stage, what marketing
investment it will need, and the
timeline for its development and
launch.
Create your niche proposition in
detail
It would cost a fortune to set up a
business that sells all kinds of
books online and could compete with
Amazon.com. They’ve had ten years to
grow into the world’s biggest
bookstore and would probably be
impossible for a small operator to
successfully compete against. But
you could profitably cater to a
niche of the book retailing market –
for example, publications for owners
of classic Fords or people
interested in the art of silk
painting, and succeed because of
your specialization. Consider every
aspect of the product itself. What’s
needed to make it the most
attractive option available to your
niche and how will it be marketed?
Go through everything in detail with
your chosen niche in mind; the
language you use, the packaging, and
how it will be sold are just some of
the details that have to be worked
through. Be sure that the product is
right, the pricing is acceptable and
your marketing efforts appeal to
your audience before moving ahead.
Information in this article is
sourced from RAN ONE, Inc
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Review The Positions In Your
Business |
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The positions in most small to
medium businesses have evolved into
their present form rather than
having been created with specific
objectives and duties. This means
that the roles of team members often
overlap or don’t incorporate
everything the person could be
doing. A thorough review of each
position will clarify these vital
details and put your business in a
position to run more efficiently.
The review should be done in
conjunction with the person in the
position so that both of you gain a
clearer understanding of the role
and its responsibilities.
Tasks of the position
Begin by making a simple list of all
tasks each employee does – ‘answer
telephones’, ‘purchase stationery’,
‘collect mail’ and so on. For each
task list the outcomes that the work
is to accomplish. Be as
comprehensive as possible and ask
why each task contributes to the
functioning of the business.
‘Answering telephones’ makes a
contribution to sales, to accounts,
to public relations and frees up
managers to spend their time more
effectively. Then create a brief
outline about how each task is
performed:
- Is it performed manually or
with the use of equipment?
- Is it performed
independently or with the
assistance of someone else in
the office?
- Is it required to be
performed at specific times of
the day?
- How much time does it take
each time the task is performed?
- What skills are required for
completing the task?
Priority of each task
Assign each task a level of
importance according to its
contribution to the business. Use
only three classifications:
- Essential – the business
will not survive unless this
task is done
- Valuable – contributes to
the functioning of the business
but not essential to its
survival
- Nonessential – if the task
was not performed it would have
no effect on the business
This requires some sensitivity to
people’s feelings as everyone thinks
that what they do is important.
Duties such as picking up the
owner’s dry cleaning or collecting
money for a weekly lottery entry may
be part of somebody’s
responsibilities but contribute
nothing to the business.
Document the essential tasks
Prepare a ‘how to’ step-by-step
manual for performing each essential
task in the business. As you do
this, go through every step and ask
whether this is the best way to do
it or if there is a way to improve
it. If the person now performing a
task leaves the business it will be
much simpler to bring a new person
up to speed because you’ll have a
written procedure they can follow.
Examine the valuable tasks
Tasks that are considered valuable
deserve closer examination. Each
should be analyzed to answer the
following questions:
- Should this function be
performed by someone else in the
business?
- Are the outcomes of the task
the same as another task that is
being performed?
- Is the task being performed
at the optimum time of day?
- Is the equipment being used
appropriate for the task?
- If the task is performed
with others, are you using the
best combination of team
members?
- Is too much time being spent
on the task?
There are a number of tasks that are
valuable to a business but could be
handled in a way that adds more
value. If the person doing the task
is struggling then consider training
them up or reassigning the task; or
perhaps they’re being performed
inefficiently because the wrong
equipment is being used; or maybe
they are just being done in a way
that consumes too much time.
Eliminate the nonessential tasks
The final step in your review is to
eliminate any nonessential tasks.
This will free up team members’ time
for better performance of their
other duties and for new tasks that
may have been put aside because
there wasn’t time for them.
Information in this article is
sourced from RAN ONE, Inc
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Memorable Quotation |
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“Drive thy business or it will
drive thee.” – - Benjamin
Franklin (1706-1790)
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On Target News
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Most contractors are still booming
in September and October, but it is
critical that you starting planning
for the latter part of 2005 and
early part of 2006 now!
Get started on your winter work
marketing program
Review and adjust strategy for the
remaining months of 2005
Review your buisness plan
Start the planning process for 2006!
On Target can help with options that
work for you!
- Business Performance Reivew
- Individual Consulting
- Small Business Program
- On Target Program
Find out more.... |
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