Tag: Marketing Strategy

The Corporate Puzzle

The Corporate Puzzle

Posted on by Howard Wolpoff

The 7 specific areas you need to consider in your franchise prototype process:

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will fine turn your plan for the ultimate level of success. In this lesson we
are going to cover the first three.

Primary Aim
It’s essential in business development to set goals and see a vision for the future. This
needs to go beyond the business and you need to think about what you want out of life.
What do you dream about? How do you see your success unfolding? Knowing and
understanding these things will give you the momentum to get started and the stamina
to see it through. Even take a minute to write them down and tape to your desk for a
constant reminder of what you’re aiming for.

Strategic Objectives
These are essential in taking your business from surviving to thriving. All of these
objectives should offer solutions for how to get to your primary aim. There are many
things you can use to set strategic objectives, but here are a couple of the most popular:

1. Money: Setting monetary goals is a great, simple way to see how you are doing
at any point in the game. It’s easy to measure and easy to find adjustments to
help meet this goal.

2. Worthy Opportunities: When considering partnerships and other business
opportunities you need to think about whether or not they will help you reach
your primary aim. Those that will are the best opportunities to seriously
consider.

The key in setting standards and goals is not to limit you or stress yourself out. You need
to find some quantifiable things you can use to measure your progress toward your
primary aim. These are just two suggestions, but make sure no matter what you
standards you set you are paying attention to the details, as these are one of the biggest
keys to your success.

Organizational Strategy
The strength of your organizational structure can make or break your business, so it’s
important to take the time to put together a solid structure for your business to grow
from. Generally a company is organized around the roles and responsibilities that need
to be taken care of on a daily basis and the personalities that need to fulfill those roles.
No matter what roles and responsibilities you’ve defined for your employees, you must
always keep your personal primary aim separate from your company’s primary aim or
mission statement. Once you’ve identified the primary aim for your company it will be
easy to set up a position structure that will work.

Don’t forget to put together position contracts. Your employees should sign a statement
of their roles and responsibilities. This helps keep them clear for you, the employee and
other employees/vendors or other individuals.

You can see how these areas all work together to build a solid structure on which to
build your business. If you need help defining any of these areas, you can check out the
resources, tools and speak with one of our fantastic coaches during your GUIDED TOUR.

How Well Do You Know Your Vendors?

Posted on by Howard Wolpoff

It’s extremely important to build relationships with your vendors and those around you can bring in new customers/clients and increase awareness of your company branding.

The people you work directly with on your products and services are really the ones with the most to gain when you find success. By taking the time to get to know them, you’ll find a whole host of opportunities you didn’t realize were there.

Look for great ways to offer your vendors rewards for helping grow your business and everyone wins. One of ways you can do this is by offering performance based incentives that are much larger than their normal charges.

Here’s the step-by-step process to putting together a partnership with a vendor:

  1. Approach all the vendors you work with and offer an incentive based on performance.
  2. Put the generous incentive plan together from their perspective, even take suggestions.
  3. Develop a clear, concise and easy to track incentive plan, this will increase competition between vendors and therefore higher performance levels.
  4. Encourage subsequent sales instead of focusing only on the initial sale. By doing this you can give away more of the profit from the initial sale to your vendors and make higher profits off the back end products. Encourage:
  • Future sales
  • Upsell better and more profitable products/services
  • Cross-sell to additional products

5. Create an incentive plan that’s irresistible to your vendors by offering generous, exclusive compensation.

Think of all the vendors you work with and the creative ways you can put together an incentive plan that entices them to be part of your business. Use their talents, capabilities and connections and you’ll both be winners.

Putting together an incentive plan doesn’t have to be a complicated process. Use our GUIDED TOUR to come up with some great ideas and put your incentive plan together for maximum results.