In today’s business environment, strategic planning is more important than ever.
Barry Carbaugh, president of the Barry Group, a strategic development and implementation organization, says, “Strategic planning has become essential to the manufacturing sector due to hypercompetition, communication overload and a changing marketplace through globalization. Manufacturers today need to differentiate themselves from this competition.”
The distribution segment can benefit from these principles as well. Carbaugh offers the following tips for a comprehensive strategic plan.
- Who are your customers? Are they profitable?
- Why do customers buy your product or service?
- Who competes for your customers’ time and money?
- What are your strengths and weaknesses?
- What are your competitors’ strengths and weaknesses?
- What positive and negative business scenarios may impact your business? How will you handle those circumstances?
- Is there substantial demand in an untapped corner of your market?
According to Carbaugh, businesses need to become proactive, not reactive. “Strategic planning provides a consistent marketing presence rather than a super-charged, ‘here-today-gone-tomorrow’ campaign. ‘Slow and steady wins the race’ is only semi-accurate. The word ‘slow’ must be replaced with ‘measured.’ Nobody can be slow to react to changes in today’s market.”
You can succeed in the new world economy. Using the long-term, marathon approach to marketing will maintain a company’s visibility while building credibility each step of the way. In the end, a marathon takes you farther than a sprint.