Monday, February 10, 2014
How Often Do You Revise Your Business Plan?
There is no doubt everyone is feeling the pinch of the economic downturn these days and woe be to the business that doesn't react in accordance with the times.
The world is changing faster than ever before and techniques that worked yesterday or even today may need to be altered in order to respond to those changes. Even just a few years ago being a vendor of pay phone services was a profitable business model. Now, pay phones have almost completely disappeared.
Small automotive service business used to be everywhere. Gas stations were known as Service Centers. Today those mom and pop style gas stations with tune-up, battery and tire sales have been replaced by large specialized businesses or the automotive brand dealerships. Cars are more reliable and require maintenance less often. Better for the car owner, but, those improvements were deadly for the corner gas station.
Do you remember when, not just doctors, but everyone was wearing a pager? The cellphone and smartphones have nearly ended the electronic pager business. Speaking of mom and pop business do you remember when there were video tape rental stores in every shopping center? Now automated kiosks and online viewing have ended both the mom and pop stores and the mega video stores as well.
Noun 1. buggy whip - a horsewhip once used by a driver of a buggy, - a horsewhip once used by a driver of a buggy; "since buggies have been replaced by cars the buggy whip has become a symbol for anything that is hopelessly outmoded"
Marketing Myopia was an influential business paper written by Theodore Levitt for the Harvard Business Review. The essential idea put forth was that too many businesses think like the old buggy whip makers, with a too narrow analysis of what their business is or what their products do. You want to understand the real reason of what is driving your sales. Is something else replacing what you offer to customers.
Don’t let your business go the way of the buggy whip makers, keep abreast of the changing economic times and the way your market is evolving. Effective communication is what your business needs.
Do you need help with your next print advertising – coupon or brochure? Call MI Printing at 623.582.1302 and lets us be your local resource. Effective communication is what MI Printing helps your business provide your customers.