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Say Strategy, and many things come to mind! Chess games and team sports are right up there. Simply put, a strategy is a well-developed, high-level plan designed to achieve specific goals or desired outcomes.
A Marketing Strategy states the Business vision, goals and objectives and sets out your long-term marketing approach.
Let’s get started!
How to Develop a Marketing Strategy that Works!
It doesn’t have to be complex or complicated. There are practices you can follow to help your marketing efforts be effective. Leave behind the problem of marketing that’s not working!
A Marketing Strategy that works outlines the why and what. Why you are in Business and what you want to achieve. It aligns your business goals with the specific needs of your target audience. It marries the two!
A 7 Step Marketing Strategy:
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Define your Ideal Target audience: identify and understand your key audience. Develop personal profiles covering purchasing triggers, demographics, and pain points. Check location and other relevant info, such as shopping habits.
In simple terms, leaving a legacy is ‘something’ handed down from the past. Depending on the context, it can be the impact on future generations, the inheritance of property or money, or outdated technology.
If we zoom in on this description, the takeaway is that true legacy is not about monuments, glory, fame, or wealth. A true positive legacy is the lasting imprint you leave behind through the values you instil, the lives you touch, and the positive impressions you make. These are enduring and intangible contributions.
In Leadership and all walks of life, leaving a memorable legacy for all the ‘right’ reasons is something money can't buy, or win in a raffle!
In recent weeks, we have seen this true example of legacy demonstrated in the words and actions of two renowned people: an ex-footballer and a cancer research professor. Both were cast into the public spotlight for their heroic and staunch stand against adversity, fighting for their lives against terminal illness.
But it is the way they went about this fight that has inspired so many. Both displayed and demonstrated behaviours that won the hearts, support and following of many, including family, friends, communities, and strangers.
As fast-food giants’ stores battle cost-of-living challenges, the uncertainty of global markets and the changing economic environment, I'm pleased to report that the good news is that the Big Mac burger is still being served.
You may recall we explored in March 2024, as ‘the Humble Burger, A Great Takeaway Meal or Measure of Success!
We learned that the Big Mac Index is a price index, an informal economic metric created in 1986 by The Economist in the United States to measure purchasing power parity (PPP) between different global currencies. It operates on the theory that an identical basket of goods should cost the same worldwide when converted to a common currency. In this scenario, a Big Mac is the basket item.
What this Index offers depends on the audience and the reader. If you are a world traveller and a Big Mac addict, you may find this helpful or distressing on your journeys. How much are you prepared to pay? And the story continues.
What’s happening in the world of the humble burger?
Think of cashflow as the lifeblood of your Business. It’s your lifeline! Without a healthy cash flow, your Business won’t operate effectively or, in the worst-case scenario, cease to function.
Your cashflow needs careful and diligent management, even when your sales are good. Mastering cashflow management is key to having a thriving, successful Business.
Here are 3 Top Tips to help keep your cash flowing.
Tip 1: Understanding your cashflow statement is critical. This report tracks the movement of money (transactions) going in and out of your Business. It reveals if you are generating enough cash to cover expenses.
Examine your statement: Determine:
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Is the Business generating enough income from its core business activities?
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Financials – how much cash is going toward debt repayment or funding your Business?
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Investments – are you spending too much money on other investments or equipment?
There comes a time in most Family Businesses when it’s time for the ‘founding’ members to let go, step aside and hand over the reins or baton!
Letting go is a subject of conversation, raised often, particularly when there are problems with the 'changing of the guard'!
This situation, handing over the reins, despite good intentions, often becomes complex and complicated when the ‘founder’ holds on too tightly or for too long. Simply said, they have trouble letting go!
This raises the question ‘why is that so?’
Loss of Identity: Erosion of identity, rather than management, is often the root cause. Stepping away can be a huge change for the owner who has often given their life to building the company. It has been their primary purpose. Succession can feel more like an existential crisis rather than a professional milestone. These feelings should be considered and taken seriously. Seek professional health guidance if needed.
No post-retirement plan: Yes, there has been talk of taking it easy, going on a cruise or catching up with old friends, but without meaningful activities and engagement, founders tend to linger on at the Business. A retirement plan plans for retirement. Being proactive, finding ways, purpose, and making other investments to fill their time.
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