Do You Fail To Plan?

It is easy to get so wrapped up in the day to day tasks involved in conducting our business that we fail to take the time to properly plan for the future. If this is the case, you must force yourself to carve out some time for future planning. No company has ever succeeded accidentally. It occurred through planning and execution of the plan(s). That’s not to say that the plans may not have changed direction a time or two, but the framework was conceived and laid out in the beginning and reviewed and altered as required.

So you’ve set aside the time to plan. Now what? Now you create the framework for the plan. You identify the products you wish to sell and the markets in which you wish to sell them. Your plan needs to be specific.

What is your current market share for each of these products? Does your share deviate in different geographic locations? Where do you see the opportunity for greatest growth? What market share do you want to accomplish achieving in this market? Set both short term goals (1 year from now) and long term goals (5 years from now). Add industry research and analysis to your plan to help define the strengths, weaknesses, opportunities and threats in your target markets. List your top competitors and their market share. How will you increase your market share, through market growth, or taking away from your competitors? Is there a potential for government regulations to affect your markets? If so, how? What can you do to minimize any adverse effects and maximize the advantages?

When you have completed the plan, share it with others to get their input. Tweak it where necessary to make it the best plan with the greatest chance to succeed. When you have a ‘final’- communicate it with others so that they are on board with making it a reality. Finally, don’t just file it away and forget about it. Pull it out at least once every three months, or even every month to see if you are staying on course. If necessary, make changes to allow your company to reach the ultimate goals.

The author, Marge Bonura, is the Director of Sales & Marketing for New England Machinery, Inc. (NEM). NEM is a leading manufacturer of bottle unscramblers, cappers, orienters, retorquers, lidders, pluggers, pump sorter/placers, scoop feeders, hopper elevators and much more. The company has been in business since 1974 selling to the food, beverage, pharmaceutical, personal care, chemical, household products, automotive and other industries. For more information on NEM, visit their website at http://www.neminc.com/.