The 7 step business turnaround plan

Because the best time to start fixing your business was always sometime in the past, and the second best time is today.

By Mike Said

So I have been writing about the sorry state of the South African restaurant industry and small businesses in general for the past few years and I am often taken to task for highlighting the problems without offering sufficient solutions and remedies. So to my critics and fellow prisoners to their businesses... This is it, Step One of a Seven Step Business Turnaround Plan.

Step One – Reconnect with your purpose

They say the two best days of a small business owner’s life are when he opens his first and when he sells his last. Take this week and let your mind drift back to the weeks before you opened your first and the few months thereafter. Try and recall the dreams, plans and moments that inspired you. Write down your thoughts and share them with your spouse, kids, partner(s), suppliers and most importantly your staff. They are an integral part of your success or failure and you may need them now more than ever. A complaint often repeated by business owners is that their staff are not on the same page as them, but here's the really sad news... they are not even reading the same book! All because you haven't told them what book you are reading, let alone what page you are on.

Of course it is one thing to have a clear understanding of your own purpose and a completely different thing to be able to articulate it in a way that your customers and clients can understand and identify with. You had an idea and you opened your business, but can you tell me in 60 seconds, or less, what is it you do, or more importantly, what you can do for me?

For example:  I walk up to a woman and say “Good morning, my name is Mike Said”, and she answers with a nice (blank) smile, but in her head she’s going “Sooooooooo?”
I follow up my greeting with a “You know what, I’ve got a business called brandStrategy”, and she says (silently, I hope) “So what?”
"I have clients all over the country and I think I’m wonderful”, say I. Again, a lifting of the eyebrow and the polite “So what?” smile.
Then I say “Give me 15 minutes of your time and let me tell you how I can turn your whole business around.” This time the smile is genuine, and I am invited to sit down.

What I should have done was tell her what I can do for her before I tell her who and how important I am.

So how can you tell your clients what problems they have that you can solve for them?  It’s simple.  Start by writing your Elevator Pitch or Brand Positioning Statement as it is also known.
- Establish what the brand stands for and how well it will compete.
- Identify the way you want consumers to think about your brand in the context of other similar products.
- Create an enduring, sustainable competitive advantage based on (perceived) quality.
- Ensure that your strategies and tactics to market are consistent with the positioning of your brand.

As an example, we’ll use Jonathan, who teaches public speaking.
My first question to Jonathan is “Who is your target market?” He tells me it is people who need to speak in public or at work.
- This is a vital point. It is really important because this is where you’ll spend most of your money. It’s tempting to be ‘all things to all people’, but rather concentrate on the one group of companies/individuals that will help you reach your financial goal the quickest.

My second question is “What is it that people want?” To improve their speaking and presentation skills, he tells me.
- A lot of money can be made by small businesses solving other people’s problems, so write out what your target market is seeking. Once you’ve done that, write out what it is you can offer.

My next question is “What do you offer?” To this Jonathan responds “A professional assessment and ongoing skills training.”
- Explain to clients how the service you offer will satisfy their needs.

Finally I ask “Why should they choose you or your company?  What is their reason to believe?” Jonathan tells me that he has over ten years experience coaching and mentoring speakers.

If you can put this down on paper, it will change everything. Read it every morning and you’ll gain a deeper understanding of your target market, your offering and how you will compete.

In the next issue we tackle the oh-so important task of looking and acting professionally in this highly competitive environment.


Brand Strategy
www.brandstrategy.co.za
info@mikesaid.co.za
+27 11 468 3138