It's planning season, that time of year when every organization large or small is struggling to refine its strategic focus for the coming year.We have in fact been working with a small business client on just such an effort. The big pieces of the plan have solidified and the client is so delighted, they were happy to share a high level overview here.
Let's take a look.
Highlights
The company has several existing product lines along with new products in various stages of development. Product expansion is a top priority for the foreseeable future, so we created a basic Venn diagram as part of the strategic analysis to illustrate priorities and clarify crucial relationships. (Obviously, the client's version is specific and detailed.)
Second tier products are just what they sound like. They support and supplement primary products. They have specific features that help them sell steadily so they're worth producing. However, they're competing in a crowded, competitive arena and customers tend to be more price sensitive.
The tertiary line represents spinoff opportunities that in the past were largely unanticipated and often ignored. Products in this category are loosely related to the other two lines, are comparatively easy to produce, appeal to a broader customer base and create an additional income stream. If production costs rise or distribution becomes complicated, tier three products can be pared down, reconfigured or abandoned without harming the core business or other product lines.
Bottom Line
The holiday season is on the horizon and the year is rapidly coming to a close. As hectic as things are, it's worth carving out time now to clarify your strategy and define your plan of action, so you and your organization can hit the ground running when January arrives. Something as simple as the strategy shown here could be precisely what you need.