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- Business forecasting helps you identify who will buy your products and services, and what demand you can expect
- Accurate forecasting helps you find the right markets and avoid wasting money
- Defining the overall market size, deciding which segments you want to target, defining characteristics of targeted market segments, and more
- Risk management is vital for preserving your company in the face of unexpected circumstances
- Understand different scenarios for internal and external risks
- How to develop a risk management plan, and prepare for unpredictable risks
- Using a systems approach when developing a new product or service
- Conducting a careful analysis to determine if the new product or service will be feasible
- Validating and implementing the new offering before bringing it to market
- Perceived value is how a customer evaluates a product or service based on how it meets their needs or expectations
- Price, convenience, credibility, and other factors will influence a customer’s perceived value
- Perceived value should play a role in your pricing and marketing strategies
- Small businesses have found ways to endure despite big box stores’ edge on pricing and selection
- Offering a better experience and good service are essential steps in remaining competitive
- A strong online presence has become more of a necessity as well
- Your marketing strategy will determine whether you start big or start small
- Niche marketing allows you to target a group of people who are more likely to purchase your product or service
- Mass marketing reaches a larger audience, but does not always result in greater returns
- Surveys offer useful feedback on how a company is meeting customer needs and how it can change its strategy
- Company owners can choose from several different types of questions when putting together a survey
- Successful approaches make it more likely that a customer will complete the survey
- Entrepreneurs often focus too much on their business’s immediate needs and not enough on long-term strategy
- Having a business plan from the outset allows you to set goals and benchmarks to meet
- Business owners should be prepared to regularly adapt their company to fulfill changing demands and meet customer needs
- Factors that go into choosing a business location and questions that entrepreneurs should ponder
- For those starting or expanding a business
- Also a resource for Connecticut business location selection
- The elements of determining market potential
- For those starting or expanding a business
- Forecast your potential customers
