MARKETING TIPS

by Ken Mitchell

Well there is another year come and gone. To think each and everyone of us had 365 days of opportunity last year to achieve something worthwhile and yet financial planners tell us that only 5% of us actually accomplished our goals for the year. Why is that? Well life is like business and fewer than 5% of people plan their year and similarly fewer than 10% of business take the time to sit down and actually plan their year. History shows that those who have a plan do far better than those who do not.

The ACT (like the majority of Australia) is awash with under-achieving businesses who do not plan and therefore “under plan” their objectives/goals and consequently put in place strategies (usually status quo – or steady as she goes) to meet their underachievement for the year 2002.

My advice is that NOW is the time to stop and smell the roses and reflect on the past year – the “good” the “bad” and the “what might have been”. Get comparative statistics of other businesses to measure industry performance/growth etc; review what business you are in and what business you want to be in; review your client profile and where to find new market segments and/or new products; review your strategic alliances with other businesses to give increased synergy. Also review your personal goals and rewards for the past years effort.

You can discuss these issues with a friend. However it best to seek independent professional advice. Talk to your accountant and review your business financials, talk to your financial planner and review your wealth plan, and talk to your marketing consultant on how to best grow your business. Why independent advice? Well for a start, people in business are usually to close to their own business to see it as clearly as an outsider can.

Why not make a New Year’s Resolution to plan the year by stopping to smell the roses once in a while. Don’t waste or regret the next 365 days.

Ken Mitchell is the CEO of Australian Marketing & Research Services and can be contacted on 62576677w, or kenmitch@austarmetro.com.au

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