Does your service business have a strategy? Do you have a written plan, with tactics and action steps? Are you clear at all times what your #1 priority is, and do you understand how to accomplish it?
If you don’t have a strategic plan for your service business, you may be losing out on revenue potential, growth possibilities, or new market expansion. Let’s take a look at some possibilities you might incorporate for strategic direction with your service business.
1. Your strategy could be to “zero in” on your target market, by defining and refining it.
To attract targeted clients, you must be crystal clear who they are, and where and how you could best access them. You must arrive at complete knowledge of the problems they would come to you to solve, and how those problems impact their lives. Aim to possess exhaustive knowledge about them, their personality characteristics, their feelings, their beliefs, their issues and concerns, and where you could locate them.
2. Your strategy could be to create and execute a marketing plan.
You’d start with your target market and where you’d connect with them. Then, you’d explore what method might work best to become familiar to them. You must have marketing materials that are effective at attracting that market. Then, you’d devise specific activities to go out and meet your market and plan when you will do so.
3. You might have a strategy of developing new markets.
This could be an expansion of a market that you already address or it could be a whole new direction for your business. You’d define the new target market, and explore how to move into the market. You’d create marketing materials for that market. You’d research competition, and carve out a unique niche for your business. You’d examine how you want to position your business in relation to that market (low price, top dollar, reasonable price, for instance). You’d put together a plan for pursuing that market and what activities will bring success.
4. You might have a strategy to expand the business.
You’d need to know where and how you want to expand. You must research new markets and target specifically what you intend to do. You’d figure out what needs to happen to expand your capacity and facilities. What additional staff needs would you have? How will they be accommodated? What do you need to learn or do to prepare? What knowledge must you gain?
5. You might want to add a passive revenue stream.
Perhaps you want to create digital products associated with your business, and sell them on a web site. No matter what your passive income idea is, you will have to work out the strategy. What are you going to do, when, and how? What must you learn? What help do you need? What are all the components of your plan? How do you get the information you lack? What must be done to create the products?
These are only a few of the possible strategies you could create for your business. Begin to think strategically for your business and see what ideas you come up with.