Paying attention to your Market Environment can make you or break you.
We all know that successful business people pay close attention to their numbers.
We all look for trends in our sales.
We analyze our marketing efforts and “source” our new business as accurately as possible.
We want to be sure that we are getting the most ROI of our Marketing dollars spent.
This is an “Opportunity cost” strategy to build a strong business as business owners weigh every dollar spent against that same dollar spent in a different way..
Often, we network with our peers to see what we can learn about how their sales are doing . . . and what’s working for them?
I believe these are viable pursuits for the business owner. After all, it DOES make sense to put more marketing dollars towards efforts that “MATTER” more than the others.
My question is:
“Is your goal to sustain your current level of business (in which case don’t ANYTHING about your strategy) . . . OR . . . would you like to BUILD your business more?
Is it time to “scale it up?”
What is the most significant change you can make in your strategy to BUILD?
It may be as simple as stepping outside of your “box” of analyzing your own numbers relative to your competitors (colleagues) and simply paying better attention to the “outside world.”
This “Outside World” is what I call “your Market Environment.”
You cannot change this environment any more than you can change the weather . . . but you CAN study it . . . and anticipate it’s shifts . . . and PREPARE your business accordingly.
Watch for new housing or commercial development trends.
Any new companies showing up on the scene soon?
Are there any significant local planning or zoning changes under way?
What “complimentary” industries are in your area and what are THEY doing?
How can you make yourself an indispensable resource for other local businesses?
- You hear of a zoning proposal to change a large tract of land into a multi-use zoning.
- You begin digging and learn of a developer doing diligence to build a large Retail and Residential Condo project.
- Logical sense would be that the developer wouldn’t do this unless there was some certainty of success . . . which would mean that they are anticipating new families coming to the area.
- What would bring new families?
- New JOBS!
- AHA! . . . So is a large company looking at moving into the area?
- You learn that’s what’s happening – 300 new jobs in a facility 5 miles down the road.
Do you keep it as your own little secret and try to figure a way for your business to capture as much of that new business as possible?
Do you think “Market Environment Thinking” and share the knowledge with local restaurants and retailers and form a “welcoming committee?”
Scaling up takes a village . . .
PS – We at Pareto Realty are ALWAYS watching our Market Environment and shifting and adjusting . . . we see a MAJOR SHIFT on the near horizon for Middle TN and are ready to scale with it . . . Connect with me if you’d like to learn more about how YOU can participate.