There are four critical areas causing business plans to change. All are changing trends in the business environment. The four areas we will examine are: 1) government trends, 2) economic trends. 3) technological trends and 4) cultural trends. Each one causes a specific impact on our decisions and requires us to make adjustments. Some changes are dramatic and require dramatic reactions to minimize their effect on our business.
First are government trends. There are several different sources caused by changes in regulations, tax policies and new legal precedence. Most of these are not a direct result of what we are doing in our business, but are the result of political and social shifts. On the legal side, changes result from court cases. It is absolutely necessary to address these changes because of both the financial and legal jeopardy. The result will be changes to not only our business plans but also our business conduct.
Second are economic trends. These changes occur because the local, national and international environment changes. Typical of these trends are changes in inflation rates, interest rates and the comparative value of currency (foreign exchange rates). Notice that all of these changes are directly and indirectly effects of government actions. These trends require us to adapt our business plan to the new conditions.
Next are technological trends. The amount of effect that these trends have on our business depends on how directly the changes impact our present operations. For instance, if we are making vacuum tubes when integrated circuits arrive, we will have to make some major changes. Note that the changes in our business plan may mean acquiring or learning new technologies, retraining our people, or seeking new customers and products. Inventors, with changes in product lifecycles or adopting new ideas, normally trigger these trends. We can prepare for these changes by keeping up-to-date with trends, new advances and what our competitors are doing. It may mean new sources of raw materials, different marketing techniques, or perhaps the loss or emergence of a new market.
Finally, cultural trends have a direct impact on our business plan and the business environment. The demographics of our customers may change, new social concerns can arise and new lifestyles evolve. If our customers move from the cities to the country, our business will be affected not only in what we sell, but also, in how we deliver it. Too, as social consciences change, acceptable business practices will change. These could include environmental and social programs. For example, government might require a business to provide a certain level of retirement benefit. These trends often burden businesses with new and unplanned costs but must be assimilated into the business plan to remain a viable enterprise.
Notice, these trend types have definite impacts on our business plan. They are all threats to present business operations and also present new opportunities. If we make changes in our business operations to become environment friendly, employee friendly, or technologically modern our business accrues new public interest leading to new sales. Too, we receive free publicity that positively impacts our business credibility and stature. Regardless of the fringe benefits to our business, we must continually be aware and open to new directions so that our business plan and operation doesn’t stagnate or become less functional in the changing environment.
The 4 Business Plan Threats
Small Business – Dealing With Difficult Customers
We need to understand why someone is upset and why they are unhappy with us, our product or our employees. We then need to commit to serving this customer with a positive impact. This takes commitment to doing our best to serve these customers.
Is the customer always right? Not necessarily. However, the customer needs to be treated as if they are important – and their needs, wants and opinions are worthy of being listened to. It is not a matter of who is right, it is a matter of making the situation of making the situation right.
We need to learn to take the “HEAT”
H – hear the customer out. Let them talk. Don’t interrupt. Every time you interrupt, you will get on average 3 more minutes of venting. So let them talk and listen carefully. Don’t smile, this appears to be condescending. This is difficult for me because I tend to smile a lot, so I really have to be careful when someone is talking to me about a problem.
E – empathize with the customer. How would you feel if you were in their shoes? Paraphrase what they have said in a different way so they know that you understand how they feel.
A – apologize - always be sincere with your apology. This should be the shortest of the four steps and NEVER done until you hear and emphasize. If you attempt to apologize before you have heard them out – you will simply compound the problem.
T – take action. This is your opportunity to fix the situation. Make sure that you take responsibility even if it is not your department. Take responsibility and learn from the situation. One big red flag in this area is to quote company policy. You want to join with the customer in finding a solution to the problem. And remember; only the customer knows if the problem has been solved.
I recently had a situation with my bank. When I stopped by the local branch office to discuss the situation, my explanation of the problem was barely out of my mouth when the bank employee started quoting bank policy. Do you think that increased or decreased my dissatisfaction? I am currently in the process of moving my account to another bank after being with this bank for over 10 years.
What Should Your Business Card Say?
Are you planning to start your own business? Do you work from your home? Are you employed at a company where you have a specific job title and function? If any of these are true or if you want to offer freelance services to the community, a business card may be one of your first steps in making others aware of your goods and services.
A business card is your calling card, post card, appointment reminder, and contact piece all printed on one small card. That is what makes this multi-purpose item so useful. A resourceful businessperson will want to make the most of this unique advertising strategy, since business cards can sit on someone’s desk, find a place in a Rolodex, join others of its kind in a wallet, and be posted on a bulletin board. Dozens or even hundreds of passersby may view your card, depending on where it is placed.
With all of the speedy online printing services available, or using popular software applications, you can have a stack of business cards in your palm within a day or two, or no longer than a week in most cases. Yet this is a promotional tool that should not be rushed. Take your time to map out this marketing strategy to maximize its benefits for your business.
1. Consider the color. You can choose from a fiery neon shade, a soft pastel, a neutral tone, or even a design with a decorative border. Keep in mind the type of readers who will receive the card. Conservative staffers in large corporations may prefer a subtle card with a low-key, professional image. But a creative advertising display could grab the attention of marketers and sales managers. Attractive, color-sensitive images may draw the attention of everyday customers or those who shop from home and enjoy the attractive appearance of your thoughtfully designed piece. You can use color on one side or two.
2. Lay out the print. Practice with a sheet of paper or on your computer screen to get the look and feel you want in a card. Experiment with different fonts and type sizes for proportionate spacing and headings as well as neatly designed spaces. If you don’t have one already, create a logo for your company that will serve as an instant identification item when people come across advertisements for your business.
3. Arrange the information. You may want your name and title to be the biggest parts of the card, with contact information and other service options printed in smaller type. On the back of the card, you might decide to place additional details about your product or services, although you won’t want to overwhelm the reader with too much information. Keep the overall effect simple and readable.
Your business card announces your presence in the world of commerce, so make it a welcome piece that will incite readers’ interest and enthusiasm in what you have to offer.