Thursday, August 23, 2012

SMB Marketing Secrets 21-30/101 - Counting the Costs; Inventory of Your Resources

Luke 14:28 "But don't begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it?"

The very best companies in the world are very commonly those with the best logistics, the best command of their assets, a solid understanding of their capabilities and how each of these impact their potential.

Most small business owners spend some time on resource analysis.  But any honest analysis of a product or business failure can almost always be tracked back to inadequate resources.  The most obvious might be cash, but it is just as likely to be facilities, staff, or dare-I-say, marketing depth.

To use an old analogy commonly applied to any plan, consider what you do when you plan a trip with your family.  You have goals, you have strategies, and you have tactics.  Every stop is generally well planned, including the maps, reservations, museums, parks, and family members to see along the way.  But you also figure out the amount of money you will need, the clothes to take based on anticipate whether conditions, and what you will do with the dog and the empty house while you are gone.

On the other hand, folks start a business without adequate cash, without being clear on the products they will carry, and potentially without even fully checking out the details of insurance requirements, sign laws, or an evaluation of the competition.

The next 10 days will be dedicated to exploring 10 resource elements that should be evaluated prior to launch of any business or product, and at least once a year.  Another time for such an evaluation would be when any major change happens, especially if it effects one of these categories.

If you would like to suggest categories in advance, please do so in the comments.

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