My latest video snippet.
What’s the path for your business to ensure you survive, recover or grow?
My name is Mike Foster the
Entrepreneurs Mentor and welcome to my
latest video snippet. My snippets are my
thoughts to help you with the
development of your own business and
today’s Snippet is entitled ‘What’s your
path’ and for my thoughts today I’m just
going to share with you a matrix that may
help you with your business whether it’s
survival, recovery or for growth and I’m
going to get you to think about what it
is that you offer, who you offer it for,
why they actually buy from you, and
ultimately how you deliver that
expectation, that want or that need. Now
the matrix works on two axis, one axis
being the who, whether that’s a new
segment or a existing current segment or
the what and the what in terms of is
it your current offering or is it a
new offering and if we look at the four
quadrants individually. If you don’t feel
there’s a change needed for your
business, things are ok at this
moment in time and you can continue to deliver the
growth from those current segments and
your current offering, then ultimately at
this point it’s just about optimising
your current offering for your current
segment. However if you want to move into
a new segment with your current offering
then you have to obviously expand into
that new customer segment, do your
research, make sure it’s the right
segment you want to move into and it’s
the right fit for your offering. However
you might also want to keep your
existing customer segment steady
because you understand that market space
and there is a buying mentality in
that space for your product or services
but you might want to add a new offering,
you may wish to pivot in some way, so do
you have to expand or differentiate what
you’re offering is at this moment in
time or is it perhaps the path for you
is the ultimate change, the ultimate
change of a new segment with a new
offering ,where you have to transform
your offering, you have to transform your
business and the target segment that
you’re targeting. So which of those
four quadrants is the right fit for the
development of your business at this
critical time and which path will you
take to either survive, continue the
recovery as we start to emerge or
accelerate the growth of your business.
As always I hope these snippets have
been useful for you. Please do subscribe
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