For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters ?Marketing, Sales and Profitability.
In a previous article, "Do You Know and Plan for the 3-R's for Your Business" ( Ezine Article.com directory at http://ezinearticles.com/?id=48344 ), the focus was on Relationships, Referrals and Revenue. One of the most consistent challenges for any business owner is the actual implementation of the strategic business plan that builds the 3-R's. The MSP of Marketing, Sales and Profitability helps to overcome that issue.
Since relationships are the first R, the necessary action is to construct a Marketing Plan to increase relationships. This plan should be specific to your company and not the "shadow" of a company that you admire. Many business owners and executives attempt to "copy" someone else's brand identity and fail to establish their own identify. Marketing plans require research and evolve from a solid vision, values and mission statements.
The second R of referrals generates the greatest amount of Sales. Sales plans and marketing plans are closely related and need to be aligned to ensure that potential opportunities are realized. Within the Sales' plan, specific goals are necessary to ensure that the marketing plan is effective. For example, how many "mailers" are necessary to secure an appointment? How many appointments result in a second appointment? How many second appointments turn into a sale? Knowing your numbers is critical to the sales process and more importantly your own internal motivation.
Revenue is the third R and is a partner of profitability. Some companies work on the philosophy of high sales and low profitability while others use an opposite approach. Profitability is an absolute necessity and should be examined on a regular basis.
Today's business world is complex, but still retains the simplicity of earlier marketplaces. If you know your MSP, you will be able to build the 3-R's.
Leanne Hoagland-Smith, M.S. President of ADVANCED SYSTEMS, is the Process Specialist. With over 25 years of business & education experience, she helps her clients to implement and realign processes to build sustainable change. By uniting systems, strategies and people to create loyal internal customers, Leanne delivers ROI solutions that affect sustainable change in 4 key areas: financials, leadership, relationships and growth & innovation within a variety of industries. As co-author of M.A.G.I.C.A.L. Potential: 7 Capacities for Living an Amazing Life Beyond Purpose to Achievement due for 2005 release, Leanne speaks nationally to a variety of audiences. Please contact Leanne at 219.759.5601, http://ezinearticles.com/?id=48344 or visit http://ezinearticles.com/?id=48344 if you are seeking amazing results.
Copyright 2005(c) Leanne Hoagland-Smith, http://ezinearticles.com/?id=48344
Permission to publish this article, electronically or in print, as long as the bylines are included, with a live link, and the article is not changed in any way (grammatical corrections accepted).
house refresh service Lincolnshire ..The first task before hiring a contractor for home remodeling... Read More
David E. Gumpert, author of Burn Your Business Plan, often... Read More
Businesses tend to avoid doing their annual business plan thinking... Read More
There are no "rules of thumb" in the pursuit of... Read More
This week I coached a wonderfully lovely woman I'll call... Read More
If you've ever listened to Warren Buffett talk about investing,... Read More
Are you frustrated by the lack of growth in your... Read More
If ever there were an industry where we want zero... Read More
In this small article we'll concentrate on farmers associations and... Read More
Microsoft Great Plains, former Great Plains Dynamics is excellent fit... Read More
Remember Chux? The disposable diaper that took the market by... Read More
Most companies that are worthy of raising venture capital have... Read More
You know you need a business plan. You probably realize... Read More
1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More
I read once that something like 30 percent of all... Read More
Entrepreneurs often give little if any consideration to their computer... Read More
To Grow (Catapult) Your Business That's Why.When it's in your... Read More
Writing a business plan is no easy task, sure you... Read More
Business owners and entrepreneurs are, by nature, risk takers and... Read More
Part 1A few weeks ago I attended a seminar sponsored... Read More
One of the difficulties we face in our industrialized age... Read More
Is there a 'magical' way to exponentially grow your business?It's... Read More
I. INTRODUCTIONThe term resilience, which is of frequent use in... Read More
Can you imagine going on a road trip without knowing... Read More
The Accountability/Alignment Process: Three Steps to an Accountable Organization Generating... Read More
licensed cleaning services Lake Forest .."Begin with the end in mind," says Stephen Covey in... Read More
Business plan financial projections seem daunting because they are so... Read More
The trick is to determine what uniquely identifies your best... Read More
There is a story, about a business owner who wasn't... Read More
If you're a solo professional like I am, you know... Read More
1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More
"Bozo" ? A clown with a forlorn look, always finding... Read More
Canada's lean leaders need to look beyond the horizon and... Read More
After 128 years of business, a household word, Montgomery Wards,... Read More
Growing your own small business can be one of the... Read More
A survey released by the American Institute of Certified Public... Read More
When you start your program to purchase your "ideal" company,... Read More
I love the excitement of starting up a new home... Read More
Imagine an office without a desk, or lights, a computer,... Read More
Strategic alliances are increasing at a rapid rate. It is... Read More
Every business experiences slower periods. For some, they sell more... Read More
A business plan precisely defines your business, identifies your goals,... Read More
The University of Exeter in the United Kingdom recently published... Read More
The new check cashing instant clearing will take some time... Read More
No matter what business you plan to start in your... Read More
A strategic alliance is when two or more businesses join... Read More
Why do so many companies languish and watch as their... Read More
To stop a computer virus you must understand how it... Read More
I am not a big fisherman, but I do enjoy... Read More
Are you frustrated by the lack of growth in your... Read More
Strategic Planning |