The year is now coming into the last quarter, and autumn (fall) is upon us! I recently took delivery of a box full of bulbs for my garden. I will plant these in the next week or two, as the summer growth starts to die back, and I will have beautiful flowers to look forward to in the spring!
What’s that got to do with business?
Well, as we enter the last quarter of 2020 (and what a year this has been!) we should already be looking forward to 2021 and “planting bulbs” in preparation. We cannot expect to have a “beautiful spring” if we have not put in the preparation this year. As well as planting the bulbs I need to ensure that they are planted in the correct location (not waterlogged) and have sufficient soil and nutrients to sustain them when they start to grow.
What can we be doing for our businesses so that they will flourish in the spring?
- Review the market and your offerings – do you have the right products and services in place, or do you need to develop new products – it will take time to research and develop new things. The market has changed a lot, and many of us have adjusted already, but you need to consider what the world will look like in 3-4 months time as the new year starts. It can be difficult to forecast, but take some time to review the trends in your industry and consider how you can address them.
- Who’s your customer – or who will they be next year? It’s always a good time to review your Ideal Customer Avatar (or develop one) but this is a great opportunity to consider who will be purchasing your services in 2021. Businesses that are truly focused on the customer have the best results – and being really clear about who your best customers are will pay dividends. Don’t fall into the trap of thinking you sell to “anyone” or “everyone” – all businesses have sweet spots where the right customers will be attracted to you.
- Do you have a good marketing plan in place – it takes time to develop leads – and if you are B2B your sales cycle may be long. Now is the time to start filling up our sales pipeline. Remember that buyers are savvy – they will be checking you out long before you have identified them – have you got good content in place? Is your website optimised? Are you writing blogs (with your avatar in mind)? Is your social media plan in place? Have you got systems to capture all this information to make sure you deliver the right information to leads and prospects at the right time?
- You will also need to plan for the resources you will need to service all of this, including outsourcing where applicable. Do you have the tech you need, the software / subscriptions, the staff, the raw materials (if you make your own products). Have you built good relationships with all your suppliers? These relationships are as important as your customer relationships. You can’t sustain a business without reliable supply chain. Do you have a good accountant or bookkeeper, legal / HR advice, a coach or mentor? Preparation now is vital.
All of this takes time to put in place and so the perfect time to start is…. NOW.
Let me know what you are planting in the comments below!
