Poor Marketing, Business Planning a Threat to Businesses
Implementing a strategic plan is critical to a successful business
Minneapolis, MN (Grassroots Newswire) March 20, 2008 -- It might be hard to believe, but over 50 percent of companies admit to doing a poor job of marketing and planning before opening a new business, according to research conducted by Southern Methodist University. Without a good understanding of the market, the competitors and possible partnerships, businesses, unfortunately, tend to fail at a higher rate, says The Entrepreneur Source.
Carolyn Herfurth, Minneapolis business coach from The Entrepreneur's Source, says the main reason for failure in marketing and business planning is the lack of marketing exposure and business acumen of new business owners. In many companies, marketing is an under-valued function mainly because it is not understood and is considered an overhead expense and not a true necessity to success.
"There are countless business professionals in the field today who do not fully understand marketing and the value of having a plan," Herfurth said. "Our research indicates that 98 percent of all salespeople don't follow a consistent sales and marketing methodology. However, the other 2 percent who do follow a steady plan produce 45 percent more revenues. A strong marketing plan, supported by solid execution, will 'grease the wheels' for a boost in sales."
The Entrepreneur's Source, a leading coaching and advisory firm, specializes in helping a business owner create and build value for their business by understanding what is putting their business at risk, explore options that will help them see their company more objectively, and implement systems and processes that will reduce expenses and increase productivity resulting in a healthier bottom line.
Industry leader Terry Powell, founder of TES, recognizes the fact that an overwhelming 90 percent of businesses have unsolved and potentially fatal problems. Business coaches, like Herfurth, provide executive coaching to business owners in the vital areas including opening a new business, communications and leadership, market and business planning, exiting a business, increasing profitability, expanding operations and exploring a new business.
"Businesses in the local area benefit by our services because we help pinpoint existing problems and create a long-term vision for their business," Herfurth said. "We have a one-on-one coaching relationship that over a period of several months helps implement strategic inititiaves to build and increase the value of their business. There are many dangers and threats to small and midsize companies that need to be addressed immediately. Having the right partnerships in place when you need them are key to businesses' success – and that is what we are here for."
Minneapolis, MN (Grassroots Newswire) March 20, 2008 -- It might be hard to believe, but over 50 percent of companies admit to doing a poor job of marketing and planning before opening a new business, according to research conducted by Southern Methodist University. Without a good understanding of the market, the competitors and possible partnerships, businesses, unfortunately, tend to fail at a higher rate, says The Entrepreneur Source.
Carolyn Herfurth, Minneapolis business coach from The Entrepreneur's Source, says the main reason for failure in marketing and business planning is the lack of marketing exposure and business acumen of new business owners. In many companies, marketing is an under-valued function mainly because it is not understood and is considered an overhead expense and not a true necessity to success.
"There are countless business professionals in the field today who do not fully understand marketing and the value of having a plan," Herfurth said. "Our research indicates that 98 percent of all salespeople don't follow a consistent sales and marketing methodology. However, the other 2 percent who do follow a steady plan produce 45 percent more revenues. A strong marketing plan, supported by solid execution, will 'grease the wheels' for a boost in sales."
The Entrepreneur's Source, a leading coaching and advisory firm, specializes in helping a business owner create and build value for their business by understanding what is putting their business at risk, explore options that will help them see their company more objectively, and implement systems and processes that will reduce expenses and increase productivity resulting in a healthier bottom line.
Industry leader Terry Powell, founder of TES, recognizes the fact that an overwhelming 90 percent of businesses have unsolved and potentially fatal problems. Business coaches, like Herfurth, provide executive coaching to business owners in the vital areas including opening a new business, communications and leadership, market and business planning, exiting a business, increasing profitability, expanding operations and exploring a new business.
"Businesses in the local area benefit by our services because we help pinpoint existing problems and create a long-term vision for their business," Herfurth said. "We have a one-on-one coaching relationship that over a period of several months helps implement strategic inititiaves to build and increase the value of their business. There are many dangers and threats to small and midsize companies that need to be addressed immediately. Having the right partnerships in place when you need them are key to businesses' success – and that is what we are here for."
posted by Carolyn Herfurth, The Entrepreneur's Source at Thursday, March 20, 2008
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