Time to review your business
What a great conference for Australian Regional Tourism.
The one aspect for me was the reflection of the information and how it is relevant for me, because if its not relevant to me, it’s a lot of nice words, but does not help me to make change in these challenging times.
Going through all the great speakers, there are so many gold nuggets and sometimes there can be too many and you get overwhelmed in the excitement to take advantage of them.
Over the past 45 years, successfully developing many businesses, large and small all around the world, I have seen 7 major steps.
- What life do you want.
This is a step that many people don’t review. Being in business for your self is not necessarily for everyone. Working with a great team or organisation can be more fulfilling than running your own businesses, with challenges of cash flow, employing people and those pesky customers.
- Your Avatar.
Who are you trying to help or serve. You cannot help everyone, understanding who you are serving, picturing them in your mind, what make them tick and what success may look like for them.
Are they in the Red Sea, where all the sharks of your competitors are all swimming around. All trying to capture your avatar and sell to them. Or are they in the Blue Sea, where you have solutions that are unique and relevant. However sometimes the Blue Sea may be too different, so the best is the Purple Sea – a mixture of the Red who may understand what solution you have – with the Blue being innovative.
- What problems
What problems do they have. What challenges to possible solutions, barriers to change, do they know what problems they really do have? Short term issues or longer term?
- What solutions do you have,
Are they real solutions or a quick fix. Are you just trying to sell a product or service, or is it a real solution. Are you just trying to cut inventory or sell accommodation that is not relevant anymore to the market.
- Are they in a Tribe
Is your Avatar in a group or Tribe. Have your avatars formed together to make them easier to market too. As a group are their problems and challenges clearer, especially if they discuss their problems between themselves. Can they be managed through a third party like a Travel Agent or wholesaler, are they in some form of travel club, AAA, or membership like BIG4, G’day or other group.
- How do you engage them
Use “Hook – Story – Offer” as a way to engage them. Don’t just sell – become a solution provider. Engage them in ways they want to be engaged, really understanding each of your avatars, really help at this step.
- Are you making real profit.
Have you enough profit to meet (1) above. Not just selling a few products or services. Is your accommodation large enough, are you gaining enough occupancy, is your selling period long enough. Can you identify your costs, are you covering cash flow, building value and do you have an exit strategy.
So while you are reflecting on the great sessions from the conference and reviewing the way forward, use the above as a guide to plan the outcome that you want for you and your family. Planning is the key to creating your future – rather than just hoping that it will happen.
I expand on these in my books, courses and blogs on Business Tribes and will add to it on the Hub in the future.
Tony Park
Best Selling Author, Entrepreneur and Academic
Strategic Planning at Purple Sea Marketing