A product and a business plan.

by | Apr 27, 2020 | Business Strategy

A product and a business plan.

I have an idea, I just need $50, a product and a business plan.

A son sends a letter to his dad “Dear Dad: Urgent. Please wire fifty dollars right away…” 60 years later the company he created is worth $39.1 billion.

Dear Dad: Urgent. Please wire fifty dollars right away”

This week’s blog is all about a product and a business plan

More so the results you can expect from including sales in your business strategy.

The story above will show you how the son in question focuses on sales to keep his business growing even through the most difficult times.

For simplicity, we will call this son Joe throughout this article allowing you to play along at who this might be.

“Building my strategy gives me clarity.”

Joe had a passion.

He loved how his passion made him feel and he wholly believed others should feel this too.

This guiding principle helped him to focus, to give him direction.

He knew what he wanted to achieve in life and that the journey was more important than the destination.

Joe had an idea of how he was going to get there;

He even wrote a college paper detailing his business plan to import his product from Japan to America, remember this was before he was even an entrepreneur.

Putting the time and effort into creating your sales and business strategy will give you clarity over what, how and why you want to achieve.

The act of creating the strategy will really help give you direction and purpose.

Additionally, your sales and business strategy will be a scaffold to return when you lose direction.

You will be able to look at your strategy and remember what is important to you, your business and professionally.

“I am clear how I can survive and thrive.”

Joe had a great idea for a business model.

He executed this model with $50 borrowed from his father, as mentioned in the beginning.

For the next 18 years he struggled financially, with a constant fear of bankruptcy hovering around.

Perhaps unconventionally, he focused on putting all profits back into the company to put in more orders, such was the level of belief and passion he had in his product.

Joe’s sales and business strategy was clear: re-invest all profits.

I’m sure he wasn’t very popular with his bankers as they always reminded him that he didn’t have equity and that it was no way to run a business.

Having sales and business strategy is like having a scaffold, it’s a working document you can return to whether you are doing well or struggling due to changes in the economic environment.

With all the current changes it’s never been more relevant to return to your strategy.

You might need to review it and adapt it to fit the current economic crisis but the data and science is there.

When you make your sales and business strategy use research to inform it.

When things do get difficult have confidence in the strategy you created.

Talking About the Importance a Sales Strategy with David Davies – MD Sandler Training UK

“I am adding value in difficult times.”

It’s easy to dismiss the example told at the beginning of this article.

Saying “Yes, but he had help/support/investment/any other reason” but it doesn’t do the son in this story justice.

Sure, he got a $50 loan from his father but he didn’t inherit his business from his father,

He created his own business plan.

Joe had the self-belief and confidence in his idea to import from Japan and the courage to follow it through by travelling across the Pacific without any meetings set up.

He knew that he could source a low-cost, high quality product from Japan because labour costs over there were low in the decades that followed World War Two.

Although, many might have dismissed it as a crazy idea, especially as he started selling from the boot of his Plymouth Valiant with no office or store at the beginning.

After 18 years!

It took 18 years for his business to launch on the stock market that made him rich to the tune of $178 million.

He would keep on going as long as he believed his products would improve the lives of his buyers, and as long as they wanted to buy them.

So, what are you doing to cope with the pressures of covid19?

Are you shutting up shop? Are you moving all business online? Have you changed your product line?

As Google puts it so succinctly “Focus on the User.”

There’s a lot to learn from Google’s philosophy, it’s a good article.

Take a look if you have time or want some extra reading.

Go back to your reviews, testimonials, and customer feedback to remind yourself that you are adding value to your customers.

Remind yourself what it is that makes them buy your product, what problem does it solve, and how does this fit in the current climate.

So, did you guess who it was?

You probably won’t be surprised to guess that it was Phil Knight of Nike.

He made it from humble beginnings to create a multi-billion dollar company.

Focused on the core belief that if you believe in something enough you’ll be able to sell it, and by keeping sales at the heart of your business strategy.

More The Sales Mindset Coach resources

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It’s available either as a digital download or in paperback, and benefit from my vast experience in sales from working at Shell to setting up and running “The Sales Mindset Coach”.

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Additional Reading

 

Build and Sustain a Sales Strategy

How to Incorporate Customer Feedback into your Business Strategy

The Relationship Between Sales and Marketing Activity

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