Planning a Profitable Path

When you fail to tap potential markets, then, obviously, you are losing productivity as well as revenues. 

For example, you may forecast few products, get the production done and nothing gets sold in the market by the sales team. That’s a major disaster. On the other hand, when you prepare wrong sales forecasts, then you mess up the whole demand planning process. What then? You’ll witness fluctuations in procurement, inventory and production. And with frequent changes in sales requirements, production schedules keep altering.

Right from sales forecasting to product distribution, if your operations are aligned in a perfect manner, then you’ll notice neither problems nor delays. 

If you face hurdles, then better align four Ps to make everything functional.

1. Do you have the right proposal?

2. Are the preparations well-organized?

3. Do you right people for the right job?

4. Are respective processes effective and measurable?

Well, if you have a demand for a specific product, then there’s no reason why sales team shouldn’t include that product in the forecast. You miss that product, you lose profits. 

Oftentimes, success can be achieved by applying simple solutions.

In today’s fast-paced world, every small initiative and significant practices has to be measurable. With your customers, your business thrives, and in fact, with them there’s progress, and without them there’s no business at all. 

As simple as this, you have to embrace innovative and novel strategies with a swift transition from product-centricity to customer focus in order to serve and expand customer base and boost growth and profitability.

And when you want to improve your prevailing product portfolio, then, seriously, you have to think of novel products and timely product launches. 

And for that survey potential and emerging markets. Gauge your sales force effectiveness. Check your procurement strengths. Calculate your production capacities. Assess your manpower availability. Make right decisions based on your projections. When you delay product launches, there’s possibility of losing revenues and product becoming insignificant when a competitor supersedes with a similar product.

When you think of exploring new markets and bolstering existent customers, then you have to be very clear about the obvious objectives, approach towards the customer base and connected challenges. Because sales force effectiveness depends on the practices it adopts to establish the best rapport with its customers. Otherwise, it will create ‘customer dissonance’ where a customer may simply begin complaining with an uneasy feeling or stop buying from you and approach your competitor.

Conclusively, once, you begin onwards journey of progress, you have to think how you can foster lasting alliances with established and evolving customers, stakeholders and vendors. Besides investing in technological infrastructure, you have to build competent workforce by recruiting right people. Finally, decide how you can chisel your company culture to make it more collaborative, and impart insights and training to your employees to empower them.