On the 5th Day of Business Planning my true love game to me… PRODUCTS and SERVICES!
Yesterday we discussed the Financials facet. Products & Services are what generate the revenue.
Each of your products and services should be individually evaluated.
- How much revenue did each bring in?
- What were the expenses associated?
- If the return was positive, what improvements can you do to make it more profitable?
- If the return was negative, should you keep offering it with modifications to make it more profitable, or stop selling it altogether?
There might be new products or services you’d like to offer. Instead of launching now and learning later, take some time to do research up front. Ask your market what they want (or don’t want). Consider not only the material cost, but the impact on staffing and other areas of your business. Snapshot Business Planning gives you additional areas to consider. Consider picking up a copy if you haven’t already.
Once you’ve decided on your specific products and/or services, we’ll get into how to market them and make you MONEY!
Get READY for YOUR Day 6 of your 12 Days of Business Planning.