Budgets have gotten tighter.
Efficiency is not an option... it’s a requirement.
And, timing is critical.

1. Be honest... how well do you know your target audience?
When is the last time you talked to your customers or prospects (if you are not a sales person) to understand what they want? Is the material you use to communicate who your company is and what it offers accurate and powerful? Does it address key issues your target audience has and answer how to solve their problems? Has your target changed over time? There’s no time like the present to improve focus.

2. Have you nailed down your product category?
Do you know what category your product fits into?  For example:  if you sell mobile phones, you are in the larger Telecom industry and then narrowed down, the mobile phone category. Knowing your category helps define your target market and customers. It allows you to find numbers on the size of the total, penetrable and addressable markets for forecasts. And, it allows you to better look at competitors in your same category to create a differentiating positioning.

3. Do you like competition?
It’s healthy to have and to recognize competition. Investors don’t like to hear business people say “there’s no competitor.” If there’s no direct competition, there will be indirect competition at a minimum. Once you know the answer to #2 (what category your offering fits), it makes competitive research easier. You may be a hybrid between categories but, try to narrow it down to those that most closely fit your solution. You must be able to express how your solution differs and why it is better.

4. Do you know where you fit in the value chain?
Where do you fit into the ecosystem for development of your product or service? Understanding this chain helps a company choose with whom they can best sell to or partner with to drive business and create an overall strategy that leverages strengths. It’s important to also validate where you’ve placed yourself in the chain. Keep refining it until it truly reflects market conditions.

5. How do you make money?
The business model is always part of a good discussion.  If you’re in the software world, we might talk about licensing, hosted, SaaS or hybrid models. Different industries have variations on how they generate revenue but, no matter what the business is, documenting this and coming up with a sound plan to support the model for marketing, sales, territories, channels, etc. must be done.

6. Are you social?
Everyone from retailer Lilly Pulitzer to book authors like Seth Godin to movie stars like Demi Moore are using Twitter, Facebook, Linkedin and other social networking engines to create awareness and buzz for customers or fans. Some networks are for personal use and others lean towards business, but this is an area that is gaining momentum so the sooner you figure out a strategy for how to leverage it and at least have a presence, the better.

7.  Do you watch regulatory drivers?
Are there any government, health, food and drug or technology regulations that may drive the use of your product or service? It’s important to be aware of mandates sent down from higher organizations that force people to take action. If your offering fits the mold, adding this driver to your message and strategy helps build the case for buying or using it in the future.

8. Can you pitch what you do in an elevator?
You’ve heard “elevator pitch” preached over and over again. Who are you, what do you do, for whom (your target) and how does it bring value or solve a problem? Can your grandmother or neighbor understand what you’re trying to communicate? Review your pitch and see if it makes sense.

9. How’s your image?
Does your business card stand out in a pile of others (clean, legible, strong)? Does your company logo represent the passion behind your business in a pure, uncluttered way?  If you picked up your own company brochures, does it make you want to know more?  Do a litmus test with your own materials as if you were a 3rd party looking at a new company.  Do you like what you see?

10. Do you have the right people?
Business is tough enough when you have good people running it. Do you have a roadmap? Could you get to market faster?  Have you looked at all the options for new markets?  Are there plans in place for growth?  Do you have people that are strategic and tactical working on these types of initiatives?  Company growth comes down to delivering results with the right people.