What is Your MSP?
For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters -Marketing, Sales and Profitability.
In a previous article, "Do You Know and Plan for the 3-R's for Your Business" ( Ezine Article.com directory at http://ezinearticles.com/?id=48344 ), the focus was on Relationships, Referrals and Revenue. One of the most consistent challenges for any business owner is the actual implementation of the strategic business plan that builds the 3-R's. The MSP of Marketing, Sales and Profitability helps to overcome that issue.
Since relationships are the first R, the necessary action is to construct a Marketing Plan to increase relationships. This plan should be specific to your company and not the "shadow" of a company that you admire. Many business owners and executives attempt to "copy" someone else's brand identity and fail to establish their own identify. Marketing plans require research and evolve from a solid vision, values and mission statements.
The second R of referrals generates the greatest amount of Sales. Sales plans and marketing plans are closely related and need to be aligned to ensure that potential opportunities are realized. Within the Sales' plan, specific goals are necessary to ensure that the marketing plan is effective. For example, how many "mailers" are necessary to secure an appointment? How many appointments result in a second appointment? How many second appointments turn into a sale? Knowing your numbers is critical to the sales process and more importantly your own internal motivation.
Revenue is the third R and is a partner of profitability. Some companies work on the philosophy of high sales and low profitability while others use an opposite approach. Profitability is an absolute necessity and should be examined on a regular basis.
Today's business world is complex, but still retains the simplicity of earlier marketplaces. If you know your MSP, you will be able to build the 3-R's.
Leanne Hoagland-Smith, M.S. President of ADVANCED SYSTEMS, is the Process Specialist. With over 25 years of business & education experience, she helps her clients to implement and realign processes to build sustainable change. By uniting systems, strategies and people to create loyal internal customers, Leanne delivers ROI solutions that affect sustainable change in 4 key areas: financials, leadership, relationships and growth & innovation within a variety of industries. As co-author of M.A.G.I.C.A.L. Potential: 7 Capacities for Living an Amazing Life Beyond Purpose to Achievement due for 2005 release, Leanne speaks nationally to a variety of audiences. Please contact Leanne at 219.759.5601, leanne@processspecialist.com or visit http://www.processspecialist.com/organizations.htm if you are seeking amazing results.
Copyright 2005(c) Leanne Hoagland-Smith, http://www.processspecialist.com
Permission to publish this article, electronically or in print, as long as the bylines are included, with a live link, and the article is not changed in any way (grammatical corrections accepted).
More Resources
Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exitingMore Strategic Planning Information:
Related Articles
Regroup - How To Do It And Why It Works
Regroup?is this a new management trend? Not a chance! Regroup is simply an opportunity to end one month's business cycle, recap the performance of your company and outline a plan of success for the new upcoming month. Why does it work? Because it allows each person on your team to assess their performance from the previous month, and make any necessary adjustments for the new month.
Six Key Principles of Corporate Accountability
The foundation of any business transaction is the promise of fair deal. In complex organizational relationships, it is all too easy to lose sight of the existence and terms of this deal.
Home Improvement Construction Project Planning
The first task before hiring a contractor for home remodeling is laying out the details on what exactly you want done. This will ultimately save you time and money, as you will be able to choose the perfect contractor for your construction job, and get the job done correctly the first time.
Fail to plan... or Plan to FAIL??
Running a business, whether it be an offline multi-billion
dollar company or an online part time home business, they
share many similar traits.One of the biggest obstacles I have endeavored to
translate to many, many small business / home business
people, is a very simple phrase.
Microsoft Great Plains in Aerospace & Defense industries - implementation & customization highlights
Microsoft Great Plains fits horizontal markets clientele and in case of Aerospace and Defense industry we'll talk about contractors - parts and subsystems for government contracts. We do not necessarily talk about large corporation, however models described could be implemented for large publicly traded company.
Laying It Out On Paper
You might be thinking to yourself, "Why should I waste my time writing a business plan? I know what (web designers, freelance writers, professional organizers) do!" Knowing intellectually what your industry is all about and pinpointing exactly where you want your business to go are two entirely different propositions.Something happens when you empty vague ideas out of your head and SOLIDIFY them on paper.
Going Self-Employed - A Few Handy Hints
The day you decide to take the plunge and work for yourself will be one of the most life-changing choices you ever make, whether starting a company large or small or as a freelance; from the very first moment of being self-employed, you and you alone will stand or fall by your decisions and actions. You will be responsible for steering your business through all its ups and downs, good times and bad times with no guarantee that everything will turn out right in the end.
Business Strategy Planning Made Easy
Ask Yourself three simple questions that affect your strategy planning..
Resilience
I. INTRODUCTIONThe term resilience, which is of frequent use in the psychotherapy area, has recently started being used in the corporate field.
How Copying the HBO Schedule Can Boost Your Business
I'm not talking about posting the HBO schedule on your website or sending a Xeroxed copy around to all your customers. When HBO came onto the scene they were innovative, fresh, and willing to do things other people were not.
Your Business: Will It Have A Happy Ending?
"Begin with the end in mind," says Stephen Covey in his book Seven Habits of Successful Living. Those who have created a successful business know it does not happen without planning, hard work, and a little luck.
Corporate Contingency Planning
Part 1A few weeks ago I attended a seminar sponsored by Independent Solutions Insurance Inc (Edmonton) entitled "Seminar On Disaster Preparedness", during this seminar I heard stories from individual company owners who told us of their misfortunes and how they coped with their crisis. In both cases these crisis were caused by accident, however, a potential catastrophe nonetheless.
Dotcom Business Plans Archive Project
One of the most important initiatives in the domain of business documentation is that of professor David Kirsch from the University of Maryland, who thought of a dotcom Business Plan Archive - , a project that consists of collecting business plans for posterity. The project was started in 2002, through the Web portal businessplanarchive.
Are You Aware of Planning in Business?
Human beings are rational agents. Rationality endorses one to take up planning in every sphere of life from shifting to a new house to marriage, as well as business.
Top 10 Tips to Create A Business Plan! (For People Who Hate Business Plans)
One of the key challenges for any business is to remain focused and invest resources for maximum pay-off. It's said that 80% of a business's activity accounts for only 20% of total profits.
What is Your MSP?
For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters -Marketing, Sales and Profitability.
Expanding your business in a franchise system
If you are a successful franchise of a large franchise brand or chain, chances are you will wish to expand. The most important thing to do is make sure you are on the most positive terms with your franchisor.
Call in the SWOT Team: Produce More Opportunities to Expand Your Business
Have you ever done a SWOT analysis? No, it's not some dangerous military
maneuver. It's actually a fun and incredibly helpful business development exercise that will give your company focused direction and great marketing ideas -- whether your business is brand new or has been around for years.
Leverage - A Small Step For You /A Big Change For Your Career
Cassy was an employee of a nonprofit who had been at her job 5 years. She came to me because she felt that the organization she was working for didn't value her and was upset because others had been promoted but she had not.
Mastermind Your Way to Success
What do Mark Victor Hansen, Robert Allen, Anthony Robbins, Andrew Carnegie, Henry Ford, Thomas Edison and Ben Franklin have in common?They all leverage the power of the mastermind team.The mastermind works on the concept that two (or more) heads are better than one.
Titanic Precautions
Many movies have been made about the tragic story of the Titanic. Arrogance and ignorance was definitely present during its maiden voyage, which was Titanic's last voyage.