Businesses occasionally launch head strong into new markets or initiatives without a sound strategy or plan. Such was the case for two clients attempting to bring their products to the U.S. wholesale marketplace from foreign countries. In both cases, they had hired a local sales reps, attended industry trade shows and were attempting to sell their existing products from existing inventory in their homeland–and were failing. It was at that point they realized something critical was missing–they hired consultants Think Brink and dlbStrategies for help.
dlb PLAN- We collaborated on the creation of a strategic plan that included a full market analysis, competitor analysis and product analysis so the companies had a better understanding the opportunities in the marketplace, that fit with their specific brand and offering. We also outlined a complete operational plan, including a 5 year financial proforma, so the companies understood the real commitment necessary to succeed long-term in the U. S. marketplace.
THE RESULTS- In both cases, the companies shifted direction away for their previous course of action and onto a better path for long-term success. The investment in our strategic plan saved them countless wasted dollars and time pursuing a failed strategy. One company has delayed their launch in the U.S., indefinitely, until they are better prepared to execute our plan. The other client retained our help in executing an alternative strategy we outlined in our plan.
dlb Thoughts on Strategy– A plan or strategy doesn’t always have to be perfect, and actually rarely is, to achieve success–as long as you have the time, resources and persistence to “work it out.” However, it may not be possible to overcome a really poor strategy with any amount of time, resources or persistence. So, you have to at least “be in the right ballpark” with your strategy. The most efficient and direct path to success is always going to be combining a good plan or strategy with great execution. Even then, there are no guarantees due to unforeseen shifts in the market, regulations, competition, personal tragedies etc.– that’s Business (and life)!