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January 6th, 2011 posted by David Finkel (Taxloopholes.com Advisor)

Today I wanted to share some key insights on how to focus your business on the smartest, highest profit, highest growth markets and customers.  It’s based on a conversation I had with one of our consulting program clients a short time ago.

Okay, now on to the conversation about choosing the best markets and customers for your business.

Choosing the Best Market(s) and Customer(s)

The company I was working with was making the choice of which parts of their business to focus all their energy on, which to let go of now, and which to keep temporarily until they could replace it with better business.

Here was my coaching to them:

ONE:  Go through your product offerings and customers and break them down by the following “filters”:

  • Which business opportunities are the highest margin?  Which are the lowest margin?
  • Which markets have the biggest room for growth?  Which are the most limited markets?
  • Which markets can you be in where you can create a sustainable advantage over your competitors?  Which can’t you create a competitive advantage in?

TWO:  Go back through the above questions and ask them about your CUSTOMERS versus markets…

  • Which of your customers are the highest margin?  Which are the lowest margin?
  • Which customers have the biggest room for growth?  Which are the most limited customers?
  • Which customers can you create a long term relationship with that will keep out competitors?  Which customers are most vulnerable to other competitors poaching?

THREE:  Take this information and use it to decide which markets and customers you ideally want to focus your business on servicing?  Which do you want to immediately want Levitra to stop servicing?  Which do you want to phase out of over time?

I hope you use these strategic questions to help you focus your company on the right plan to grow.