As Internet Marketing Consultants at Cazbah, one of our goals is to understand our customer’s business objectives, in order to trace that back to digital marketing performance. Quite often, our SMB (Small and Medium Business) customers will answer that question with something like “More Sales” or even “20% increase in Sales”. That is great, but when asked “What is your end game with your business?” we get blank stares and silence.
This kind of all too common response scares me for my customers. It seems like that question is too much for many of our customers to handle. Being a SMB is difficult. There are a lot of day to day tasks that demand their time and mind share. Payroll, taxes, customer support, employee issues, etc. Knowing where your business should be in 10, 20, 30 years after you retire is often not on that list.
This is a problem because it can potentially cost you millions of dollars or even your business in years to come. Planning now for the future of your company is essential. What do you want to do? There are several options. (Learn More about exit strategies from Paramax Corp)
- Selling the Company Outright
- Transfer of Ownership
- ESOP – Employee Stock Ownership Plan
- Management Buyout
All these options will affect how you run your business and determine your long term and short term business objectives. Those business objectives should determine what your KPI’s (Key Performance Indicators) are. Some of those might be:
- Customer Retention
- Customer Satisfaction
- Conversion Rates
- Cost per Acquisition
These are just a few possible KPI’s. There are many more possibilities that could be internal or external to your company. Here are some more examples of KPI’s.
In the end, all of these business objectives and KPI’s map back into your digital strategy. At Cazbah, we report on this monthly using analytics goals and other measurable objectives. If you don’t have these figured out, then we are only giving your tactical measurements that might assist your business on a month to month basis. These activities will be unlikely to move you closer to a profitable exit strategy for your business.
Don’t wait until it is too late. Start planning for your business’ future today. Make your digital marketing strategy and your overall business strategy about long term success that will outlast your ownership of the company.