The two most widely used types of strategy in the world of business are:
1) Cost leadership, and
Small businesses rarely have the ability to be true cost leaders. Let's face it, we just don't have the scale and resources that the big boys have to offer the lowest prices and still generate large profits (think Walmart).
So we're left with differentiation, offering a product or service that is done "differently" or "better" than the competitors - at a slight premium that customers can and/or willing to pay for.
But here's the key: you can't do so without fully knowing your competition - both direct and indirect competitors (think substitutes).
At Scopo, we conduct a thorough competitor analysis when helping our small business clients. It proves to be a valuable aspect of the strategic plan because it assists in identifying new and exciting revenue opportunities by aligning key resources and processes to customer needs and wants, in such a way that differentiates them from their competitors, does not reduce the quality of their product or service, and seeks to fulfill the PURPOSE (aka SCOPO) of their organization. Oh yeah, it also comes in handy when you're looking to finance your small business - lenders and investors want to know this information.
Get to know the competition. Differentiate yourself. Earn higher profits. Fulfill your purpose.
Strategy clearly describes the overall direction a business needs to take, over a period of time, to achieve its goals and obtain (or maintain) a competitive advantage. A clearly defined strategy from Scopo will:
Did you know that Rocky had a Scopo? It wasn't to become the heavyweight champion of the world. At least not at first.
No. Rocky's Scopo was to accomplish something nobody has ever been able to do before...to use what resources he had and "go the distance with Creed."
That's it, that's all he wanted to achieve. Because he knew, that if that bell rang and he was still standing...then he would know, for the first time in his life, that he "weren't just another bum from the neighborhood."
So what's your Scopo? Why does your small business exist? What's its purpose? If you're having a hard time achieving it...allow Scopo to be your Mickey, always in your corner.
As President Trump takes office and continues to meet with business leaders and policy advisors, local small business owners should start planning now if their goals are to grow and prosper in the future. Two key components should emerge from the Trump Administration to help small businesses:
1) Deregulation, and
2) Tax reductions
However, due to the fact that New Jersey is an unfavorable environment for small businesses and entrepreneurs, most of our local small businesses will not fully benefit from any key policy changes implemented by the Trump Administration. The few small businesses that do will have a firm grasp on:
1) Finances, and
2) Strategic planning for the future
Scopo helps our local small businesses do just that. We advise our clients to start planning now and work closely with them to help achieve their goals.
Due to expected deregulation, small businesses will find access to capital easier but they must have strong financial records and a detailed strategic plan on how these funds will be utilized to promote growth in their companies. And this is exactly where and how Scopo comes in to help.
Scopo helps Mercer County small businesses by getting their finances in order and strategically plan for the future. And with the new policies expected to be implemented by the Trump Administration, now is the time to take the offensive and act. Don't wait!
Contact Scopo today to speak with a trusted advisor who has the expertise to help your small business grow and achieve its goals. And always remember "Your Scopo is Our Scopo!"
How do you successfully generate "buy-in" from employees and other relevant stakeholders?
Before a company can implement a strategic plan, one must present the plan to the organization and get everyone on board. One approach we recommend is "avoiding surprises."
Presentation time should not shock your audience. Discuss your plan outside the board room and solicit feedback. Do this enough times and you'll have higher rates of "buy-in" because your team will be prepared and also have a sense of pride for being a contributor to the strategic plan.
Always remember, there is an "art" to any successful negotiation procedures. Consider contracting professions from outside your company to assist and provide "unbiased" recommendations. Consider adding a Scopo advisor to your team.
2017 could be a "make-or-break" year for small businesses. If owners and managers do not start designing a new business model that best utilizes their key resources and capabilities to embrace the "Internet of Things", they could be left in the dust by those that do.
We are currently in the "design phase" of IoT and are creating new innovative platforms that connect "things" with "data collecting" systems - aka the "internet". Starting in 2018-2019, we will begin to ente...r the "service phase". This will be the time we take our new business models to the next level, and if businesses do not start designing now they could become obsolete within the next four years.
How can Scopo help your small business? We provide an innovative and simple road map with fresh strategic perspectives and advanced business insights that will drive your small business's design phase over the next 12-24 months, aligning your key resources and capabilities with the right IoT opportunities that will enable you to take that next step.
The "key" is to start planning now before it's too late. It's not a scare tactic, it's reality - and it doesn't matter which industry you're in. Contact Scopo today and let us help you start planning for tomorrow to stay ahead of the competition and ensure long-term success.
Should small businesses invest in data analytics?
The quick answer is "yes". Data, and the ability to find valuable knowledge from data, is a key strategic feature to successful firms. The key is finding the right people to analyze the data. A company can have access to all the data in the world, but if it can't find value in the data it becomes useless.
At Scopo, we do just that. We analyze an enormous amount of data and align a small business's capabilities to take full... advantage of the data and maximize returns.
Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business succeed and you quickly learn that "Your Scopo is Our Scopo!"
Many people ask us "What is Scopo?" So, here you go......
Scopo is the Italian word for Purpose. Purpose is the heart of every company's mission, it's why a company exists. The Purpose of Scopo is help Mercer County small businesses achieve their Purpose, to accomplish their mission. In essence, your Purpose becomes our Purpose. Your Scopo is Our Scopo!
How does Scopo help Mercer County small businesses achieve their Scopo? We utilize the EXACT SAME strategic principles... and business insights that large corporations use as tools to achieve their Purpose......WITH ONE HUGE DIFFERENCE!
Scopo does not charge the tens to hundreds of thousands of dollars that large corporations pay every year for these same tools. In fact, Scopo doesn't charge small businesses at all, not one penny, UNLESS we can help our Mercer County small business clients earn NEW profits. And when we do, we only charge a small percentage on those NEW profits.
If you're a Mercer County small businesses owner and want to learn more about how Scopo can help you achieve your Scopo...call, text, or email us today. We only exist for YOU!
If you know a Mercer County small business owner, please tell them about Scopo Company's valuable services that can help their business succeed. It will be the best tip you could ever give them.
It's been said 'to grow a company, you must plant seeds.'
But how do we know which seeds to select? Of the billions of seeds to choose from, how do we know which seeds will prove to be most profitable?
At Scopo, we utilized sophisticated data analysis tools that help us choose the right seeds. It's like a doctor looking under a microscope. Because only on the micro level, can we truly see which seeds are the healthiest.
Don't waste time and money planting the wrong seeds. If you're looking to grow your company with the least amount of investment and the least amount of risk, contact Scopo today. Our trusted strategic advisors have the expertise and capabilities to help small business owners select the right seeds.
Your small business has more potential then you realize, and we'll prove it through Innovative Alignment.
At Scopo, we work closely with Mercer County small business owners to identify their most valuable resources and capabilities - and look for NEW ways to utilize them to meet the needs and wants of customers. We call it Innovative Alignment - and you'll only find it at Scopo.
Breathe new air into your small business. Achieve your mission faster than you thought. Reach your maximum potential. Contact Scopo today. It will be the best investment you've ever made.
Joe Immordino, MBA