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It’s Only Common Sense: Get Your Business Off to a Great Start in 2024

The old saying, “Jack of all trades, master of none,” can apply to business in many ways. First, no business can do everything. Like the saying, if you try to do everything, you won’t be good at any of it.

One of the most important things in business is to stand out for something—to be outstanding, if you will, and make sure that you are known for what you do best.

So, you must first discover what you do best and then hone those skills that make you the best. It is interesting that many companies don’t understand what they do best. They just take it as it comes. They build what their customers send them. This is especially true for companies in the PCB industry since we are really “job shops” building our customers’ products. It can be difficult to differentiate what we can do and what we’re good at. It can make our niche even more difficult to discern.

We sell expertise to produce certain technologies that our customers want and need. Our “product,” if you will, is our process to build those technologies. To determine our true niche, we need to ask some questions.

Part one: Learning from what you already know.

1. What do we do best? In what technologies do we thrive?
2. What do our customers say about us? Why do they do business with us? Why do they like working with us?
3. What are the prevalent technologies that fill our shops? Basic four- and six-layer? Metal backed? Flex and rigid-flex? HDI, military, medical, or automotive? Check out your customer list and backlog to discover what you are building the most of.
4. How good are you at building these technologies?
5. What business are your customers in? Are they in a market that is expanding or contracting?
6. Does that market have a solid outlook?
7. What will it take for you to serve those customers in those markets today and in the future?

Take this information and brainstorm with your team to build on it. Ask these leading questions to define your future:

1. Mission statement: Clearly articulate the purpose and mission of your company, outlining the core values and principles.
2. Vision: Define your long-term vision, describing where you want the company to be in the future.
3. Unique selling proposition (USP): Identify what sets your product or service apart.
4. Target audience: Define your ideal customer base and demographics.
5. Market research: Conduct thorough market research to understand industry trends, customer needs, and competitors.
6. SWOT analysis: Evaluate your company's strengths, weaknesses, opportunities, and threats.
7. Competitive analysis: Analyze your competitors to identify gaps and opportunities in the market.
8. Value proposition: Clearly communicate the value your product or service provides to customers.
9. Positioning: Determine how you want your brand to be perceived in the market.
10. Brand identity: Develop a strong brand identity, including logos, colors, and messaging.
11. Marketing channels: Choose the most effective marketing channels to reach your target audience.
12. Pricing strategy: Decide your pricing structure based on costs, value, and market demand.
13. Growth strategy: Outline your plans for expanding your business, whether through new markets, products, or acquisitions.
14. Technology and innovation: Leverage technology to stay competitive and innovative.
15. Partnerships and alliances: Identify potential partners or alliances that can help your business grow.
16. Employee engagement: Ensure that your employees are aligned with the company's mission and values.
17. Customer feedback: Continuously gather and act on customer feedback to improve your offerings.
18. Risk management: Develop strategies to mitigate potential risks to your business.
19. Execution plan: Create a detailed plan for implementing your strategy.

Look, I know that this kind of thing takes time. It could even take a few days of meetings, but it works. It’s worth the investment of your time.

One of my ongoing frustrations is how little time some companies spend on their strategy and direction. I hope that you consider doing this kind of exercise. We can get so busy “doing” our business, that we spend very little time just thinking about and planning out our business. But a few days of planning can make a big difference. We should always be ready to talk about the business directly in front of us. But when it comes to self-evaluation and looking at our future, for some reason we never seem to find the time.

I urge you all to find that time, especially at the start of a new year. Bring your team together to think, discuss, and plan your company’s future—not only for this year but for years to come.

It’s only common sense.

Dan Beaulieu is president of D.B. Management Group.