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59<br />
StreetSmarts<br />
is to conduct a condensed strengths,<br />
weaknesses, opportunities and threats<br />
(SWOT) analysis. Strengths and weaknesses<br />
pertain to your internal organization.<br />
Opportunities and threats refer<br />
to the external marketplace.<br />
Boil down your SWOT analysis to these<br />
three simple questions:<br />
1. Who will provide merchant ser -<br />
vices with you?<br />
2. Given the thousands <strong>of</strong> other<br />
companies in the industr y, why<br />
should businesses get their services<br />
from you?<br />
3. How will you provide ser vice<br />
to your customers? (<strong>The</strong>re are<br />
various front-ends and back-ends<br />
in processing. Which will you<br />
choose and why?)<br />
Ask members <strong>of</strong> these groups for their ideas and thoughts. Determine how the<br />
economy is affecting each <strong>of</strong> their businesses and work to ensure long-term<br />
mutual sustainability. No matter how small your business may be, involving<br />
your vendors and partners in strategic decisions will result in better relationships<br />
and more information to guide your decision-making process.<br />
Change happens<br />
It is hard to know where to go if you don't have a baseline to identify where<br />
you started. That is where having a solid foundation <strong>of</strong> measurements comes<br />
into play. Basic financials like your pr<strong>of</strong>it and loss will tell you at a high level<br />
how you are doing. List all <strong>of</strong> your expenses, and identify areas for reduction<br />
and improvement.<br />
Above all, it comes down to differentiation.<br />
What makes you different? If<br />
you list "low price," "great service" and<br />
"24/7 service," those can be claimed by<br />
any company and therefore are not differentiators.<br />
Differentiators are unique.<br />
Strategic planning<br />
Much <strong>of</strong> the business plan noted above<br />
can be accomplished internally. In strategic<br />
planning it is important to consider<br />
other organizations that impact<br />
your business and get them involved.<br />
For us, we have organizations in one <strong>of</strong><br />
four groups:<br />
• Direct and indirect sales channels:<br />
employees, contractors, partner<br />
banks, chambers <strong>of</strong> commerce,<br />
the Internet and networking business<br />
groups<br />
• Product mix: gateways, POS<br />
equipment, s<strong>of</strong>tware and other<br />
value-added products and services<br />
• Customer base: clients that best<br />
represent our target market<br />
• Operations: elements (such as<br />
accountants, legal and Internet<br />
services) that help us gain more<br />
efficiency, increased revenue or<br />
improved quality for the same processing<br />
volume
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