Coming up with a great business strategy may be the single most difficult step in building a business. But it may also be the most important in growing your business.
Many startups and SMEs having disappointing results right out of the gate although they spend endless amounts of time and energy in the day-to-day execution of their business plan as well as running the business the same way the competition is. Business owners will get frustrated and baffled on this. But the reason is, many entrepreneurs don’t give much serious thought to the most important strategic decisions for their business, that will leave them in such a situation.
WHY A BUSINESS STRATEGY AND HOW IT SHOULD BE?
No matter how big or small, your business, a great strategy is crucial. A clear strategy should be there on which market you are going to compete and how uniquely you are going to serve. Businesses without strategy will have a very slow growth rate.
- A business strategy is a unique formula that should be the basic stone of your business plans as well as day to day operations.
- It is the sum of those factors that distinguish your business from competitors and can contribute to company’s success in a long run.
- It should always be easily and frequently communicated to employees so that a cohesive business focus is always maintained.
- More over business strategy is the center point and all the other functions should revolve around that.
COMING UP WITH AN AWESOME STRATEGY IS NOT THAT EASY IN TODAY’S HIGHLY COMPETITIVE MARKET. HERE IS INSIGHT CONSULTANTS LIST OF TOP 6 STRATEGIES THAT CAN DIFFERENTIATE YOUR BRAND FROM COMPETITORS.
- Evaluate the current state of the industry including factors such as nature of competition and how industry is changing
- Assess your competitors in depth, focusing on their strengths, how unique they are and how customers perceive them.
- Compile competitors list along with each one’s effectiveness
- Identify a niche market and find out the best player there
- List out a strength that can differentiate you from your competitors
- Face to face meeting with customers to get a clear picture about their likes and dislikes
While coming up with a business strategy, key questions to ask are: “Is this strategic differentiation enough to attract a new customer? Is it enough to attract a customer who is currently doing business with a competing firm?” A common trap is entrepreneurs fall into is attempting to differentiate their business, but not doing so in ways that really matters to their customers.
Coming up with a great business strategy may be the single most difficult step in building a business. But it may also be the most important. Big or small, new or established, having a strong strategy, and staying with it can make all the difference in the world. “Strategy isn’t just a buzzword that big corporations use to sound intelligent! It’s something that can make all the difference in propelling your small business to success.”
Insight Consultants (Stylus Systems) is an Information Technology / Service Company offering solutions to clients by delivering it ethically. We engage our clients through Radical Rooting Technology. Radical Rooting is a 4-step process that enable us to approach a client’s business in a methodical manner that eventually gives both, us and the client a clear view of what is required, what needs to be done and how it can be measured for success. Contact Us to see how we can help maximise value from your technology investments.