Strategy is important to keep your businesses afloat. As Joel Ross and Michael Kami, authors of "Corporate Management in Crisis: Why the Mighty Fall" said , "Without a strategy, the organisation is like a ship without a rudder, going around in circles. It's like a tramp; it has no place to go." However, it's not enough that you have a business strategy. It is also important that you keep your strategy aligned with current business technology.
As a Small and Medium Enterprise (SME), you are constantly seeking progressive strategies for business growth. Here are some of the proven strategies that have helped businesses thrive in this new era:
1. Choose the right market. We'd all like to find a huge market big enough to make us a billion-dollar company. Being able to solve that market's problems with the right products or services would be a gold mine to success! There are tools that can help you choose the right market. One is the Product-Market Fit Model which Sean Ellis, Founder and CEO of Qualaroo, popularised. Research and learn from your market's feedback to know the perfect solution they are looking for. By doing this, you can increase the odds of your business succeeding.
2. Develop your value proposition. One of the most effective business strategies of all time is having a unique offering that will stand out from other businesses in your industry. Keep in mind that your product or service can be anything but ordinary. Differentiate your offering from your competitors by adding that value your target market can't help but patronise. Once you have defined your value proposition, continuously innovate a strong product or service that can withstand any competition.
3. Discover the latest untapped marketing channel. Look beyond your competitors' marketing strategies. Try new ideas – they may work for your business. Be the trendsetter. By the time your competitors follow your lead, you are already working your way through the next marketing innovation.
4. Be a growth hacker. Growth hacking is not only for startups. You can adapt growth hackers' way of thinking in terms of business growth for any business. Be creative and at the same time analytical towards growth. However, be careful not to disrupt your business operations while implementing or testing your new business strategy.
5. Digitise your business. Strategies often evolve through time. In today's modern world where everything is interconnected by technology, you may need to better align your business into this new age. If it means moving to the cloud to provide better service to your customers then you may want to give it a try. Though the old ways may still work or can be used as a base for your strategies, it's important that you try new things to get ahead of your competitors.
In the business world, there will always be a competition. Having the right business strategy is just as important as creating a strong product or service behind your business name. It needs time, research and continuous effort to know which works best for your business. Last year's strategies may not work in the present since change is constant in every industry. Your customers' preferences may also vary from time to time and to keep up on their demands, your business should be versatile enough to test new business strategies continuously.
Is your business ready to take the next step? Let us help you figure out the best business strategy that works for you. You may contact us anytime for an appointment.
David, F., & David, F. (n.d.). Notable Quotes. Retrieved September 16, 2015 from http://strategyclub.com/notable-quotes/