7 ESSENTIAL BUSINESS STRATEGIES

To succeed in business, you need to decide on what strategies to implement depending on circumstances. Decide on which of the following strategies you are going to implement immediately.

  1. Be customer orientated

Put your customer first and ensure that your service performance is second to none. Never lower your standards. Touch base regularly with your key customers and listen to their suggestions on how you can improve your service.

 

  1. Focus on planning

Prepare a written formal strategic plan where you document what your current position is and where you personally want to be in 5 years time and also your business. Identify how you are going to reach that 5 year target – what obstacles you will have to overcome and what actions you will have to take every year. Prepare a focused marketing plan that will get you the customers you want to deal with. Your existing customers will be delighted to recommend your services so work closely with them.

 

  1. Hire the best

Hire the best talent that you can afford. With great employees you have improved your chances of meeting your own personal goals. Never make a fast hire but instead make the right hire always. Establish and document detailed job descriptions and company policies. Have regular meetings with employees to communicate your goals and look for their ideas on how to improve your business.

 

  1. Watch your competition

As best you can, monitor your competitors strategies, advertising pitches, strengths and weaknesses. Ensure that you differentiate yourself from your competitors preferably with a unique offering.

 

  1. Understand your financials

Make sure you understand your financial performance and if necessary have your accountant explain to you how to read a profit and loss account and balance sheet. Know what your margins are, how to implement cost cutting measures and especially how the 80/20 rule applies to your business model. Understand your cash flow cycle and prepare projected cash flows every month.

 

  1. Corporate culture

Encourage a positive culture with positive employees who are willing to step up and take responsibility. Ensure that all people are treated with respect and courtesy and whenever possible provide learning and personal development opportunities.

 

  1. Regular reviews

Examine your business at least every 6 months so

  • Review your financial information in detail
  • Assess what you are doing right and how you can improve on it
  • And what you are doing wrong and how it can be eliminated
  • Review your opposition for ideas that you can implement
  • Review your strategic plan and update it.

Leave a Reply