There are so many business strategies! How do you choose?
How does your business plan to achieve its goals? You may be determined to sustain your position in a difficult market, or to improve your profits by taking advantage of new technologies and opportunities in your industry. But, do you know how you will achieve this? We all know the saying: If you fail to plan, you plan to fail. It’s all about creating a blueprint for enterprise success. With so many tried and tested business strategies available, do you need assistance in choosing the one that will suit your company best?
Business strategies are documented plans based on key principles that set out how a company or organisation will go about realising their goals. Growing companies may face similar challenges, but each must find their way forward in a way that meets their particular business objectives and is in alignment with their company culture. Your strategy should set out the path to achieving your objectives for the next three to five years. Your business strategy will define your approach and will include specific tactics you’ll adopt and implement in order to attract customers and generate profit.
3 Popular business strategies
Some of the more popular business strategies adopted by successful companies include:
Standing out from your competitors is a key requirement for business success. This is a business strategy that has been successfully adopted by companies like Apple. Their emphasis is on the uniqueness of their product, not on price.
Businesses can either keep prices low to attract more customers than their competitors, or go the aspirational route and pitch the product or service beyond the reach of the ordinary customer. In the first instance, the business must sell a lot of products to make money; in the second the elevated price point will ensure that the product becomes sought after by fewer customers that are willing to pay the premium. This is a business strategy adopted by Ferrari, for example.
Better tech often translates into improved productivity, better sales, or market domination. We’re not just talking about the products you sell. Your company’s in-house use of tech to improve your functions, from administration to logistics to sales and marketing, can give you a real edge over your competitors.
In order to be successful you may need to adopt business strategies that will resolve these kinds of bottlenecks: scaling systems across teams in the organisation; the under-utilisation of resources; ineffective reporting capabilities; or process re-engineering and improvement. If your goal is to profitably grow your company, Headbyte can support you by providing the business model development, guidance (business strategies) and resources you will need to make success a reality in 2017 and beyond.