Preparing your 2017 Business Strategy
Preparing your 2017 business strategy will require thorough research and ingenuity. When you transfer your ideas to paper, this will aid in cementing your mission. It also provides the opportunity to assess your game plan and formulate realistic goals. A successful business strategy will incorporate the following components:
You will need to be relentless, diligent, purpose driven, calculating, patient and a little ruthless in 2017. With the existence of so many competitors, it is recommended that you be guided by the principle of what will set your company apart. Ask yourself, what will make me stand out against all my competitors?
- Write a Business Plan
A good business plan details the entrepreneur’s vision. It gives direction on where the business is headed. A strategic entrepreneur knows that if he is going to solicit financing, investors and potential partners need to see a solid business map of the start-up capital and the potential earning capacity of the company.
- Create an attention grabbing elevator pitch
You’re at the airport and bump into a former client and they ask you what you’re doing these days. How do you answer? Your pitch should state who you are, what you do and your unique selling proposition. An effective elevator pitch may incorporate a few emotive words but always stay on track.
Know your strengths, weaknesses, opportunities and threats. Your strengths are what will bring investment and profitability. Outlining your weaknesses will enable you to find innovative ways to transform your company’s frailties by giving you the guts to face your limitations head on. Always be on the lookout for favourable opportunities to establish partnerships and make connections that are conducive to growth and expansion.
- Know your Competitors:
It is advised that you network with the competition. By getting to know who will try to erode your market share, this increases your chance of being ahead of the pack. The knowledge of being privy to what your competitor is capable of should be treated as a gift. A strategic entrepreneur is ruthless and waits for the right opportunity to take a competitor down during times of weakness. This is the perfect time for mergers and acquisitions. It is important to also exercise respect, integrity and be guided by an ethical code of conduct.
- Know your market’s demographic cross-sections: Do your market research before launching any new product or service. Study your consumer’s buying habits, likes and dislikes and be guided accordingly. Never follow a one-size fits all approach. Utilize tools that will help you to measure all sales conversions. By establishing KPIs (key performance indicators), organizations can evaluate if they are operating at a loss, optimum profitability or simply breaking even.
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