Saturday, August 1st, 2009
Identify the key steps toward the goal. Knowing the steps the company needs to take to reach its goal is as important as identifying the goal itself. Sometimes entrepreneurs trust too much in their enthusiasm and spirit. That may be enough to motivate their employees, but leaders must plan their campaigns.
So, to sum it all up, you should know what you’re doing (your business) and how you’re doing it (your philosophy). You should recognize who else is out there in your way (your competitors) and decide what sets you ahead of them (your major advantages). Then, you determine where you want to go with your business (your goals) and how you intend to get there (your key steps). All of that forms your business strategy.
Tags: business philosophy, competition, entrepreneurs, manufacturers
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Saturday, August 1st, 2009
The quickest way to shortcut both a strategy and a goal is to specialize: Your company and your product or service are the same. Identify one core goal and go for it. Of course, this approach won’t work for diversified companies, although it should apply within each division.
Articulate your goals as clearly as possible. For example, the manufacturer who wants to develop three new product lines is more likely to do it than the manufacturer who simply wants to “grow.” The more specific a company can be in setting its goals, researchers have found, the more likely it is it will reach that goal.
Tags: business philosophy, competition, manufacturers, strategy
Posted in business patterns, business publications, financial principles, management, merchandise, research | Comments Off
Saturday, August 1st, 2009
Identify your competition. This may seem obvious, but it’s not necessarily a simple task. For example, if you decide to start a magazine for the local business community, who are your competitors? If your answer is there are no other business magazines around, then you don’t understand the question. Maybe the local newspaper has a regular section devoted to business. That’s competition for coverage. Do you intend to sell ads? If so, you’re competing for advertising money with newspapers, radio, TV, and billboards. Do you intend to sell subscriptions? If so, then you’re competing for customer money, time, and loyalty with national business publications, and to a great extent, with any subscription publication. This example should show that identifying your competition can be far from simple.
Pick out the two or three major advantages your company has that set it apart from your competitors. An accounting firm, for example, might have experience with not-for-profit businesses. Such a market advantage becomes a cornerstone of the firm’s business strategy.
Some people call that particular segment of a specific economy a “niche.” It’s the slice of the dollar pie your business hopes to claim; that piece of the public consciousness you want to capture and hold. You need to understand what chunk of turf you want to stake out, or success in doing so will be primarily a matter of luck.
Tags: business philosophy, business plan, competition, strategy
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Saturday, August 1st, 2009
Here are some steps that should help you develop your business strategy:
Know your business. This seems basic, but it’s the most often forgotten step along the road to business success. Were railroads in the business of being railroads or part of the transportation industry? There’s a distinct difference between the two and a distinct difference in the psychology and strategy that awareness will bring to the business. It’s important, as we noted earlier, when you’re defining your philosophy, identifying your competition, and finding your niche. But it’s just as important when you’re determining how you’re going to achieve your goals.
Identify the philosophy behind your company’s way of doing business. If it’s a service business, articulate how important that service is to the overall goal. If the company makes products, define the purpose and goal each product line has for the company.
Is there a level of quality or production time important to success? If so, that must be part of the strategy.
Tags: business philosophy, business plan, interests, strategy
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