Understanding Business Strategy

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A business is derived from the idea execution emerging from an individual’s mindset. Once you enter into the ring of the market with an ambition to establish your brand around the globe, you need to be aware on the path without slipping from the edge. The resources to start a business may be hard because of lawmaker policies in a few countries but not in countries like Switzerland, New Zealand and the Netherlands.

According to a survey conducted for “Best countries to start a startup”, the above three countries topped the list. However, starting a business, anyone can do it but what about the growth of it? What are the decisions taken to imprint the brand in the customers’ hearts?

The successful run of your business relies on the strategies you develop. In other words, from handling unexpected situations to estimating revenues for a business, is all about a business strategy. These strategies depend on:

  • External Concerns
  • Internal Complications

a) External Concerns

Competition

The foremost challenge that lies before you is the competition. Service or product doesn’t matter! What’s your specialized tone that can shift the clients to your side? What’s your special feature that makes users fall in love with? What’s so convincing in your service or product from the other services?

Sustaining in the market is only possible when there is a “Uniqueness” in the service you’re offering. The service may be a software or maybe a smartphone, but what’s the new paint which you’ve added to allure the individuals, makes all the difference. For instance, you and your friend are running a restaurant nearby. You prepare dishes remaining uncompromised in taste and the same as your friend’s restaurant.

Now, your friend’s thought is to have a number of items on the menu. Obviously, your business goes down while his revenue boosts up because he included more items with taste. This difference making changes the state of the business you’re operating.

The level of operating and strategy changes from time-to-time.

Market

The market is the noisy graph, inconsistent and unexpected too. Future of service delivered in the market can be predicted by noting down

  • Number of users utilizing the service
  • Revenue generated in the long-term
  • Unexpected behavior in the market

About a year and a half ago, demonetization was a move from the Central Government that shook the entire nation. Amidst the ambiguous state, Paytm user growth was unimagined and unpredicted. Similarly, your business too may result in a sudden growth or a drop based on the environment in the marketplace. So, your business strategy must able to face any such situations.

Revenues and your status in the marketplace are only known when you establish relationships with your clients.

b) Internal Complications

Operations

Team building, team management, whatever you may call it; from the top-level committee to bottom-level, the operations or the vision has to remain same rather than misunderstanding. Any disturbance in the operations could impact the service. It may be interpersonal relationships or understanding requirement another way around.

Strategist Mindset

The risk management mindset of a strategist and the way he handles have to go in a smoother way. Any wrong expectation or strategy may result in the downfall of the company.

Every organization may find it difficult to go according to the strategies developed as there are a lot of concerns associated with it. But once it has failed somewhere, the ability to be on the track and delivering the service in a right way would change the way of operating your business.

The strategies vary in every case. Starting with business strategy, the strategy ends up at product or service pricing.

  1. Business Strategy
  2. Business Plan
  3. Business Model
  4. Mission
  5. Vision
  6. Operational Strategy
  7. Financial Strategy
  8. Product/Service Strategy (Developing Stage)
  9. Advertising Strategy
  10. Pricing Strategy

This is the structure for any company and in a practical sense, it may or may not at some points, but when strategies are built then the game is all yours! Never look at how much you’re going to get in terms of money, execute your idea in the right direction and revenue will take care of itself.

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