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Strategy For Small Businesses: What Is Your Business Strategy And How Will It Help You Grow?Tip! Your business strategy defines your company's intent. In essence, it's a promise – a promise that defines what your organization intends to deliver to its customers and the marketplace. Among my small business clients, I regularly notice that owners with a clear business strategy tend to run buoyant, growing companies. So if I was helping you develop your business strategy, we would start with two key questions:
- "What differences draw customers to you and away from your competitors?" and
- "What is your best route to selling more and winning more profit?"
Once I have helped you to honestly answer these pivotal questions, I would get you to review the trends in your market and pick out those that give you advantage. Then we would prioritise your preferences:
You can focus your strategy is several ways
1. Choose what not to do. You might coose to deliver fewer products and services excellently and to avoid spreading yourself across the marketplace. 2. Compete on value not price. You could increase the value you deliver to key clients and then use their testimonials and recommendations to lead you to new contacts. 3. No competition. How about offering something that no one else does (or can copy) so that you stand out from the crowd? 4. Paranoia stays ahead. Some people like to keep watching what their customers want then work hard to keep satisfying them. This works well where the market is stodgy and your competitors assume that regular custom equals tied income. Tip! But branding is a thoughtful discipline that strongly belongs to the long-term strategy of an organization; brand strategy is, or should be, business strategy, and vice versa. 5. Distinctive value. As a specific example, I give my clients a calm oasis in which to define their goals, and create achievable plans, so that important work is protected from interruptions. 6. Trade-offs that build value. By tuning a package of services to your customer's needs, you could create sales barriers against your competitors. You can set a clear direction Following your choice of market strategy, we would then refine this material into a clear statement of intent so that your marketing plan (and business plan) can be well focused.
This might seem like hard work but the benefits become clear as your company connects with your customer's needs and your income and profit grow. Adrian Pepper coaches people through business and personal difficulties, helping companies figure out what to do, how to move forward and what to get organised. You can contact him through Help4You Ltd, through his website at http://www.help4you.ltd.uk or by phone +44-7773-380133. At http://feeds.feedburner.com/help4you, you can listen to his podcast for small businesses.
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