The essence of strategy is choosing what not to do – Michael Porter
The more you dig down into the grounds of businesses, the more you need to be cautious and vigilant. You must be aware of what to do and what not to. That is what a strategy underlines for businessmen.
When a sculptor comes on the front with a block of marble; then art becomes what he chooses to chip off than what he chooses to leave in. In early 16th century, Michelangelo took a piece of marble and did not halt his efforts of chipping it off unless he got his sculptor of David complete.
Business strategy development needs to simple, clear, understandable as well as plausible. Ergo, implementation of the strategies matter a lot because strategies don’t work unless they are implement effectively.
Business strategies are develop through quite straightforward procedures and steps as well. Fo example, indentifying the problems, devising a solution, focusing on market and defining identity. All of these steps are interconnected so don’t break them apart.
- Problem Identification: revolving around Customers
First of all, a businessman must be a clear headed one and must not focus on the personal likings and disliking, instead he has to prioritize his CUSTOMERS and business strategies must be customer-oriented.
A renowned marketer in his book “Marketing Myopia” has shed light from the customer aspects because customers and buyers focus on a hole not a droll. Business strategy development is a gateway towards success and a true businessman never remains oblivious of it.
Problem must be identify to solve the prevalent issues in the organizations. In case of a social platform, an organization uploads new updates for getting these words out because problem is not about the social media.
Nevertheless, problem identification matters in all respects for meticulously-planned strategies for a business to grow. For instance, a bicycle seller would be solving the problems of customers by selling theses bicycles to the families and children.
However, bike riders also need bikes and it is another problem for the seller, therefore, he must solve this problem accordingly and it is only possible when seller truly identifies the actual problem underlying.
- The Solution: Rooting out of your Products and Services
Business strategy development also revolves around the possible solutions after the identification of the problems by the businessmen. The solution solely emerges from the products offered and services rendered by the organizations.
As per the idea of Theodore Levitt, you ought to emphasize on “Holes along with drills”. Expanding the bicycle seller’s example, there can be one separate bicycle outlet for families second can be for the bike enthusiasts and third can be for mountain bikers.
This topnotch business strategy really works at its best and help the business grow in the world of enterprises.
- The Niche-based Market
The niche of every business is identify through the entity’s identity. The strategy for the business is that all your business must be focused on the specific and niche markets.
A bicycle seller must have bicycle and bike stores which are family – oriented, children – oriented, mountain biker – oriented and bike enthusiast – orient. In addition to these, bike seller should prices level keep in mind as bikes for mountain riders are expensive and costly as compare to the bikes for the families.
- Business Identity: A core that distinguishes your business from others’
Another promising business strategy and worthiest picks of all time is the identity of your business. How is it different from other businesses in the market, what are the strengths and weaknesses of the business? How your business stands differently from your competitors?
In the instance of mountain bike seller would gravitate towards selling the highly sophisticated and costly bikes to the relevant customers. Likewise, the family bike seller would drift towards the selling bikes and bicycles along with accessories to the related customers.
That’s how the identity of the business influences the products, focus, priorities and market of the business. Since you cannot perform everything effectively, so focus on only one thing and do it in a great way and let your business be known for a unique product as suggest in a book “The Dip”, author by Seth Godin.
- Rolling all of them up together
As business strategy development is based on the 4 points such as problem, solution, market as well as identity. Therefore, you have to roll them up and do not pull these strategies apart because these are interlinked and interconnected.
Furthermore, world is changing rapidly, business dynamics are altering every day and vogues are transforming daily so, always keep an eye on the forthcoming changes.
- Proselytizing business stories
The oldest, greatest and probably the ways of communicating ideas and truths are stories. Telling a story is probably the finest business idea to grow and aggrandize.
It could be as straightforward as a story when you narrate the problems of customers and solutions of your business. Ergo, business strategy should be develop in the lines of flexibility and adaptability.
- Construct a business Pitch
A businessman must build and construct a strategy of “business pitch” as it helps the organizations grow and ace the heights of glory.
A business pitch is basically a presentation of ideas and strategies to the investors. A businessman does not have to go for “long – winded” strategy explanations. The business pitch underscores the problem underlying, solutions, market of thee business, competitive positioning as well as the entity’s identity.
- Seeking Forward: Strategic Alignment
A business strategy works only when it is execute in true spirits. Be certain about the futility of a business strategy plan when it is left.
It really does not matter how stupendous is the strategy, its worth will determined through the implementation, consistency, decisions and results.
Therefore, it is execution which carries various tactics and concrete plans to turn the strategies into reality.
In the sums and substances, it can be ascertained that best strategies are quite obvious and clear. So, please, keep it very straightforward, simple and clear. SUCH strategies are implement successfully. .
With the fast changing world, it is dire need of the hour to develop business strategies which could match the ever-changing pace of the business world. Whoever, comes with the good, better problem identification strategy and best execution plan will definitely rock into the business arena. So, what are thinking about? Stop being mentally exhausted and start developing business strategies to accelerate as it is gateway towards success.
What is your best pick from all of this? Do let us know!