A successful business strategy is all that you need for the success of your online or offline business. However, a successful business strategy is not that easy to devise. There are always remained some loopholes and some aspects of the big picture are always remained ignored because people fail to encapsulate all of the possibilities that a business plan or strategy might have. Flaw in your business success strategy can lead to the failure in your business and devastation in your morale. To avoid such a situation, it is always good and recommended to make sure that your business strategy is subject to some precautionary measures and some key factors. This post covers such key factors which will help you develop a reliable and result-oriented successful business strategy.
1. Business Needs
The first and foremost factor that helps people make a successful business strategy is the business needs. Business needs should hold a key-role in a successful business strategy. That is, they should be reflected in your business strategy. For example, if your business is a B2B business that demands physical interaction and door to door marketing to get business from other businesses or companies, spending a lot of money and energy over running a social media page is not a good business success strategy. Instead of this, your main focus should be on inbound and outbound marketing campaigns to get businesses from other businessmen.
2. Reliability and Applicability
Most of the businesses fail to do something big only and only because the business plan is not realistic or applicable. This is why, one of the most important aspects or factors of a successful business strategy is it being reliable and applicable. That is, if your resources are limited and at initial stages your business is only going to be a one man show, you should not go for a big internet venture like a social media forum or a job portal. Why? Because it is not very practical and applicable to create something like www.facebook.com or www.monster.com with little to no capital and without any partners. Thus, the reliability and applicability are the decisive factors when it comes to making a successful business plan.
A successful business plan must be very specific in nature. That is, when you have a team to make use of and pay for it, and you have deadlines and a limited capital, you do not afford to leave everything to the doomsday. So, the first and foremost thing is to specify the outlines, details, desired outcomes and challenges that a successful business strategy might face. This also includes very important aspects such as budget, metrics and reserve funds to pay the employees’ salaries. Specificity, a difficult word it might sound, is very easy to manage if you apply a simple test; ask yourself as to who, what, when and how type questions and soon you will see that you have a clear and sound business plan.
Punctuality is the key to success in a business or anything that you do. Punctuality can play a very important role in developing an awesome and successful business strategy. You should know the quality of punctuality by the incidents in your life when you rocked the world because of being punctual or failed because of not being punctual. Punctuality is one of the key traits that helps on build a team, organize them and motivate them. When your team will see how punctual you are in your daily chores, they will help you make and implement a perfect business strategy.
Ever heard of VCs? Even if you do not know what VC stands for, we bet that you saw them if you like to see business-based documentaries or Hollywood movies. VC stands of virtual capitalist. Virtual Capitalists are the fairy God fathers of the new entrepreneurs. Hardly a single big tech giant that you are impressed of started without sponsorship. Thing is, that in the beginning you have less money and more business ideas and you badly need capital to implement a successful business strategy and turn ideas into greens. This is exactly where VCs come into the picture. They are also looking for bright ideas and a bright business success strategy haunts them. So devise a plan to get some sponsorship.
6. Gauge the Market
You must have to be someone in the market that you are going to target. If you are not the big shot corporation, not even a meek seller, it does not matter. You have to be someone even if a customer of the product or service that you are planning to sell. Why? Because this will put you in a position to gauge your market and make important decisions about the business strategy which will eventually lead you to success.
7. Understand the End User
Remember, the market trends are not only made by the sellers, but buyers also have a very important role. If you have already conducted a market survey and you know what your future competitors are selling and how they are selling, it is definitely good, but not enough. A successful business plan must include the end user’s perspective too. Try to know thy potential clients. Try to understand why they come to your target market, what are their expectations, on which terms they may agree to buy something and what are their reservations and concerns.
8. Small Steps
A key factor in developing a successful business plan is chunking the whole strategy into smaller parts and steps. Take one step and cover one part at a time. Slowly move towards completion of first part.
9. Key Employees
The first few employees you’ll hire may or may not hold managerial roles, but in the near future, if you turn out to be a big success, they will be the managers of your business. So, only hire those who are enthusiastic about your business strategy and this factor will play a big role in your overall success.
10. Marketing Strategy
Yes, it matters. While you may want to stop here and ask us, “Hey, isn’t the marketing strategy a part of my business strategy?” we would like to say that it is something like that chicken first or egg debate. The marketing strategy, while is comes after you devise all other details or your business strategy is actually something that occurs before as well as after you make the business plan. You need to decide a lot of thing e.g. inbound or outbound approach, hard-sell or soft-sell, calling or emailing etc. You also decide about the demographics of the prospects and the pitch that you think will do the job.
Well, we believe that this post exhaustively covers some most important factors that make a really good and successful business strategy, but obviously it is not the end, but only the beginning. If this post incites your curiosity to find out the factors that make a killer business strategy, we would be happy indeed.