Are you looking to take your business to the next level this year? If so, it’s important to develop a solid business strategy. You can’t just haphazardly try to improve your business. It takes hard work, dedication, and a plan that will guide you to growth and success. Yes, you need a business plan, but you also need much more than that. You need to clearly define what growth and success look like for your business this month, this quarter, and this year.
But what is the best business strategy to implement? And how does a busy owner or manager go about creating a business strategy? Keep reading to find out now.
Table of Contents
1. Define Your Target Customer
No business can truly succeed without knowing exactly who its target customer is. If you’ve been in business for a while and feel like you serve everyone, then you need to reevaluate. Creating a highly detailed customer avatar will give you a much better idea of how to find new customers, how to market to your customers, and how to provide the best service.
2. Determine Your Competitive Advantage
Want to experience business growth? Then you need to determine your competitive advantage. It’s called many different things, such as the slight edge or the unique selling proposition (USP). Whatever you want to call it, you want to have a specific superpower that elevates you above all your competitors and all the noise in the marketplace.
Is it your lower prices? Is it your exceptional customer service? Is it the highest quality product that competitors couldn’t imitate if they tried?
When you can figure out what sets you apart, you can go higher and further than ever before.
3. Set Specific Goals
Goal setting is an art form. To set big goals and actually achieve is a skill not many can master.
That’s why it’s important to not just set arbitrary goals but to set specific, actionable, cascading goals. There are many methods used to set effective goals, but one of the most effective is with OKRs in business.
What is OKR? It stands for Objectives and Key Results and could one of the most important business tools to utilize this year for real growth.
4. Focus on Customer Service
One of the best business strategies to implement for growth is outstanding customer service. You can beat 99% of your competitors if you can commit to offering the best, fastest, most helpful, and most human customer service imaginable.
It means hiring the right people for the job. And it also means extensive customer service training, communication skills development, and maybe even incentives for your team.
5. Determine Your 80/20
Not all business activity is equal. The ever-popular 80/20 rule always holds. Around 80% of your revenue likely comes from just 20% of your clients or 20% of your business activities. Do some internal research to figure out what 80/20 looks like in your business.
This will allow you to focus more time on what works and stop wasting time and money on what doesn’t.
Write Out Your Business Strategy
If you want to excel this year, making more money and serving more customers than ever before, it takes a plan. It’s important to write out your strategy for a great business success.
Write out what you will change, what you will focus on, and how you are going to implement it. Show it to others and stick to it no matter what. Even if you fall short, you’ll likely still have gone further than without a plan at all.
Looking for more insight like this? Be sure to check out the rest of our blog today.
Also read: Pillars of Business Restructuring