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How to Develop Business Strategy for Your Business



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a business strategy is basically a

documented plan mentioning how a company

is setting out to reach to its business

goals

therefore these strategies include

different types of main principles which

outline the ways through which the

companies can reach to their goals for

instance the good business strategies

define the ways to look at the

expectations and requirements of clients

the ways to deal with the competitors

and these also check the sustainability

and the long term growth of the

companies in this video we are going to

share three steps on how to develop

business strategy for your business

step one marketing marketing strategy is

really all about considering the

resources available to the company and

then finding a way to make sure of these

strategies in the most creative way

possible

it is not so much about how much

resources a business has at its disposal

but how creative they can get to make

the minimal resources they have to work

for them the popularity of the Internet

has produced a new generation of

internet marketers who address their

marketing to the e market this means the

marketing strategies may be a little

different from traditional marketing

strategies since it is directed towards

a different audience internet marketing

makes use of a lot of marketing tools

like email marketing website development

building of a massive opt-in lists

online purchases backlinks and a lot of

other methods determine the right

channel to market the product once you

have identified the right market for

your product you should now determine

the right channel to market it the

channel can be TV radio or internet as a

rule of thumb you should use a channel

that is mostly used by majority of your

target customers determine sub marketing

channels in addition to the main

marketing channel it's comments you have

other minor channels that you can use to

reach a good portion of customers you

should identify the channels and try to

reach some customers using them unique

brand identification for example have a

look at the logo of unique style the

logo of unique style became a giant

marketing success in apparel industry

the message here is not to create a

dirty logo intentionally but to realize

the importance of uniqueness in your

brand identity social networking the

world of marketing in today's

competitive global economy is highly

reliant on social networking platforms

with one point two three billion daily

users on Facebook to 132 million Twitter

users and 1 billion unique users on

YouTube every month think of the

benefits of socially engaging with your

clients and customers step 2 business

goals it is the responsibility of the

business owner to determine the

direction for the company you might call

this important job communicating your

vision to your staff your workers need

to understand how you want to accomplish

your vision that's why you must take the

time to create concrete business goals

or targets for the year written goals

help employees see how specific markers

signify the company's success focus on

finances where does your company stand

in terms of financial stability you can

look at the books and consult with your

accountant to get an idea set a goal for

increasing the amounts of annual sales

focus on customer service companies and

hard times may not have the funds to

invest in research and development

marketing training expansion and other

types of business growth strategies

looking inward at your staff you can

challenge them to focus on customer

service focus on individual achievement

related to customer service is placing

the responsibility for business success

on individuals you model this goal by

setting your own goals as the business

owner share these goals with your staff

focus on innovation challenge yourself

to make better use of employee ideas you

need a formal process for getting these

ideas onto your desk or you might just

ask employees to email you their

suggestions for improving the business

step 3 SWOT analysis s wot is an

abbreviation for strength weakness

opportunities and threats

it is a situational analytical tool to

evaluate a business and

Fireman competitive situation of an

organization or even a problem a full

SWOT analysis is normally used as an

additional tool to strategic planning

process otherwise it may be used for

other situations such as internal

capability ie

evaluating the strengths and weaknesses

of own capability example it may be used

to plan for new product launching

increase market share venture into new

business evaluate your own operation

capability or use it to solve a problem

in strengths write about strong

financial write about successful

workforce write about high-quality

product and services in weaknesses write

about high turnover write about slow in

new product design right about

bureaucratic management in opportunities

write about new market is open up write

about new mega project is in the

pipeline write about customer is more

quality conscious in threats write about

low entry barrier write about price war

step for team management team management

is basically organizing and coordinating

a group of individuals to work towards a

common goal through the use of

techniques processes and tools in

business as well as in life if want our

work as well as our team to be effective

having a good management skill is vital

as every team goes through stages during

their lifecycle or during the

performance and completion of every

project it is a vital prerequisite to

have an effective time and project

management place at each stage for the

work or project to be completed on time

to the expected high standard and within

the budget it is also as important to

bring in a management team that is not

only in line with the company's

objectives but also to motivate a team

so that it truly wants the outcome to be

successful accountability must be at the

forefront of every initiative employees

do want to be held accountable and they

willing accept responsibility given the

necessary

training information and the

organization encourages empowerment

minimize oversight through confidence

and empowerment do not micromanage

workers will accept more responsibility

if management isn't constantly looking

over their shoulder this encourages

innovation and creativity but it

requires effective communication

managers need to function more as

facilitators and leaders coaching is a

skill set that should be required

training for all managers to improve

team management regular performance

discussions should be scheduled and

strictly held to performance management

and performance measurement are key

contributors to improved team management

goals should be measurable and specific

creating scorecards is an effective tool

to improve team performance information

sharing and effective communication are

critical teams must have unrestricted

access to all relevant information if

you can't trust someone on the team then

they shouldn't be on the team and step 5

document management the proper archiving

of business documents is still an issue

in the management of many companies

documents are a critical component of

running a business keeping business

documents helps in ensuring the survival

of every business while every business

owner knows this too often because of

the sheer volume mission-critical

documents are left unsecured or simply

placed in a file cabinet in fact many

businesses put a higher priority on

managing their office supplies than they

do their business documents there is a

simple low-cost easy-to-use solution in

the form of document management software

digital business document management

software is what you need a business

document management software will help

you monitor the progress of your

business even when you are off-site or

on a business trip by having real-time

access to every documents when you need

to prepare your business tax returns

this electronic document management

software will assist you to track every

document needed to file your tax returns

according

it will also help you to keep track on

your customer database and information

when you need them as well as keep track

of vital business contractual documents

document management solution will help

you to run your business automatically

and cope with multitasking situations

once incorporated into a business setup

document management system aids a

business to run automatically and then

you will able to cope with multitasking

business requirements without the need

to waste time energy and money in

tracing any business documents again for

a business strategy to work at its best

it should be uniquely created for one's

business it is developed with one

business and its unique characteristics

in minds it has taken into consideration

the business's strengths and weaknesses

and works to juggle both in the most

efficient manner if you found this video

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your questions in comment box thanks for

watching this video

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