Business is not that easy a game to play. While handling investor interests, taking care of shareholder matrices and doing a whole bunch of other things, which involve the entire existence of the company. All this and more while the CXOs have to think of the mechanism using which the company would continue to grow and rise.
An achievable goal is the basis of a realistic sounding professional business strategy. That happens to be the case because if you set targets that are too high, if you spread your legs more than what the bed sheets have to offer, there would be unfortunate consequences. And needless to say, these could include grievances on top off mind boggling financial losses.
Including the founding fathers of the company as well as the incumbent leadership, all need to come to terms with the fact that there are a total of 5 forces that go on to shape the professional business strategy. They might be summed up as follows:
What the consumers want! – the business revolves around the needs of the customer. It is this need that gave birth to the product in the first place. And we all know that the buyers need more for less. So learn business strategy from the perspective of the end user.
The demand of the suppliers – a business doesn’t run on a single factor. Consumers aren’t the only one to hold leverage over the product but the suppliers are as well. And contrary to the people, they want to provide less and ask for a higher price, thereby reducing your profit margins.
Disruption – this is the kind of threat that enterprises from all walks of life face today. What if a new competitor comes into the market and offers the same/better product at a lesser price. What if an entirely new offering is brought up, one that cannot be competed with the current standards.
The ever-present rivals – they can’t let go of you can they! They will always be there. Marking you on all of your moves. Sometimes letting through, sometimes giving in & sometimes turning the tables around with their counter punches.
Given the course of things discussed above, there has to be a multi-faceted strategy. of what kind and type, let’s have a look:
Value Proposition – the enterprise needs to ask itself the question whether the kind of material it is using for the product line, is it worth the cost or not? Ultimately what matters is that the service leaves a lasting impression.
Fabricating the processes around the above point – streamlining is what comes out to be the need of the hour.
Hit & trial method – failures are just the stepping stones towards a greater success. Don’t be bogged down by the challenge just try and give in your best and things will turn in your favor eventually.
Relying on Data – if not anything else then churn the data from your records. Numbers will not lie. Use them, trust your instincts and learn business strategy the way experts do.