Tag Archives: Competition

Strategy: Do You Really Need One?

From the beginning of business competition strategy saw its inception to bring an edge over the competitors. Now every process and every business has its own strategy for every operation like HR to Communication. Yes if you are an entrepreneur you are thinking: “I don’t have a strategy” but are you sure you don’t have one. When you pick clients do you prefer certain businesses? When you are picking an employee are you looking for any specific quality? If you start asking yourself all these questions then you will find that you are also using certain strategies. May be not a wall planned one but you have a strategy.

Now the question I would be asking why should I have a strategy? Well, the answer could take several books but I will give you the most important ones.

Easy Management:

Your business is small right now but if you have it inside you it won’t be for long. A nicely crafted strategy helps you to understand your business in a structured way so that you can have control over every part of it even when you are not actively involved and the business will become a complex system of overlapping processes. Don’t wait for later because later it might get out of hand.

Meticulous Planning:

You are not the god to remember every bit of your business and your competitors’ operation and remain everywhere to lead the way all the moment. If you analyze your competitor and lay down strategies for everyday troubles then your people can easily solve them for you. Moreover, it is also helpful for increasing productivity from your new recruits.

Generate Confidence:

Yes, even your clients will like it when they will find out that you are well prepared to face any catastrophe and have a very clear line of sight of where you are going.

Control Output:

Creating a strategy will help you to evaluate your business from time to time for any anomalies or detecting unprecedented situation right when it occurs and will give you the command over your business to keep it on its designated path.

Sustainable Growth:

It will help your business achieve sustainable growth. Well it is different than regular growth. Suppose, you sell emergency lamp and there is a storm. Obviously your sales will rise up immediately but it won’t sustain in the long run and will return to its pre-storm value.

These are some basic reason why should you have a business strategy before you jump into the woods. hope you found what you are looking for. If not visit related articles. Anyways thanks for your visit and wish to see you explore the blog for everyday strategic tools you can use for your start-up.