The 3 business strategies given here are for those that want growth in this rapidly changing era. Today being stagnant in your business is like preparing for its demise. Changes are happening so quickly that if you are not incorporating new strategies into your business, no matter what business that may be, you can become extinct.
At the core of doing business in the 21st century are 3 business strategies that I teach. These 3 strategies will keep you in business for years to come.
1) Imagine –stretch the vision for your business with ideas, thoughts and new and cutting edge ways for growth. Dictionary.com defines imagine as to form a mental image; think believe or fantasize.
In this informational age, it is not enough to have a business that offers a great product or service but it is essential to cultivate new and solution based cutting edge ideas to remain ahead
You want to become:
§ Thought leader – unconventional mindset
§ Think influentially
§ Consider the problems you solve for people
§ Lead in your industry
2) Innovate – make changes, develop new methods, ideas, products; the action of generating, developing and inventing (Dictionary.com). Once you have decided that you will become an innovator in your industry you want to count what you have in hand. What is your current business model and is this model generating the maximum in productivity and revenue? This is called a Model Canvas.
You want to know who your competition is and what are they doing. Never be side swiped by your competition and at all costs, do not follow what they do. Be better. You always want to know:
§ What is the current state of your industry
§ What your competition delivers
§ How they deliver products and services
§ How different or similar are your competitors from one another
§ How easy is it to mimic changes made in your industry
There are so many changes being made in industries and in the business world as a whole that business owners must constantly be canvassing, scanning and analyzing fluctuations and coming up with new and innovative ways to improve the quality of their customer’s lives. This is innovation.
3) Implement – Guy Kawasaki says, “A good idea is about ten percent and implementation and hard work, and luck is 90 percent.” In other words, all the imagination and innovation in the world would not get the job done. Implementation is the bolt that solidifies all the hard work.
For the best implementation practices in your business you want to:
§ Create a strategic foresight plan – a plan for evolutionary change
§ Implement clearly detailed projections
§ Establish timelines
§ Develop two-week calendars – so that you can have a bird’s eye view at a glance
§ Have timelines for projects
§ Update To Do items by week, month, quarter and year
These 3 business strategies, if implemented, will be the springboard of your business. Unfortunately, most small businesses believe that they are too small to implement such strategies. However they would create the greatest potential for growth.
To Your Success,