Small business strategies are as different as the small businesses that create and implement them. Unfortunately. many of these business strategies miss the mark, failing to accomplish all, or even most of the goals that they need to accomplish in order to help the business become established or continue to grow.
Just a few decades ago, the process of correcting this type of problem might have taken a lengthy, and expensive marketing campaign complete with print, radio and television ads. Today, however, we live in the age of technology where a message can be instantly sent out to millions of potential clients and customers in seconds, with the touch of a button. Even better, messages, or business strategy quotes, that are unclear or not well-received by the public can be updated, revised or replaced quickly. How is this all possible? Through the power of social media!
What Is Business Strategy?
Although it is often tried, it is nearly impossible to arrive at a specific destination without a map, or a plan. A business level strategy is simply a thorough understanding of the company’s goal, or destination, and a comprehensive plan for getting there.
Although the types of business strategy can vary, depending on the company that fosters it, the goal of achieving success is the same for all businesses. Here are ten mistakes that are often made in the quest for determining exactly what strategy business leaders need for success!
Lack of direction:
When experts conduct a business strategy review on a company that is flailing about, it often becomes apparent that the focus is unrealistic. Even though most people understand the need for a plan, many fail to clearly define the goals and without clear goals, there can be no real focus. To avoid this problem, make sure that the company’s main goal is clearly defined. Then create a road map to get there, itemizing each step that will be needed and giving them weight by writing them out in full detail.
Failing to use the power of social media:
This is a big one! In today’s world of instant communication, most businesses have a Facebook, Twitter, LinkedIN and other social media accounts. Unfortunately, these are often not used to their full potential, causing both the strategy and business to miss the mark. Fixing this problem can be as easy as using these avenues on a daily basis to connect with past, present and future clients in welcome and creative ways. Instead of posting how great the company is, connecting via social media should offer something of value to the receiver of the message, and be presented in a fun, memorable way.
Failing to develop and grow the list of people that you can market to:
This can be done in a number of ways, but one of the simplest is to incorporate an auto-responder. When properly marketed to over a period of time, these people become conditioned to your message, and more than likely will become clients or customers, at some point in the future.
Failing to narrow your focus:
Too many business marketing strategies or even just a few with too wide of a focus can be worse than having none at all. Instead of directing purposeful energy toward a clear goal, having too many goals can lead to distraction, procrastination and a waste of time, energy and resources. Narrow your focus, set clear, timely goals and begin to work steadily toward the goals in a purposeful manner.
Failing to develop, or maintain, a business marketing strategy:
This failure is one that many fall prey to. In the day to day grind of meeting and exceeding client or customers needs, working on any type of business strategy can get lost in the shuffle. For some companies, outsourcing some of this work is a smart and cost effective way to handle this. Companies like Odesk, Fiverr and Elance can provide affordable experts who can help handle marketing for clients, as well as the business to business marketing strategy needed in a well-rounded marketing plan.
Failing to create the proper message:
Even after reading many of the popular business strategy books, business owners can forget the importance of pin-pointing the message to different groups. While some may read your message in the form of a blog post or article, many others many never see this type of message. Instead diversify both the message and the delivery of the message by including all the standard social media sites, plus using video, podcasts, or audio to reach even more. In the business strategy game, getting a specific message into the minds of the a specific group is a win-win.
Failing to provide value in your message:
Business strategy articles have long spoken of value-based marketing, and this message is still worth repeating. Clients and customers do not want to be told how great the business is. Instead, they want the business to provide something that will be helpful to them. A tip, a guide or even something enjoyable, such as business strategy games, can make your message have value, and often increase its visibility, as well.
Failing to include a call to action:
The value in the message can be intensified by giving clients and customers an opportunity to take action. This can be as simple as offering them a free downloadable copy of something they will see as valuable. One successful e-business strategy might include a funny, branded video that the recipient will enjoy and share with others in the circle of influence.
Failing to be consistent:
Not every strategy in business will succeed, but it can be said that in every successful journal of business strategy it is apparent that consistence played a key role. Haphazard strategies dilute the message, leaving the customer or client confused. Remedy this by making regular, well-thought out contacts a part of your strategy to succeed.
Failing to create good systems:
A successful business intelligence strategy includes all the components and a good system for utilizing them to their fullest extent. From the time the seed for the business is planted to the time for a business exit strategy, the success or failure will depend upon the company’s ability to put workable systems into place.
So what is a business strategy, as it pertains to your business? When you can brainstorm the answer to that question, then plan and implement the steps that will carry you up each rung of the ladder to success, then and only then, will you see the success you seek.