The world of business has always been a pretty black & white type of dimension – you either succeed or fail. If you happen to fail, you either give up or try again, this time with more experience and knowledge. And if you happen to succeed, you have to maintain that accomplishment as your business idea grows and expands. So, what is the best way to achieve this? Movers Development, with our daily communication with moving company owners and business entrepreneurs (both small and global), might have an idea. What you need is to create the perfect business strategy that will accommodate the potential your company has. And this might not be as easy as it sounds, but let’s try to simplify it, shall we?
What does it mean to create a perfect business strategy?
It really is a simple notion when you consider it. A business strategy is a document/hard copy that will detail the goals of your company and the means to fulfill those goals. In moving terms, you might define it as a GPS for getting from a small startup to a large and profitable enterprise. You will have several different routes, each one with different advantages to it. However, it will ultimately be up to you to decide which route works best for you.
Given that there are both short-term and long-term goals that companies aim to meet, you should plan for both. The more details and options your perfect business strategy includes, the better off you’ll be. This document can then be shared and adapted by all your department heads as the company expands. Unplanned situations happen every day in the moving industry, so the ability of your business to adapt will also play a key role.
9 important factors to consider when forging a business strategy
1. Short-term and long-term objectives:
Planning the development of your company means that you need to consider both short-term and long-term goals. So, think about the capabilities you currently have to offer customers and how you can perfect them in the shortest term possible. Consider your customer base and annual target. Once you have that data, you start planning long-term. Plan on potential expansion in terms of services and customer bases etc.
2. Opportunistic planning:
This ties together with your long-term plans and objectives. You have to take the time to analyze the opportunities that might be available to you in the future, as your business grows. Then, you incorporate those opportunities into your perfect business strategy. How? Simple – you find the ideal way to take advantage of them once they appear. It’s all comes down to a data analysis, weighing the risks and challenges and making the call.
3. Innovative solutions and actions:
Every business owner knows that there can be no progress without innovation. Sure, you have those “one-product wonder” companies that had that stroke of luck and exploded overnight. However, every moment comes to an end at some point, unless they expand their ideas. Think what would have happened with Apple had they stopped after making the iPod. Nobody would probably know about them today. This is why innovation plays such an important role.
4. The aspect of competitive collaboration:
The perfect business strategy is one that can challenge and compete with others. The sooner you grab control of an underdeveloped market and expand your strategy there, the better you will fare in the local and global market. It’s similar to a game of Risk – take one territory at a time, establish a strong foothold and expand from there.
5. Financial scalability:
One of the worst mistakes companies tend to make is to be overly proud and greedy when it comes to their product or services. Hence, you need to combine innovation with affordability. No business got too far by making that one sale that took advantage of the customer. Instead, you want to form your strategy around the notion to have a customer come back. The way to do that is through unique and top-quality services at acceptable rates.
6. Marketing campaigns:
Next comes the aspect of marketing your moving business. Once you define your target audiences, perfect your services/products and focus on a specific market, time to start promoting your company. This is the time when you need to explore the many marketing options available to businesses today and incorporate the best ones in your initial business strategy.
7. Trial runs:
Now that you have everything planned out on paper and a clear course of action, time to test it out. To err is human, and there is no such thing as a spotless business development. There are always some details (sometimes lesser, other times larger) to iron out through hardship and on-the-spot thinking. This is why you need to test your business strategy in small phases and make changes accordingly.
8. Risks and failures:
A good strategist always has plans B and C in his/her pocket. Thus, your perfect business strategy should always humor the idea of risks and potential failures. And so, you need to put your experience into it all, learn from past mistakes, adapt to present situations and plan for the future.
9. The stakeholders:
Once you have your perfect business strategy all planned out, time to share it with those that will depend on it – your employees. By doing this, you ensure that everyone within the company has clear guidelines as to what the goals of the company are and how to go about reaching them. Not to mention, it relates to how they fit into it all.
Why do you need to create the perfect business strategy?
How would you react to the fact that a grand total of 0.1% of companies get to reach 250 million dollars in annual revenue? How about the statistical data that nine out of ten startups fail?
It is no secret that starting a business and growing it is an endeavor that takes much from any individual. Years of planning, time, energy and financial investment – not to mention the overall stress and physical strain. However, the drive is still there – that quest for accomplishment and building something to last for years and decades to come. And you can hardly do that without a proper, or should we say – perfect business strategy. So, take the time to create it, share it and use it as a manual as your company grows. And best of luck to you on this journey!
