How to Implement a Business Strategy in Your Organization

Ask any successful business owner and they will tell you their success was not based on luck. The success – and failure – of a business is dependent upon the strength of their business strategy. A successful strategic plan employs cost reduction, development, and sustainability techniques to ensure a bright future. You need to know your business inside and out in order to create a comprehensive and realistic plan.

Your strategy should help you achieve the objectives of your business. A business strategy is the driving force behind any organization, and takes the form of an official report. Businesses are self-sustainable systems, when you change one thing in the system; it has a positive or negative chain reaction. Like an organism, businesses learn how to adapt to the change if it is positive, and rectify the situation if it is negative.

Organizations have several phases of development, including creativity, direction, delegation, and consolidation. A company may start out with lenient rules and regulations, but as time progresses management adopts more efficient policies that hinder creative thinking. Companies mature and lose sight of their goals and mission statements, with more of an emphasis placed on individual projects or initiatives. As a business enters maturity processes, departments, and policies are refined to reunite the organization.

Ways to Conduct Business Strategy

Historically there are two ways to develop a business strategy, using the “bottom up” and “top down” models. The bottom up method is when employees generate ideas on the floor and the best results are passed onto management. The top down strategy is when business owners create the strategy and implement the changes without seeking employee feedback. Unfortunately, both models fail to include all of the employee feedback.

The new method of developing a business strategy uses a collaborative process, which is when managers and employees exchange information and work together to create a sustainable solution. It is a team-oriented process that bridges the gap that exists between managers and workers. Before you create a business strategy ensure you have the additional resources to carry out the task without interfering with normal operation. Assign tasks and delegate responsibilities while keeping to a defined chain of command.

Functional versus Operational Business Strategies

There are two types of business strategies: functional and operational. The functional strategy focuses on general ideas and a variety of tasks for different departments. The generality is a major disadvantage, however; areas of concentration include marketing, new product launches, human resources, financial assets, and legal issues. Functional strategies provide a nice overview of the business but do not tackle the important issues employees encounter day-to-day.

Operational strategies are ideal for businesses that want to reduce costs and streamline processes because it is much narrower in scope and requires accountability on all levels. The detail oriented plan encompasses everyone and everything, from the number of cashiers on duty to how much inventory is carried at a given time. A strategy is unique to each business and reflects the needs and requirements of the company’s management.

Implementing a Business Plan

A business plan is the textual version of a strategy, as it includes pertinent information regarding the company, including: vision and mission statements, measurable objectives supporting the vision, actionable tactics meeting the objective, resources, milestones and timeframes, accountability and role designations, as well as internal and external risks. The business strategy is not evergreen and should be evaluated routinely to ensure the company still has the competitive edge.

A business plan includes the primary and secondary objectives of your organization, an analysis of current policies and procedures, and the development of new policies or procedures to correct weaknesses within the organization. Before beginning a strategy, it is helpful to conduct a SWOT analysis, which helps identify weaknesses and loopholes within the organization. Your competition capitalizes on your weaknesses, thus it is essential to continuously evaluate your business.

Developing a Competitive Strategy

Brainstorming and collaboration are essential to the development of a successful business strategy. Begin the process by identifying the strengths and weaknesses of the organization. Without erasing responses, continue to identify current opportunities that help your business succeed. Finish the SWOT analysis by identifying threats or risks that place your business in danger. Identify how your company beats the competition, outlining the various strategies already in place.

Identify your current target audience and list potential audiences in the form of demographics. Assess current market conditions and how your company can defeat the competition. Reevaluate how you are reaching current and potential customers and consider your overall marketing plan. Think positively and develop solutions to overcome any weaknesses that you have discovered thus far. Admitting your weaknesses is the hardest part of drafting a business plan, as most companies want to appear strong and mighty. Research why you have these weaknesses and find realistic solutions to the problems.

Business owners often become so caught up with their work that they fail to concentrate on their business strategy, which is a significant source of cost reduction. Achieve your goals by dedicating time each month or week to address issues surrounding the operation of your business. Make the process a tradition, ensuring operations are aligned with current goals and future forecasts. Make your business stand out from the competition by utilizing different techniques to attract the most people.

A successful strategy overcomes organizational hurdles by understanding customer needs and predicting the unpredictable. The formation of a business strategy is a science that combines current circumstances with a variety of internal and external variables, addressing immediate and long-term goals of the organization. The implementation of the strategy is rolled out slowly, starting with management. The plan encompasses everyone; however, customers are indicative of the final result.

How To Start A Website Business For The Beginner

Mostly because of the poor economy, it seems as though everyone is jumping on the internet to either help make ends meet or to obtain untold wealth. Unfortunately, there are a lot of scams online and too many people get sucked-up into the “Riches Without Work” scams that promise that with the flip of a switch, or a push of a button, you’ll receive scads of orders filling your pay pal account. Sorry… It just does not work that way. If you want to learn how to start a website business, then you need to stay as far away from the scam type sights as you can.

As the old saying goes, “If it sounds too good to be true, it probably is.” The very first thing you need to do to start a successful web business is to learn about the business and exactly how it works. You’ll need to learn some skills before you do anything. The good news is skills can be learned, just like driving a car or lacing your shoes. Everything looks daunting until you understand it…then it’s easy. So, before you waste your money on get rich quick scams, learn how the business really works. You can do this by learning, step-by-step, how to build your own website and then how to market your site to your prospects. The best way to learn this business, inside and out, is to team up with a mentor that can guide you through this maze called the internet. A personal mentor will cost you the farm so you don’t want to do that, unless you have lots of money saved up.

The best way to learn the business is to hook-up with a service that will teach you how to start a website business via the internet. A service will teach you how to build a website of your own, how to market your products and exactly how the web business works. In other words, you must build your skill sets first, then you’ll have the necessary know-how to be successful in this industry. Warning: Be careful of the insidious monster called information overload. That’s trying to do to many things at once…like promoting 3-4 businesses at once.

My advice is to find a internet mentor and then stick with him until you learn the basics of this tremendous industry.

How to Get to the Top of Your Game by Networking Your Small Business

If you have a small business and you are trying to move it to the next level then networking is the way to go. You get the best of everything with a network without having to pay for any of it. Read on to find out how to get mentorship, qualified leads, and a ton of free products and services all through networking.

A network is a system where a group of non-competing, complimentary businesses get together and agree to help each other. The mastermind that a network generates can solve unbelievable problems for the members’ businesses, problems that could NEVER be solved alone. The goal is that you all agree to help each other, using your individual skills to benefit anyone else that may run into a problem where you excel.

In addition to the problem-solving mastermind, you will also gain the benefit of bartering. Here, you can swap products and services in exchange for the work that you perform. For example, if you are an accountant, you could get free legal work done in exchange for a tax return. This process alone can be worth thousands of dollars, well worth the time of admission into the network.

Lastly, there is the referral process. When you get customers into the network and they need a service that your business cannot provide, you will refer then to another member. This keeps the business inside the network, and you also look very professional, because you are recommending someone you know and the customer will see that you are just helping them, not making a dime off the transaction.

The 3 parts of a network are so valuable that any business which belongs to a network is at a much greater advantage than those that are not. You will have a huge support system when times get tough, and they will get tough. You will have a potential source of loans if you need money quickly. You will have a mentor. You will have a huge arsenal or service at your fingertips that you can barter with for free. Most of all, you will end up with a steady stream of customers flowing through your business. If your network is large enough, you may be able to generate more work than you can handle. Wouldn’t that be a nice problem to have? If that is the case you could even expand the network into multiple businesses in the same category. Networks are very flexible and definitely worth the effort if the right members are chosen carefully.

Four Tips to Funding a Business Start-Up on a Shoestring

Are you unsure about whether or not to start your business because of lack of start-up funds? Many small and home business owners face this very issue in the beginning. Do not get discouraged — there are lots of ways you can fund your start-up business on a shoestring.

The first thing to remember is that there are endless numbers of success stories of shoestring businesses making it big.

One of my clients, back when I was running a web hosting business, started a baby sling company from her kitchen table. She simply purchased fabric and thread and used a sewing machine she already had to create a sling that was comfortable for her, and her baby. She really did not even plan to start a business.

But after getting rave reviews from friends and strangers at the grocery store, she started selling her slings online.

Today, she is a well-known sling maker whose products have been in big box stores and who sells thousands of dollars a day from her website.

Be encouraged and know that you can build a successful business from scratch, but you have to be focused and never willing to quit.

The second suggestion that many who have been in your shoes suggest, is not to quit your job until your business begins showing a profit. All too often, new business owners are enamored with the idea of owning and running a business and quit their day jobs, only to discover that funds run short fast. Then they are forced to take extreme measures, or look for another job.

Next, you have to truly know your business inside and out. How much money will it cost to run your business? You should complete a business plan, which will tell you if your business idea will be a feasible one or not. Research similar businesses and find out what kinds of profits and losses they are seeing.

Finally, if you find that you still need some financial backing but you do not want to borrow money from a financial institution, find a few investors. Present your business idea, along with your prepared business plan and research to trusted friends and colleagues and request their financial backing for your start-up business. Many times you will be able to obtain this kind of monetary help from those who believe in your business and want to see you succeed.