The prerequisite for implementing effective business strategies is always to surround yourself with the right people to make sure that the job gets done. However, you need first to determine the jobs you need to handle and then apply the following strategies to help you take your business to an ever growing height!
Fahim Moledina enlists below the killer strategies that must be the foundation of your business operations.
Planning Out Activities
A map is always the primary item when deciding to reach a destination. Similarly, in a business, having a map or a plan is a requisite. Creating a plan for the business requires a simple SWOT analysis- strengths, weaknesses, opportunities, and threats. Also, when lenders, bonding, or insurance companies would want to pair with you, they will ask for a business plan to measure the stakes.
It is like a GPS tracker that you will use to navigate your business paths. A short-term business plan is more effective as you can expect greater accuracy in completing the action steps to achieve the primary goals. When designing the business plans and goals, make sure you surround yourself with people who are learned and can help you with their expertise in certain departments. Arranging for an advisory board is helpful as you get more accountability for the business plan.
Funding To Run A Successful Business
An ongoing necessity of a healthy business is finding appropriate funding for it. When a company grows, troubles keep trickling without informing you, for which you need to have your solutions ready. You have to draw a strategy to be able to battle these issues.
Thus developing a relationship with your bank is imperative in case the need for a loan arises. Fahim Moledina suggests you can ask for a loan or a credit card when you don’t need it in order to develop credit and build a personal relationship with the bank.
Brand Image And Marketing
No business can survive without branding and marketing. Any business that is hidden away from the eyes of the customers will neither thrive nor survive. You have to dedicate time to consider and understand the needs and requirements of your customers so that you can adjust the course of your business.
There are uncountable ways now to communicate with your customers and get an understanding of how they react to your products. You need to have a strong strategy so that you can focus and target your customers. Social media platforms are incredible tools that you can leverage to further the interests of your business.
Working On Sales To Drive Revenue
Cash flows are unpredictable in the competitive market. With the help of sales, you can provide your business with predictable revenue growth. To do that, you have three ways.
- Transactional: it is focused only on a quick sale and closing the deal
- A trusted advisor: who works with a customer on a problem the customer recognized
- Strategic partner: who brings a solution to a problem the customer had not known he had
The important aspects of sales are:
- Society: knowing who is being targeted and who is the ideal client
- Silo: identifying the niche(s) the business can dominate
- Solution: recognizing the problems the business can solve that no other businesses can solve
- Strategy: developing a plan
- Structureaccountability: management and compensation of the sales force
- Systems: the methodology that the business deploys
One of the important assets of a company is its workforce. Without making an effort to train, equip, and constantly teach your employees, retaining a quality workforce is hard. Also, you have to make sure you take all the measures that increase employee retention by ensuring your employees are happy with the company.
You can draw out a benefits program that enables the operations of tools that build loyalty within an employee pool. The more an employer cares for the employee, the more loyalty you can expect in return.
From healthcare, education to income protection, all can ensure that you have employees who will work for you with their heart’s conviction. Company culture is another factor that you can improve to retain and attract an efficient workforce. Make employees part of the company’s success, appreciate them, and help them grow with the company.
Measure Your Progress
Fahim Moledina stresses on actionable strategies that can be tracked to monitor progress. You must always have a strategic action plan with monthly measuring of the results these plans take you to. Promote ownership of the plan across the multiple hierarchies within each department and utilize the key performance indicators to predict and align your strategic plan.
Your goals should resonate with the employees so that they can contribute more wholeheartedly. Establish monthly performance meetings to check the progress of your goals.
Keep repeating the strategy every year. However, come up with new execution plans that match with the changing business dynamics. You need to maintain discipline and responsibility to promote the successful execution of all your business strategies.