There is nothing as risky as entering into a business blind. To increase the odds of success, putting specific business strategies in place is an absolute necessity. This is because strategy answers important questions about a business. It answers the questions of how it will run, what market it will operate in, how it will compete against similar businesses, what is the business’ profit potential and model, and how much employees and inventory will be needed to perform daily functions.
The questions listed above are just a few of the many questions a business strategy answer. It is actually said that strategy makes all the difference between winning a battle against a well-armed and well-positioned opposing force, especially when you are running on limited resources.
Business strategy in place, it is also important for a business to remain fluid. As per the wise words of the dragon himself:
“…be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; you put water into a bottle; it becomes the bottle; you put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.”
When we talk about fluidity in business, we mean that you should never assume that business modelling is finished once your business begins to grow. You need to keep your business model current, as this is critical for long-term success. Changes will result from external influences such as changing customer preferences, technology advancements, and demographic trends.
The best thing you can do for your business is to have a business strategy in place as a fundamental guiding principle, but yet be willing, ready and prepared to go with the flow and adapt and adjust your business model as is required.
One other important thing to be looked into for business success is having a strong content strategy. Content marketing is a strategic marketing approach that is focused on creating and distributing relevant, valuable, and consistent content to attract and retain a clearly defined audience and to ultimately drive profitable customer action.
A strong content strategy relies on creating a point of difference while still providing unique and useful information to customers. As a business, you need to focus on strong content pillars that address an underlying need related to your target market. And you do need to be subtle about it rather than overt. Some cases in point: Koala Mattress’ blog focuses on “comfort” rather than mattresses, while health insurance company ads tend to focus on community and well-being rather than sickness and prevention. All of these sell an outcome or feeling rather than a specific trait related to an offering. It is a strategy that serves businesses well.
As a new business, implementing a Blue Ocean Strategy is also very important. The primary message of Blue Ocean Strategy is that it is better for new businesses to find unexplored new market areas called “blue oceans” rather than struggle to compete in existing markets (red oceans). Simply put, it means that new businesses must be entrepreneurial and work to find and create their own opportunities, differentiating themselves from others, rather than piggybacking on opportunities already taken by others.