In the business world of Nigeria, skilled specialists are obsessed with tactics since they help them achieve nondurable goals. But if you only focus on the short run, then you do not spend enough energy, effort and time to achieve long-term success.
Fortunately, strategizing will help you achieve both short-run and long-term goals. The strategy focuses on principles, that is, thinking, while tactics simply allow you to complete the active tasks. Strategy is about why your business does what it does, not what you do and how you do it.
Your project strategy is a roadmap for achieving your project goals. It is a set of principles that guide the priorities, decisions, and actions of your start-up. These are not specific tasks that you do daily. Building a business strategy step by step:
1. Define your start-up goals and measure your progress towards them
In business, like in forex trading, traditional goal-setting allows you to measure what you do, but it does not measure how you do it or why. Focusing only on results can motivate you to take certain actions that will prioritize your organization, not your customers.
To focus more on your goal and process, and not only on the results, when building a strategy, think over your values and principles, your business vision for the future — this will inspire you to better customer service.
Once you have thought about your values, create a goal based on them. This will help you do both customer-centric and result-oriented work simultaneously.
2. Determine what market segments you want to cover
Chances are, your product or service does not occupy your entire market, so it is crucial to pinpoint the segment or segments of the market that benefit the most from your product or service.
Customers who really need and want your product or service will stay with you longer and want to come back again and again, which will increase the value of your customers and reduce the cost of acquiring them.
3. Determine how you will beat your competitors
Ricky Bobby’s legendary saying that “if you are not the first, you are the last” does not define the world of business, but has a certain relation to it.
Your customers will not buy two of the same products or services, so if you want to capture as much of your market segment as possible, you have to rank first in the minds of most of your target customers.
Some of the best ways to stay the best are to start a creative, renewing brand, as well as differentiate your product or service from the rest, and price your product according to its perceived value.
4. What competencies are necessary to win over competitors
Unfortunately, passion is not enough to beat your competitors and rise to the top of your industry. As in indices trading on the Forextime platform, talent and skill are also crucial. Depending on your aspirations, goals, and market, you have to figure out what types of teams and employees you need to develop and hire not only to defeat the competition but also to stay on the wave of success.
5. Decide which control systems will hone these competencies
If your business is a team, then your managers are coaches. They are responsible for developing, supporting and inspiring your people to achieve better results. It does not matter how talented your employees are. They will never reach their potential and, in turn, the potential of your start-up unless they hone the skills and discipline necessary to compete and succeed.
Advantage of Strategy Over Tactics
We live in an era where the World Wide Web is overloaded with tips and tricks. We have access to countless recommendations and advice that can help us launch a successful start-up. But without the ability to assess with a critical eye whether these tips and tricks apply to your particular situation, you will never achieve success in the long run.
That is why strategy is so crucial these days. This is the backbone of your start-up. These are principles that can be applied in almost any situation. This is what helps your business achieve both short-term and long-term goals.
For a strategy to achieve its goal, it must be fully implemented. There is a threat that by trying too many different strategies, you will never be able to fully implement any of them.
Good intentions, however ambitious, have no real value for business development. Underinvestment, lack of control, and inconsistent action are threats to effective start-up development. It is far more efficient to implement a simple strategy fully than to indulge in a complex one. Fewer elements that are correctly implemented give better results.