How to make a good business startegy?

AriaaAriaa subscriber Posts: 4 Member

What is a good strategy and How to define it.

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Comments

  • Michael lyamMichael lyam subscriber Posts: 7 Member

    Simply, Strategy is a result of a detailed strategic planning process.

    One of the imperative feature of an effective business strategy is that it should be cost effective or break even.

    Moreover, a good strategy is designed in a smart and clever way aligned with SMART goal principles inferring that your goals are –

    • Specific
    • Measurable
    • Achievable
    • Realistic
    •  Timely
  • Anthony HopkinsAnthony Hopkins USA, Florida subscriber Posts: 5 Member

    A good business strategy typically includes a well-defined plan, forecasting of achievable goals, and of course a solution for arising hindrances throughout the way.

  • DatainoxDatainox Austinsubscriber Posts: 12 Bronze Level Member

    There are some easy steps to answers this question

    If you take it from after the fact, looking at strategies that worked. As per the point of view, a good strategy is one that worked. Every successful business had a good business strategy for more growth. A good business strategy focuses on a well-defined targeting market, with a business offering. The part of business identity is what you want from your business. Some businesses are about your lifestyle or pursuing your passion and work. People want their businesses to grow as big and as fast as they can and are happy to work with investors and partners. Other people want to own their own business, even if it has to grow more slowly for lack of working capital.

    There are some key to define strategies in steps

    Identity of business

    On the choice of target market: 

    Business offering

  • MarkoMarko subscriber Posts: 5 Member

    Hey - one of the most effective ways to develop an effective business strategy is to identify a successful business that is where you want to be and learn everything you can about how they got there. Business is a team sport and often startups forget that thousands of entrepreneurs have already walked the path they are starting out on. It doesn't matter whether it is manufacturing a new barbecue grill, opening a yoga studio, providing professional services, or selling fortune cookie fortunes (one of my clients actually had such a business.) The point is that you can learn from what worked and what didn't work by studying a "pilot business" that is already doing what you want to do.

    For extra credit - call up the owner, introduce your self and ask them what was the dumbest thing they did on their startup journey. Most successful people will gladly share advice as long as you are respectful of their time and don't come across as trying to hustle them or blow smoke.

  • John G. AnaiJohn G. Anai subscriber Posts: 83 Silver Level Member

    Here are six simple steps to help you deliver an effective business strategy.

    1. Gather the facts. To know where you're heading, you have to know where you are right now
    2. Develop a vision statement
    3. Develop a mission statement
    4. Identify strategic objectives
    5. Tactical Plans
    6. Performance Management


  • DenisCeselDenisCesel subscriber Posts: 6 Member

    You will learn everything on your way, just start doing something

  • TRoksanaTRoksana subscriber Posts: 3 Member

    Hey. Also, a part of strategy is implementation. Couple days ago I read about proximity marketing beacons. This is a technology that takes the advertisement campaigns to a whole new level. Recently, the proximity marketing devices called beacons became a revelation for the retail stores and small start-ups. Proximity marketing uses Bluetooth to transmit information to mobile devices in the nearest proximity. 

  • Jessie HookieJessie Hookie subscriber Posts: 293 Silver Level Member
    1. Develop a true vision.
    2. Define competitive advantage.
    3. Define your targets.
    4. Focus on systematic growth.
    5. Make fact-based decisions.
    6. Think long term.
    7. But, be nimble.
    8. Be inclusive.


  • StephenCookseyStephenCooksey Anchoragesubscriber Posts: 12 Bronze Level Member

    Good Strategies to make a successful business are following below:-

    Planning

    Develop a true vision

    Define competitive advantage

    Funding a Successful Business

    Branding, Marketing & Image

    Focus on systematic growth

    Make fact-based decisions

    Sales to Drive Revenue

    Managing People, Process & Benefits

    Operations & Accounting

    Retaining Customers

    Mentoring & Community Involvement

    Measure your results and execute excellently, etc.

  • John G. AnaiJohn G. Anai subscriber Posts: 83 Silver Level Member

    Prepare a strategic plan that is long-term and realistic. What type of products/services would you like to build? Who will be your customers? What markets would you like to serve, and what activities would you like to carry on to get to your desired future state?

  • HeavenGHeavenG subscriber Posts: 27 Bronze Level Member

    Plan plan plan!

    Maybe create this plan with the help or consultation of experts

  • likeshigh12likeshigh12 New Yorksubscriber Posts: 30 Bronze Level Member

    Make a good business strategy to run your business successfully. 

    -Focus on your targeted customers.

    - communicate with customers on social media platforms.

    -Daily post on social media.

    - understand your customer's behavior.

  • Lewis-HLewis-H subscriber Posts: 27 Bronze Level Member

    Develop a true vision. ...

    Define competitive advantage. ...

    Define your targets. ...

    Focus on systematic growth. ...

    Make fact-based decisions. ...

    Think long term. ...

    But, be nimble. ...

    Be inclusive.

  • John G. AnaiJohn G. Anai subscriber Posts: 83 Silver Level Member

    Few Steps to Create an Effective Business Strategy

    1. Gather the facts. To know where you're heading, you have to know where you are right now.
    2. Develop a vision statement. This statement should describe the future direction of the business and its aims in the medium to long term.
    3. Develop a mission statement.
    4. Identify strategic objectives.
    5. Tactical Plans.
    6. Performance Management.


  • Harshal ShahHarshal Shah subscriber Posts: 3 Member

    Here are some steps to bring magic to your business:

    1. Define your targets.
    2. Make fact-based decisions.
    3. Think long term.
    4. Build a website to target specific audience.
    5. Branding, Marketing & Image.

    I hope this helps. In my experience, get help from the best developers to skyrocket your business by building a website

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