How to make your business survive? The strong and accelerated technological and economic changes that have occurred in recent years have made companies rethink strategies most frequently as a result of the high competitiveness in the markets in which they participate.
The strategies We can define them as a series of decisions that bring us closer to the maximum potential we want, and that can be different for each company; a set of decisions that help us deliver a better customer experience value proposal than competitors; and the ability to find the scarce resource.
Once we have clarity in our definition, we must ask ourselves: Is our concept of strategy correct? What should we take into account to start it up? For this, we must understand that we are within the game of businesswhich is very complicated and there is no magic recipe or instructions to get to the end, but it depends on what we want to achieve for our company.
Steps to make your business survive
For this reason, it is important that you know the following steps:
1. Understand the game
Like any game, we need to understand it and some of the questions that can help us with this are: Who are the players? Do we know who our direct or indirect, current and future competitors are? The most basic thing is to make a market research, initial searches on Google, your social networks, your web pages; But the most important thing is that you know what their motivations are, the capabilities that give them a competitive advantage, accompanied by constant monitoring.
It will also be necessary to know the field on which we are going to play, how attractive is our market? What skills do we have to play and win in it? We must know our customer segment, distribution channels, what place we have in the product chain, also take into account geography, and the products or services that play in the market.
Also the level of industry uncertaintydetect trends, the payment structure and one of the most important: The timing, We can have many very good ideas, but these will only prosper as long as the market or the consumer is ready for their adoption.
2. Anticipate moves before the other players
Success is not improvised, it is consciously prepared based on an analysis of the environment, which allows us to decipher the movements of our competitors and get ahead of them. We must be the first generators of changes to the needs of our clients, taking into account everything we have been talking about. “We can do this by innovating to maintain a competitive advantage.”
3. Update our strategy while we play
We must always keep in mind that renewing business strategies is essential for the success of a business, because they allow it to be improved and enhanced. It is recommended that at least the strategies be reviewed at least every 6 months and at most two years. We must take into account that our opponent is doing exactly the same, so we cannot postpone it.
Don’t forget it so your business survives!
Strategy is made by decision making and we must be comfortable with opportunity costs. It is about increasing and combining rigor and creativity. When you decide to redesign your company through the implementation of new strategies, it will be essential to involve your employees so that they feel part of this process, create a business culture according to this new stage, since your team is the one who helps empower your business. Otherwise, as pointed out Peter Drucker: “Culture eats strategy for breakfast.”