Due to a lack of planning and research, several companies end up making ill-advised and hasty decisions that adversely impact their enterprise value. Even though the appetite for simplicity among modern entrepreneurs is understandable, that must not override the need to be thorough, especially when the future of their company is at stake. Steven Rindner mentions that entrepreneurs must be proactive about formulating comprehensive and data-backed business strategies to reduce risks and instances of wrong decision-making. Steven is a business and corporate development executive with an extensive background in business development.
In the hectic corporate environment of today, a lot of entrepreneurs end up resorting to easy-to-use strategic templates that promise to deliver quick results. However, Steven Rindner points out that downloading and implementing these template-based strategies only promote short-sighted thinking, and hardly manage to deliver the needed long-term results. They can be used as a short-term operational plan but not a proper business strategy. Steven previously was the practice director for Perfect Sense Digital, where he developed and executed business strategies for several clients. Hence, his industry experience has made him well-equipped with the knowledge needed to expertly develop business strategies for modern organizations.
Here are a few key steps involved in the business strategy development according to Steven Rindner:
- Develop a true vision: Vision is an abstract term that can mean different things to vary people. However, traditionally, vision was considered to be much like a snapshot into the future. Therefore, in this regard, the vision for a company would include where the entrepreneur wants their brand to be positioned in the future, and articulate what success looks like in clear terms for them.
- Define competitive advantage: At the core of a business strategy lies the aspect of identifying how a company can deliver unique value to its discerning customers. In many sectors of the economy, companies struggle to differentiate their offerings and brand image from that of their competitors. A well-defined and thought out business strategy must consider how a firm can distinct themselves from their peers in regards to their delivery system, service offerings, pricing model and more.
- Define the targets: Poor targeting is one of the prime barriers to business growth. Companies end up suffering from the issue of unclear messaging, as well as misalignment between sales and marketing, owing to the absence of specific targets. Defining specialties and niches especially help companies to put focus on resources, and make its optimal usage.
- Focus on systematic growth: It is only through consistent, systematic growth can companies be able to invest in new equipment and cutting-edge technology, as well as hire experienced employees. Their strategic plan must identify the segments in which a firm must grow, so that the product mix yields a specific net margin result.
The pointers discussed above can significantly help companies to develop a robust business strategy.