Let the Race Begin! : A Modern Approach to Business Strategies

Let the Race Begin! : A Modern Approach to Business Strategies

Modern day businesses think of ideas that will attract customers to buy products or avail services. The world is filled with competitive businesses struggling to be the best: This is a race to success where the one who’s coming out on top will be the winner! Below is a list of strategies that will help your business leave your competitors behind, and win the race!

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1. Ignite a Spark of Passion for Work

The first thing that you need to do is reflect on the company that you built. Ask yourself the following questions:

  • Why did I build this company?
  • What will be my vision for the next 5 to 10 years?
  • How would I make my business better?

It would be a great wake up call for you to ignite a spark to your business mojo.

2. Devise A Plan

Planning is a good practice when it comes to business. Attending seminars which provides ways on how to improve will give you the best set of solutions. Try to observe the things that have been working for your adversary business. “What are their best sellers?” or “How staffs accommodate their customers?” You can also look for things that is making quick responses in the market.

Another good option is to become a shopper yourself. With that you would be able to get the feel of being the consumer. You can identify not only the things that you might need for your business, but also the needs of your customers.

3. Know your Customers

A business would never run effectively if there were no consumers that will enjoy your products and services. It would be best  if you’ll not complain of the things you are without, but brag about the things that you have. Loyal customers should receive surprises or incentives which will keep them coming, or even discounts every time they buy from you. This will attract new customers that you can add to your “loyal customers list”.

4. A Good Management Style

Business is like a game of chess where you make the risks which decides the fate of your kingdom if it will win or falter against your rivals. So it would be best to know the rules of the game. In this one your employees will be your chess pieces and you will be the one who makes the move. A good management structure is defined by the efficiency of operations that results to the business’ smooth sailing.

5. Advertising your Product

A well polished business website can help you promote your products and services, but it would be more effective if you utilize the power of sites like Facebook, Twitter or Instagram, since millions of users visits those sites everyday. Video advertisements of your business and uploading it to video sites like Youtube or Dailymotion is another good thing since people in the internet sees products or services being advertised for about 20 seconds. Enough internet traffic will get the attention of customers.

6. Build a Strong Foundation with Your Employees

Most employees nowadays are engaging in a “rat race” where they run in circles and don’t know when to stop. They are doing hard day’s work and felt they’re not earning anything at all. Factors like payslips and benefits being timely given to them will make the employees happy, with that you can motivate them to work more and become productive like they feel that they’re not just working for money, but they are contributing their skills for the growth of the business.

7. Expect the Unexpected

Time would only tell  if your company would last for 10 or 20 more years. In handling a business you should expect ups and downs. Strong competitors will always be there, but what’s important is that you always have that mentality that if you want your company to last longer then you have to think of ways to get better.

8. Adapt to Change

Never stick to old fashioned tips and tricks. Remember that every year always has new taste and trend. An upgrade to your way of working would be good. Cloud software is a good example, since it changes a lot of traditional working processes for most businesses.

9. Be Yourself

You must earn the trust of your customers. It’s okay to know the weakness of your competitors but it would be better for businesses to embrace their own identity, and not copy the tactics of others.