As cities open up and workers begin to return to their offices, prepping for life post-pandemic, it is necessary as an entrepreneur to create a fresh, workable strategy to help drive your business.
However, it is one thing to create a strategy at this time, and it is quite another to understand how to make it work for you.
Here are 3 secrets to a business strategy for 2021:
- Study the market extensively: According to Forentrepreneurs.com, the principal reason startups fail is that they have little or no knowledge of their markets.
A successful business strategy is composed of knowing the value you can give to your customers and how to reach them fast and effectively. Have you created a compelling value proposition or short-term event that triggers a customer to make a purchase? What is your market and is it ready for your product? Is the target market whose problem you solve large enough to sustain your success long term? Kiss success — both short-term and long-term — bye-bye, if you don’t know whom you’re trying to reach or if the market is not ready for you.
- Hire to complement your limitations: Everyone has limitations. You may have trouble focusing on more than one thing at a time, have too many activities or engagements on your plate to handle. You may have a health condition, or don’t know much about the necessary technology needed for your business growth. You could be great at ideating but bad at carrying out your plans. It doesn’t matter.
You can still succeed by hiring the right individuals for your team — a team that complements your skillset and fills in where you are weak. You could foster a business relationship by hiring a partner that gives you the charge required to stay motivated or a sales representative to get your product out in stores. Whatever your weaknesses are, identify them and hire them out as soon as possible.
- Create a Niche and Focus: In a small and medium scale business environment, many think that every opportunity that leaves profit on the table should be accepted. That is not a good business practice and a flawed business strategy. A better idea is to create a niche and focus on it. Be specific with your niche, specialize in a market segment, industry, service, or product, and become the leading authority. This helps you increase efficiency, decrease errors, thus resulting in happier customers and increased customer retention and a focused market strategy.
Nonetheless, take note — creating a niche demands some trade-offs. It may be hard to remain committed to your new focus when a different opportunity comes knocking. Also, it is crucial to know what to turn down. Avoid temptations.
No matter who you are or what you’re trying to do as an entrepreneur, with a workable business strategy and planning, you can find success by taking these three steps.