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Get Acquainted with Business Strategy Concepts and 6 Points You Can Adapt
To continue to be able to rotate the funds you have, one interesting way to try is to do business. With a diverse spectrum of options and opportunities available, you can get the desired success, as long as you understand the right business strategy implementation.
But what exactly is meant by business strategy? Is it true that you have to understand the right strategy so that the business you run can bring profits?
Also Read: 10 Tips for Starting a Culinary Business for Beginners
Let's Start with the Understanding First
Many sources can be a reference in understanding this big concept. One of them may be the definition mentioned in a post on online.hbs.edu website, which states that business strategy is the strategic initiatives of a company pursues to create value for the organization and its stakeholders and gain a competitive advantage in the market.
In short, it means a set of strategic initiatives, concepts, or guidelines designed by a company to create certain value for the company and stakeholders, in order to gain an advantage over the competition in the past.
Basically, you can make a strategy using the following three initial questions:
- How do businesses deliver value to customers?
- How do businesses deliver value to employees?
- How do businesses deliver value by collaborating with suppliers?
These three big questions can give you a clearer picture of what products you will make and how to convey them to customers, then what is the company culture so that employees have loyalty and high work ethic in doing their jobs, and how relationships with suppliers are built to be a long-term business cooperation that is productive and mutually beneficial.
But why is this important?
Business strategy is fundamental for a success in the business you have. The right arrangement can help you set company goals and give it competitiveness.
Business strategy will also determine several factors in the business that are very important.
- Price, the product you offer must be able to compete in terms of price, taking into account the production costs and profit margins you want
- Supplier, which provider will you use to provide raw material supply for production matters
- Employee recruitment, how the value of the business can attract prospective employees with good quality
- Resource allocation, the resources you have clearly have limits, so they must be managed in such a way as to provide optimal results
Business strategy is not a guarantee to get success in the business you start. But without a business strategy, it is certain that the company will not last long and the efforts you make will always lead to failure.
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Some Business Strategies You Can Adapt
Well, actually, in general, every business will have its own strategy. This is because strategy always refers to the business value owned, about the product and company culture and the targeted market segment.
But there are several strategy models that you can look at below. For its application, you only need to adapt so that all these concepts can be used properly and provide optimal results for your business.
1. Adaptation of New Technology
As you probably understand, technology is constantly evolving and the modern era is really going to reach its peak in the near future. Therefore, as a businessman it is mandatory to continue to be open to existing developments.
Adapting to various new technologies and systems needs to be done so that the business remains relevant to the times. Both in terms of marketing, business management, to product development, make sure to use optimal technology that can provide the necessary support.
2. Not Just an Attractive Offer
Maybe many of you think business is just about the product and its attractive price, then the benefits of the product. In fact, reported in an article in videnglobe.com, there is a transition in consumption patterns that appear in the market.
More and more people do not hesitate to buy products at prices that tend to be high, but have rational considerations on the quality they offer. That is, price is no longer the only big factor, because the market is also starting to consider durability, benefit value, product quality, and how the products they get can be used in the long term with value reductions that are included in the calculation.
Quality products supported by maximum customer service can help your product compete in the market, and get loyal customers who keep making repeat purchases.
3. Optimize Your Presence in Online Media
Without ruling out the existence of a business in the real world with physical outlets or stores, the online realm is a sector that really must be managed properly. As you may realize by now, the world community lives in cyberspace and activities there.
To be successful, you need to optimize all activities in this area. What is meant is starting from sales, marketing, promotion, maybe even by providing an online work ecosystem that makes employees more productive over time.
Digital advertising is not only a medium for promotion, but can really help your business grow to a larger scale with higher profit potential.
4. Stick to Data
Although everything goes fast and requires tactical decision making, you should not escape from solid data to consider. Decision making with a solid data base can help businesses maintain a strong footing, while continuing to grow their business scale.
Recording all activities that occur, managing the financial sector with a good system, and having various plans to deal with possibilities that arise based on the analysis of the data owned, are fundamental things that play a major role in implementing a good business strategy.
Remember, the data in question is not only market and customer data, but also data related to employees, performance provided, and business performance over time.
5. Omnichannel Marketing Integration
The line between online and offline business activities is increasingly biased, and customers may not care much about it. In most scenarios, you have to understand that customers will identify your brand with everything they know about it.
Starting from physical stores, logos, applications, presence in the marketplace, and so on, all of this must be managed properly. Omnichannel marketing management must be done optimally so that the experience obtained by customers can feel satisfying, regardless of the channel that is their point of contact with your business.
Provide customers with an easy, practical, and simple experience while still being solutive. Support the availability of online systems with qualified offline customer service so that they can easily get the information they need.
6. Worst-Case Scenario in Business
Business strategy is not only concerned with development and profit-seeking, but also how businesses can make the best decisions at their worst. Industry fluctuations must be realized correctly, and the risk of large losses and even bankruptcy will always exist.
Thinking about this and designing strategic steps that must be taken is important so that losses that occur can still be controlled properly. This is why business insurance products become relevant in the context of preparing a company's business strategy.
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At the end of the day, business is not only about presenting a good product and getting a profit, but also how to manage the risks that exist. Having the right business insurance will help you a lot in the worst of times, so you still have room to think and make the best decisions.
SmartBusiness Insurance from AXA Insurance Indonesia is then here to be a solution to this. This product provides compensation to insurance holders when the events listed in the provisions arise and must be faced. At least, you can still get compensation for the termination or closure of the business you have due to physical damage to property owned or used. This way the business strategy you have will be more complete, and make it the optimal formula to apply in business. Design it with in-depth analysis, and hopefully your business will grow and bring money!
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Reference:
- https://www.linkedin.com/pulse/strategi-bisnis-pengertian-fungsi-manfaat-dan-contohnya-proxsis/?originalSubdomain=id
- https://online.hbs.edu/blog/post/what-is-business-strategy
- https://www.bizhare.id/media/bisnis/strategi-bisnis
- https://www.ocbc.id/id/article/2021/12/30/strategi-bisnis-adalah
- https://videnglobe.com/blog/the-5-strategies-for-profitable-business-growth#toc1-1
- https://www.upflip.com/blog/business-growth-strategies
