Creating a New Strategy for Your Existing Business

Growing your business is often one of the most resource-intensive tasks that you can get involved with. While it’s not just a switch that you flip and say “job done” to, it’s certainly something that needs a lot of planning and is slowly done over time.

To make things easier, it’s often important to have a strategy for your business. Your plan should detail things like how you plan to use your resources, how you hope to grab a new audience’s attention or how you want to change your products and services. But if you already have an existing business, then coping with change is something that doesn’t come naturally especially if all of your methods are set in stone and your resources are already invested in a certain way.

In this article, we’ll be talking about how you can create new strategies for your business while remaining relatively agile and accepting of change. It does take a lot of work and it needs the cooperation of all of your staff as well as your investors, but if done correctly, it can help you obtain the success that you’ve always wanted for your company.

Becoming an Agile Business

An agile business is all about quickly adapting to changes and being responsive to changes. You need to think about how you can respond to developments in customer demands, but you should also be thinking about how you can detect these changes in the first place. Here are a couple of tips on how you can become a agiler business that adapts to changes more effectively.

 

  • Researching agile workflows. There are many different ways to approach agile business development. For instance, how do you currently plan for the future? Are you focused on shorter production cycles so you’re constantly improving your products, or do you aim for seasonal increases? A good comparison is between upcoming smartphone releases and software updates. Smartphones from the same company tend to release at the same time every year, while software updates are constantly pushed because of the way software works. If you want your workflow to become agiler, then you need to support constant changes and testing methodologies.
  • Make use of analytical tools. If you want to detect changes then you need to analyze the market with the proper tools. For instance, are you analyzing social media? Take a look at articles such as https://blog.bufferapp.com/social-media-analytics-tools to learn about some free social media analytics tools. These will help you detect changes in the industry before they have a chance to affect your company, and this will make it much easier for you to cope with change in the future.
  • Listen to feedback and suggestions from your audience. Another good way to become a agiler business is to actually listen to your audience. Whether it’s accepting feedback or being open to suggestions, customer feedback is incredibly important and the way in which you analyze and process it will determine your adaptability. If you make it difficult for customers to submit feedback or report issues with your products, then it will take you a long time to detect problems with a product or service and you’ll be slow to fix those problems.
  • Focus on the customer experience. If you focus on your customers, then it’s much easier to become an agile business. It’s important to not only listen to your audience but to think about how you can improve your services based on their habits and requirements. Whatever demands they have, you should be ready to change your workflow in order to accommodate their needs.

 

 

Setting Yourself Apart

Setting yourself apart means doing something different and one of the best ways to do this is to draw inspiration from other success stories. For example, this article at https://www.huffingtonpost.com/entry/heres-how-dealdash-is-revolutionizing-the-online-auction_us_5a5e8566e4b03ed177016ec0 will teach you all about DealDash, a company that specialises in penny auctions but decided to do things a slightly different way. Just two defining features made DealDash a success that grew past its competitors, and this is the type of inspiration that you should be learning from if you want to find your own way of setting yourself apart. To help you out, we’ve compiled a short list of things to consider if you want to set yourself apart from your competition.

 

  • What is your focus? First, ask yourself what your focus is and how you fit into the industry. Do you provide niches products in an otherwise competitive industry? For example, if you’re in the smartphone industry and you’re competing against the likes of Samsung and Apple, what is your primary focus? Do you hope to beat those juggernauts in terms of value? Or do you plan to appeal to a niche audience and create something like ultra-durable phones that could survive a fire?
  • Do you provide excellent customer service? Something to consider is your customer service and how you provide it. There are many companies that are incredibly popular due to their excellent aftermarket support, the knowledge base on their websites and also their returns policies.
  • Are you playing to your strengths? What are your strengths and how do you define them? Do you feel like your strength is in the talent among your employees, or do you think that your best feature is your willingness to speak to your audience and adapt to their needs? If you put a heavy emphasis on your strengths then you’re far more likely to excel and create a name for yourself to set yourself apart.
  • Or do you have many different strengths? Or do you consider yourself a jack-of-all-trades? Do you think that you have several strengths such as being an agile business while still having many talented employees that are always looking for ways to improve your products? Some companies are better at spreading their resources around and others are better at specializing their brand.

 

 

Separating Long and Short-Term Goals

Long-term goals are slow and require a steady but low amount of resources in order to function. Short-term goals, on the other hand, are usually much more resource-intensive and often require you to push overtime onto your employees or invest money in a less-than-frugal way in order to see growth. Once you learn to separate short and long-term goals, you’ll find that you can smoothly transition into your new business strategy and correctly assign resources and employees to different stages of your business plan in order to execute it correctly.

Short-term goals should be focused on improving something immediately. For instance, you’ll be looking at your employees, your products and anything else that can be changed over a short period of time. For instance, it’s entirely possible to hire an extra employee or fire a troublesome one and make a big difference to your company in just a week. Short-term goals also include training your employees, adding new equipment to your business or even addressing customer concerns and public relations matters.

In contrast, long-term goals involve tasks that take a longer period of time to take effect. For example, if you want to improve your digital presence, then it takes a long time for all of the changes to take effect. Between making a social media account to updating your website, bolstering your online presence is something that requires both time and dedication and should be considered a long-term goal. However, long-term goals are often made up of many different short-term ones that can be done in a week or even a few minutes. Take a look at this informative article at https://rankexecutives.com/37-proven-ways-increase-online-presence/ to learn a couple of short-term tasks that ultimately help a long-term goal such as improving your brand presence on the internet.

In short, once you create your new business strategy you’ll want to slowly work towards separating your goals into short and long-term tasks so you can assign employees to each job and distribute your company resources effectively so that they aren’t wasted.

Conclusion

Growing your business is clearly something that requires a lot of work and dedication. The first major hurdle to overcome is creating a business that is agile and responsive to changes in the industry as well as customer expectations. After that, you need to find ways to set yourself apart from both your old self as well as the competition. While being different isn’t always the key to change and business growth, it does help in many different ways. Lastly, you should focus on separating your long-term and short-term growth goals so that you can properly manage your resources and staff to accommodate them.

Hopefully, these tips have given you some insight into how you should be approaching business growth and how you can create an entirely new business strategy for your existing company without disrupting your operations too much or requesting unnecessary downtime.

Avoiding a Financial Disaster with Your Startup

Most startups fail in their first year, and when they do, it’s usually down to money one way or another. So, if you’re just starting out, it’s probably a good idea that you plan for a solid financial future and work out how you’re going to mitigate against potential financial disasters. Here are a few things that can help you with that…

Don’t Sink Everything into Your Startup

You might think that your business idea is wonderful; that it’s a sure thing, but that doesn’t mean that it really is – in business, there are no guarantees. That’s why you shouldn’t put every last cent you have into your new business. Keep something behind, and then, even if your business goes down, you won’t have a personal financial disaster to deal with too.

Build a Financial Cushion

When you’re creating your business plan and crunching the numbers, make sure that you allow for a financial cushion of between 3 and 6 months’ funds, so that if you’re having teething problems, or if you go through a dry spell, you can keep on moving in the right direction and avoid any serious financial calamities.

Protect Your Data

Modern businesses are all about data – well a  lot about data anyway – and data can be a great source of income. It can, however, also be a prime source of financial disaster, if it’s leaked, that is. That’s why, as soon as you start your company, you should ensure that you invest in server security, a good malware detection system, software that’s as good at protecting data as it is at simplifying file transfer procedures and even just locks that will prevent your data from getting into the wrong hands. Fail to do this, and you could end up on the wrong end of a lawsuit with a business in ruins before it’s even begun.

Take Out Insurance

You should not be operating a business, no matter how small, without some sort of insurance policy to cover any general negligence that you could be accused of and taken to the cleaners for. So, do your research and see what kind of coverage you need.

Implement Health and Safety Procedures

Another thing that could see you facing expensive legal action that could ruin your business is a lack of health and safety procedures. As an employer/ business owner, it is your duty to ensure that your staff and any visitors to your business are always safe.

Invest

Just because you are running your own business, doesn’t mean you have to plow all of your profits back into it and actually it’s a good idea to put some of the money you make into safe investments. That way, even if your business isn’t doing quite so well, you can make some money to keep things going, and you can have the peace of mind in knowing that not all of your cash is in tied up in a high-risk venture.

Financial problems are part and parcel of the business world, but if you’re smart, a financial disaster doesn’t have to be in your future.

Coupling Your Finances

Coupling your finances is a huge step. In some ways, even bigger than deciding to get married. In fact, many married couples today still have completely separate bank accounts and simply split everything evenly right down the middle. However, there are some huge advantages of mashing your finances together. It makes managing your family’s money much easier and can help avoid arguments and disagreements when it comes to paying for something new. But, there is a lot to think about. Here are some tips to help you get it right.

Be Sure

Once your finances are linked, to an extent, they are always linked. If you were to split up in the future, any credit check would show up your financial link. Their credit score could affect your own even if it was just a joint credit card. Make sure this is what you want before committing to share your money in any respect.

Keep Some Separation

One thing that worries people about merging their finances is not feeling like they have their own money or feeling like they have to ask for their partner’s permission to splurge a little. The occasional treat is a good thing, so if you want to keep some money for yourself, do it. Open a joint account but keep your own accounts too. Both commit to paying a certain amount a week into the joint account to cover household bills and expenses but keep any extra for yourself. There’s nothing wrong with craving a little financial independence.

Save

It’s a good idea also to open a joint savings account. Set up standing orders to both pay in a set amount each week or month and add more when you can. This way, you’ve always got some money if something unexpected crops up, without having to worry about dipping into your joint account.

Insurance

If anything were to happen to you, without the appropriate coverage from MeetFabric – AD&D Insurance your partner could be left struggling. Deciding to couple your finances is a huge step, so it’s also a great time to decide to protect each other and your family in the future.

Pay Off Debt

If either, or both of you are in debt, it can make the coupling more complicated. You shouldn’t expect your partner to be responsible for your debts, but you may struggle to make the same contributions to your joint accounts if you are paying off large debts. This can be hard for both of you to come to terms with. You’ll also have trouble getting accepted for the best accounts, or mortgages with large debts. So, it might be worth making a plan to pay off what you can before you complete your financial coupling.

Communication


Money is one of the biggest causes of marital arguments. The best way to avoid this is to talk. Be honest about what you’ve got and what you need, as well as how you feel. If you are worried that you can’t make the same contributions, tell your partner. If you have concerns that you are taking advantage, because you earn less, speak to your partner. This is something you must go into by being completely open with each other.