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6 STEPS TO CREATING A PRODUCTIVE BUSINESS STRATEGY

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STEPS TO CREATING A PRODUCTIVE BUSINESS STRATEGY

6 STEPS TO CREATING A PRODUCTIVE BUSINESS STRATEGY

 

Whenever you set out to a new destination, what do you do? Consult a map to help you navigate your way and avoid getting lost, right? This also plays in business and the corporate world. Taking new bold steps is what companies that wish to grow do every day. On these new, unfamiliar roads and journeys, the only thing that guides companies from getting lost and hitting a dead-end is a business strategy.

Whether you’re looking to start a new business, set new priorities, grow or expand, launch a new product or service, plan your investment decisions or any other major business decision, you’ll need a business strategy. The truth is that a good number of business owners and corporate heads know that they need a business strategy for their business. However, where the problem comes in is when it comes to developing a business strategy. This is because creating a business strategy can be tricky to the unprofessional eyes.

We bring you six steps to creating a productive and effective business strategy to help you scale your company’s business strategy development.

First Step: Gather the Facts

For you to make a successful journey, you need to consider every necessary factor. So before you start moving ahead with the business strategy, you should review your past performance, current situation, and expected outcomes. Look out for what worked well in every part of your business and consider ways to make the lapses better. Also, examine the opportunities and resources that’ll help you actualize the aim. One of the tools that can help you achieve this step in business strategy development is the SWOT analysis. This means Strength, Weakness, Opportunities, and Threats. Look internally for strengths and weaknesses and externally for opportunities and threats. During this stage, it’s vital to involve the right people and collect the most relevant data.

Second Step: Develop a Vision Statement

This is an essential step in the business strategy development process. This vision statement should describe the future direction of the company and should be based on a medium to long term base. It should describe the organization’s purpose and values and should be aimed at achieving the company’s core goals.

 

Third Step: Develop a Mission Statement

Just like the vision statement, the mission statement defines the organization’s purpose. However, the mission statement includes the company’s primary objectives. This focus on what needs to be done in the short term base to realize the long term vision. For the vision statement, you may want to answer the question; “Where do we want to be in 5 years.” For the mission statement, on the other hand, you may want to answer the questions below;

  • What do we do?
  • How do we do it?
  • Whom do we do it for?
  • What value do we bring?

Fourth Step: Identify Strategic Objectives

At this stage, the aim is to develop a set of high-level objectives for all areas of your business. This stage is where you highlight the priorities and inform the plans that’ll help you deliver your company’s vision and mission. A good review of the first step will help you stay in line and incorporate your identified strengths and weaknesses into your objectives. Ensure your goals are SMART (Specific, Measurable, Achievable, Realistic, and Time-bound) and include KPIs (Key Performance Indicators) and budget requirements.

Fifth Step: Tactical Plans

At this stage, your business strategy has some bones. This stage is where you put some flesh to the bones of the strategy. This is where you translate the strategic objectives into more detailed short term plans that’ll contain actions for individual departments to take. In this step, you communicate to stakeholders, informing them on what the need to do and when. You’re focused on measurable results at this stage and can consider the tactical plans as short sprints that come together to make the bigger plan work.

Sixth Step: Performance Management

At this stage, all the planning and execution is done, and strategic is on. However, this is a very critical stage that’ll help you to fine-tune your business strategy. This is an iterative stage where you continually review all objectives and action plans to ensure you’re still on track to achieve the overall goal. This stage is complicated and can be challenging. This is why most directors, business leaders, and managers are looking for alternative methods of handling strategies.

 

Conclusion

Creating, managing and reviewing a business strategy requires you to capture the relevant information, break down large chunks of information, plan prioritize, capture the relevant information and have a clear strategic vision in front of you.

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CHRISTIAN ENTREPRENEUR

TOP 7 STATISTICS THAT SHOWS YOUR BUSINESS SHOULD INVEST IN DIGITAL TRANSFORMATION TODAY

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TOP 7 STATISTICS THAT SHOWS YOUR BUSINESS SHOULD INVEST IN DIGITAL TRANSFORMATION TODAY

TOP 7 STATISTICS THAT SHOWS YOUR BUSINESS SHOULD INVEST IN DIGITAL TRANSFORMATION TODAY

 

Digitalization has brought numerous changes to the way we do things. Today, digital technology plays a vital role in the success of your business, regardless of your industry. In fact, to excel in the marketplace, there is every need to embrace emerging technologies, trends, and cultural shifts.

Digital transformation is the new way of excelling in business. So if you need to secure your financial future, you need to invest time, energy, and money into the digital transformation of your company, not tomorrow, but today. With a robust digital transformation strategy, you’ll be equipped with every resource you need to be ahead of your competitors.

We at Haelsoft understand the positive effects of leveraging digital transformation for your business, and we’ve put together these top 7 statistics that shows your business should invest in digital transformation today. These stats are sure to convince you.

 

Smart Companies Are Already on their Path to Digital Transformation

According to Converge technologies, 76% of companies feel their relationship with technology and digital transformation is on the whole, average, or above average. What does this mean for your business? This means the majority of other companies are already trending towards the bright side (your competitors inclusive). When you fail to embrace the gift of technology in your business, you could fall behind your competitors.

 

A Great Number of Your Customers are Online

Index Mundi states that more than 50% of the world’s population is under the age of 30. With over half of the world population being under 30, there have been more digital savvies and budding savvies than ever before. Because this generation is more likely to make decisions based on information gotten online, and purchase products and services online, there’s significant reason to invest in digital transformation continually.

 

More Cost-Effective and Available, More Results.

According to CMO Center, 39% of today’s marketers plan to boost their digital budgets without increasing overall marketing spend, essentially allocating their current budgets into digital channels. This widespread adoption of digital channels is because they’re abundant and cost-effective and have proven to yield more results more than traditional means of marketing.

 

Digitalization is the Future of Business

Forrester highlights that by 2020, 47% of all revenue will be influenced by digital. The went ahead to report that 47% of execs expect digital to influence more than 50% of sales by 2020, This basically means that digital technologies will become all the more sophisticated in the nearest and distant future. With more technologies introduced, embracing the power of digital transformation is the only way to remain relevant and grow faster.

 

Digital Innovations are already Yielding Results

In a survey carried out by Gartner, they discovered that 56% of CEOs feel that digital advancements have already led to boosts in revenue. With digital transformation proving to be a primary goal of business growth and acceleration, it’s crucial now more than ever to invest in digital transformation as a way of facilitating your company’s growth.

 

Top Class Digital Solutions are Pivotal to many Digital Business Strategies of Today

Hidden Brains has reported that 61% of enterprises said that the Internet of Things (IoT) is crucial in their digital business strategies, with manufacturing and high-tech leading all other sectors. Though these concepts are yet to become known in the Nigerian market, by investing in IoT and other latest innovative tech solutions, you stand to be ahead of others.

 

Digital Video Consumption is becoming more popular with each day.

Smart Insights highlights that 80% of today’s consumers’ content consumption is video-based. This means that although print media is relevant, it’s now less potent than it used to be. Today’s customers have advanced and even prefer visual contents and other forms of advanced content formats. To engage with your audience, you need to go digital and provide engaging marketing materials that are video-based or more consumable.

 

Conclusion

In conclusion, it’s evident that digital transformation and adoption are the most sustainable means of staying successful in the market today, tomorrow, and long into the future. If you’re yet to adopt digital channels in your business strategy, now is the best time to embrace the unrivaled power and potentials of digital transformation before it’s too late for your business. One of the easiest ways you can get started is by adopting digital marketing as a way of increasing sales and business growth. We wish you the best in your business endeavors.

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CHRISTIAN ENTREPRENEUR

WAYS TO CREATE A WEBSITE FOR YOUR BUSINESS

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FIVE WAYS TO CREATE A WEBSITE FOR YOUR BUSINESS

FIVE WAYS TO CREATE A WEBSITE FOR YOUR BUSINESS

 

It’s a fantastic idea to have decided to create a responsive website that’ll promote your business and widen your customer base. However, this is something you don’t want to rush into because probably, you don’t have any idea on the options of getting a website for your business. No matter the type of website or blog you have in mind, there are many ways to get it.

In this piece, we’ll list up to five feasible options for creating a website, for you, though some may be more expensive than others. Don’t just go with any of the options; examine your skill and expertise level, your financial capability and digital experience before you proceed with getting a website for your business.

Let’s dive right in!

 

Website Builder

If you’re entirely inexperienced in website technicalities, it does not necessarily mean that you wouldn’t be part of the digital world. Some websites contribute to making life easy by bringing website builders to the table. These avail you the opportunity to create your personalized page by including pictures and other elements that can make your website exceptional.

A website builder is an excellent tool to combine interactive elements into a functioning website with a click of a button. Interestingly, you’ll get a user interface with responsive pages to maintain your visitors. Drag and drop your way to a wonderful website, make it look professional with mobile-friendly themes and design using a customizable pre-built theme.

At the moment, using website builders is one of the most stress-free ways to get a website for yourself.

 

Try CMS such as Word Press, Drupal and more:

Content Management Systems (CMS) usually support effective blogging and many other varieties of website content. Hence, as a beginner with the fear of traditional website builder applications, getting a WordPress, or any other CMS, up will be quite fun. Get an open-source content management system because it can accommodate new mailing lists, forums, media galleries, and online stores, thereby, improving your brand visibility and business ground.

You can start setting up your website on a CMS by acquiring a domain and a good web hosting which we can provide you with. Our web hosting packages come with these applications as default elements.

Understanding how WordPress works will give you an edge as an entrepreneur to manage your website at all times. Even with fewer skills, you can add new content by using third party themes and plugins.

Always remember that having a working website from us is just a click away, just click and have it done in seconds. Nothing stops you from reaching your dreams of having a business website.

 

By Coding

To be sincere with you, it isn’t easy to get the concept of coding from scratch to finish; it’s a somewhat complicated concept for many. You’ll need dedication and perseverance to take it gradually, a step at a time until you flow synonymously with the system.  Luckily, there are swift and worthwhile avenues to learn to code. The internet offers a pool of infinite knowledge on every aspect of life, and you can always make it your companion to get your task moving. Initiate necessary steps by downloading a framework like Bootstrap, copy and paste codes for text and image areas.

Alternatively, you can search for a coder to help you with building your website from scratch; that is if you cannot have the patience of learning to code yourself.

 

Employ the Service of a Professional:

If you want a complete stress-free process in website building, kindly hire the service of an expert. Most entrepreneurs and business owners prefer this pattern; sometimes, they make it a contract work to enable them to make changes at will.

This method can be very deceptive and money consuming if you fall into the wrong hands. When you have a project of building a new and quality website, ensure you make price inquiries among professionals, to know their difference in price, work experience, website quality, and digital capability. With good research, you’re sure to get a website development company that you can work with effectively.

 

Buy an already developed website

Obviously, this is not a means of creating a site yourself, but it’s a method of acquiring one. If your sole target is to gain a competitive edge in the global internet market, creating a website may require extra professionalism. In situations where you cannot help yourself, purchase an existing site to suit your niche and business goals.

You can quickly question Google to get a business list of website sellers within or outside your location. There are many websites for sale online, at your disposal and the variable prices of these websites depend on several factors and features included the design and build up of the site. Once you have gotten the desired seller, make out time to critically examine the previous work samples of the seller in question, to avoid purchasing a stagnant website with poor visual impression and responsiveness.

Conclusively,

The world has gone digital likewise every most of your competitors in your business niche. It’s a bold step to get a good website for your business and the above-listed points summarily present you the paths to follow while searching for a means to get your website.

Additionally, the hassle doesn’t end in putting up a website but also delve into feeding it up with compelling and optimized content and updating these contents at intervals.

With a good website, hosted by an experienced hosting company like Upperlink.ng, you’re sure to meet the increasing demand of customers out there in the competitive global market.

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CHRISTIAN ENTREPRENEUR

ARE YOU A NEW ONLINE BUSINESS OWNER AIMING TO HAVE A COMPETITIVE ADVANTAGE? READ THIS!

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ARE YOU A NEW ONLINE BUSINESS OWNER AIMING TO HAVE A COMPETITIVE ADVANTAGE

ARE YOU A NEW ONLINE BUSINESS OWNER AIMING TO HAVE A COMPETITIVE ADVANTAGE? READ THIS!

Do you have an idea or working on developing your idea into a new business, but wonder if there’s too much competition in the industry for you to succeed? One thing is sure; the presence of other businesses in your niche doesn’t mean your business won’t make it. When you have a healthy competition, it means there’s a market for what you’re planning to offer.

Competition is normal, and the key to helping your business break into the market with a competitive advantage is to offer something your competitors don’t, do what they don’t do, or reach out to customers in a way that your competitors don’t.

However, for you to know the angle to capitalize on, you need to understand your competitors’ weak points. In this blog post, we x-ray some of the ways you can seek out your competitors’ advantages and weakness so you’ll know how to approach the competition.

 

Explore Your Competitors’ Sites

This is one of the biggest steps you should take if you mean to know what your competitors are up to. Set aside time to visit the competitions’ website and go through every page and link to ensure you cover all areas. Some of the things you should be looking out for include;

  • Which products or services do they sell and where do they feature them?
  • How easy did you find their products?
  • Does their website allow you to filter through product categories for you to make a selection?
  • Which call to action do they use to encourage customer conversion?
  • What neighborhood do they serve? You should know this for you to be able to recognize your immediate competition and your indirect competition.
  • Which form of contact process do they use? Contact form, contact details or both.
  • Do they have an easy to navigate check out and shipping process?
  • DO they have shipping/return/refund policy and how easy is it?
  • Is there website professional and organized or amateurish and cluttered?
  • How fast is there website?
  • Is there website mobile responsive?
  • What payment methods do they accept?

Take notes on each website you visit. You’ll get a sense of which areas they’re weak in and how you can offer a better customer experience in those areas. When you carry out an in-depth website analysis and make strategic decisions based on your findings, you’re sure to have a competitive edge.

 

Keep Tabs on Your Competitors’ Social Media Accounts

This is called Social Listening. Social Listening, which is keeping tabs on your competitors, followers, and industry on social media, helps you stay informed on what your competitors are doing on social media. As you may know by now, social media is a great tool when it comes to capturing leads and engaging with customers. You can look out for what they’re promoting, how their followers are responding, and what types of conversation they have with their customers on social media.

You can either do this manually (which is stressful) or use social media tools like Hoot suite to follow and analyze competing companies and brands and also follow conversions around specific keywords. With active social listening, you can find out areas where you can outperform your competitors based on the things they don’t do right.

 

Always Check your Competitors’ reviews

Reviews are comments/appreciation dropped by customers after buying a product or getting services delivered to them by a brand. Scoping out your competitors’ reviews can give you a sense of what customers like most about your competitor’s product or service delivery. It also tells you what they’re dissatisfied with and what they’ll like to see from a business in the industry.

With this information, you can make necessary adjustments to your own business as to give your customers the best customer experience which will lead to them leaving you an excellent review, coming back for more, and referring others to you.

 

Carry out a competitive SEO Analysis

A competitive SEO analysis can help you find out ways to outrank your competitors in search engine result pages (SERP). This goes beyond the normal studying of the competition’s website explained above. It includes;

  • Identifying keywords that customers search for that your competitors don’t focus on.
  • Researching, ranking and comparing keywords
  • Incorporating the most relevant keywords in your SEO strategy and website content.
  • Developing relevant contents which include keywords and answers popular questions among customers.
  • Optimizing your pages, section titles, tags and meta descriptions with relevant keywords.

SEO analytics requires a full-time commitment and most times you’ll need appropriate tools to get expected results. Depending on the web hosting plan you choose, you may get SEO services as part of your hosting plan.

 

Conclusively, monitoring your competition takes time and effort, especially when you’re just getting started. In addition to the avenues mentioned here, there are other channels to monitor your competition. Though it takes your time, effort and resources, the time you invest in it is worth it as monitoring your competition will equip you with the information you need to make strategic decisions for your business.

When you know what your competitors are missing, you’ll know how best to meet your mutual customers’ needs, earn their loyalty and as every business owner wishes, grow your business to greater heights.

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