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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

How to Improve your Online Business Presence as an Entrepreneur

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How to Improve your Online Business Presence as an Entrepreneur

How to Improve your Online Business Presence as an Entrepreneur

One sure way to lose out on potential clients in today’s business world is by not making enough effort to establish a stronger online presence. As a business owner in the 21st century, one of your main priorities should be to set up a solid online presence for your business.

This goes beyond just setting up social media accounts, it includes efforts to establish a positive image and create a unique brand. No better way to make a name for yourself. The problem is that millions of businesses are also trying to stand out on the internet, each trying to establish a stronger brand presence on LinkedIn and Facebook. This is where you have to make the extra effort to stand out. Everyone is using the same overused social media strategies, so you have to do a lot more than the basics if you intend to be noticeable.

How to Improve your Online Business Presence as an Entrepreneur

So, here are four simple methods that will help you improve your online presence and get more customers.

  1. Show the face behind the brand

Gone are the days of impersonal brand presence online. There are so many businesses competing on the internet that you have to show the human side of your brand to be noticed. Show the faces behind your brand occasionally, share your interests with the audience from time to time, there is no better way to make yourself relatable. Ensure you remain transparent in all your social media dealings as social media scandals are often hard to recover from. Remember to use these accounts to network and create professional relationships that might be helpful to your business.

2.  Chose Your Social Channels Wisely

The importance of a social media presence cannot be over-emphasized. However, this doesn’t mean you must be seen on every single social media platform. Focus on quality over quantity. You can focus on two or three important platforms, for instance, Instagram, Twitter, and Facebook. These platforms are great for marketing and keeping in touch with the client base simultaneously.  Remember to create your valuable content alongside sharing others’ content occasionally. When sharing content created by others, never forget to share credit, and when creating content ensure that it adds value and would not be seen as offensive by any group.

  1. Create a Website and Optimize It

It is unbelievable, the number of businesses that do not own websites. Customers’ minds are so much more relaxed if they can find a website for you when they Google your business. So hire someone to create you an optimized website. Learn about search engine optimization so that your website comes up top of Google results when searched. Also, optimize your site to be mobile-friendly as millions of people around the world only access the internet via their mobile phones. So make sure that when people visit your site via their mobile phones, the site remains user-friendly and generally easy to navigate. Otherwise, you lose clients.

There are so many competitors online that when customers encounter constant hitches on your site, they tend to instantly move away to other sites offering the same service. This means that your site must never take too much time to load. Make it as easy to use as you possibly can so that the user experienced is optimized.

While still on the topic of creating websites, also remember to register your business in directories. Get your brand registered on ‘Google my business, so that when people search your brand, your business, website, and contact details pop up. You’d be amazed at how many clients could find you this way.

  1. Protect your customers’ data

We hear of cases where sites are hacked and customer data leaked to the entire world. Such incidents could lead to people not trusting your site enough to enter sensitive information, especially if these data leaks become a frequent occurrence. Long story short, make sure your website is 100% secure at all times.

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CHRISTIAN ENTREPRENEUR

Driving Business Transformation through Technology as a Christian Entreprenuer

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Driving Business Transformation through Technology

Driving Business Transformation through Technology

In the past decade, there has been a lot of talk about integrating digital technologies into all aspects of a business. This is also known as digital transformation. It entails changing the way businesses operate and how they deliver service to customers. It also involves continuous experimentation and constant change from the status quo.

Driving Business Transformation through Technology

In digital transformation, you try to use digital technologies to make newer and better business processes, business culture, and customer experiences that meet current market requirements. It goes beyond traditional business roles and focuses instead on more efficient ways to engage with customers. It describes the move from excel spreadsheets to perpetual inventory software, basically doing business in smarter ways, backed by the latest technology.

In today’s world, when starting a business, no matter how small, it is advised that you set it up with digital processes rather than use old methods and hope for transformation. Building up a digitally transformed business involves bypassing handwritten ledgers from day one and using the latest computer software to plan and organize.

A business cannot embrace digital transformation without first understanding the full potential of technology. This involves calculating how much faster you can make your business processes using technology as opposed to the traditional way of doing things. You also have to master adapting your business processes to the latest technology advancements.

Netflix is a great example of a company that embraced digital transformation. Before Netflix, everyone had to go to stores to sort through shelves and pick out a movie, with Netflix everyone can sort through thousands of titles in digital libraries from the comfort of their homes. This updated business process has driven everyone from the brick and mortar movie renting stores to Netflix.

Netflix is a movie mail-order service, but through years of leveraging the latest technology, they are now a major competitor to traditional TV networks. Unlike cable television, Netflix offers a huge library of on-demand content in one place at the same time at very competitive prices.  Thanks to digitalization, Netflix can not only stream content directly to customers but also gain insight into their movie-watching preferences.

 

4 Main Areas of Digital Transformation

 

Having familiarized yourself with the topic of digital transformation, you must be wondering how to leverage technology to drive your business forward. The Harvard Business Review describes four major areas of digital transformation, namely: technology, data, process, and organizational change capability.

Technology

Technology refers to such things as artificial intelligence, the Internet of Things, blockchain, and data lakes, all these hold so much potential for new businesses. To leverage technology, you must not only teach your staff how to use technology to make business easier, but you must also watch out for the latest technology and regularly update their training so that their knowledge is up-to-date. When it comes to technology, the mistake many companies make is that they invest in so much technological hardware and software without taking the time to train staff thoroughly on how to use it. You can avoid this mistake by hiring people who have technical depth and breadth.

Data

A lot of companies today do not know how to efficiently utilize all the data they get from customers every day. These companies do not keep up-to-date data that can be used in formulating business strategies. They are aware of the importance of this data but completely ignorant of how to gather and utilize it. Hiring a trained IT person would be the perfect way to avoid any shortcomings with data in your business.

Process

Transformation needs an end-to-end mindset, trying to find new ways to meet clients’ wants, a flawless connection of work actions, and the ability to manage across silos going forward.

Organizational Change Capability

In the area of organizational change capability, one would consider issues such as emotional intelligence, teamwork, leadership, courage, and other elements of change management. Luckily, there is hundreds of literature available on the topic of organizational change, so the manager responsible for digital transformation as it relates to organizational change must be someone well-versed in the topic. There is an unconfirmed theory that states that people who gravitate toward technology, data, and process are to some extent less likely to be good with the human side of organizational change. Therefore when hiring organizational change managers, organizational leaders should try to go with managers that have excellent people skills.

Conclusion

Digital transformation is a lot more than just bringing your organization’s digital technology and processes up to date; it also has a lot to do with profits and shareholders. Many shareholders are hesitant to invest their business proceeds in the digital transformation of their businesses when they are not sure if this investment will pay off. However, one must assure them that digital transformation always pays off especially when done strategically. In the long run, digital transformation can improve stock prices and profits. Several companies have invested fully in digital technologies and have great stories to tell to show for it, the changes may not come overnight, and the financial improvement would be felt massively over time.

Think of a business that everyone thought was dead at some point, just for a digital leader to come along and revive it using modern digital perspectives. In today’s world, rather than just sell products, brands have begun to aim at enriching people’s lives, in general, using technology. Whether it’s by finding ways to sell your products and services online to make access a lot quicker and easier for customers; or by running social media pages where your business offers general life tips to followers.

A commitment to digital transformation especially when there are resources to back it up can turn businesses with lagging profits into industry leaders. While there are of course several risks involved, many businesses today have proven that finding digital solutions can lead to long-term financial gains. Any business in 2021 that is not trying its absolute best to embrace digital transformation, is frankly just shooting itself in the foot and will most likely fizzle away in no time.

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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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