Smart Tips for Developing a Business Strategy

A business plan is like a road map of success for business people. Can not be separated from the status of beginners, juniors or seniors, whose name is a businessman certainly must endure alias have a strong mental spirit and positive in dealing with all kinds of business challenges.

To build a successful business you must have a business plan and strategy that is accurate. A well-made business plan will have a great chance of increasing business success. A company that has and does good business planning will succeed more quickly than a company that does not have/carry out a plan.

So what exactly is a business plan? How do you make a successful business plan? What needs to be prepared? Answering all the questions is not easy, but it is the main thing you need to do.

A business plan is like a written development concept that contains details from an overview of financial planning, management, development, achievement targets to marketing strategies. The business plan outlines the direction, goals and strategies of the company for the short, medium and long term. For a business that you build and manage to thrive, it must have a strong foundation. Recognize the 5 important components in developing a sound business plan and strategy:

1. Have a Clear Business Description

Whatever your business, start by having a description that is clear and easily understood by everyone. Business description or description that explains the form of business, products sold or services offered, profit and loss of products / services sold, prices, company operating costs, business targets, to the work system that is in effect.

Tips: Develop a Vision, Mission and Strategic Plan about your company. What are the goals to be achieved and the strategy for achieving them. Describe the company’s current and future position, target market, competitive advantage, business location, core management, forms of business, management concepts that are run and so on.

2. Analyze Business Competitors

Doing a simple analysis from your business competitors can be the right way to create a better business strategy. Make simple observations and analyzes to find out the factors that are the strengths and weaknesses of your business competitors. Learn from the experiences of others’ successes and failures, so you can create your own version of a success formula and business strategy.

Tip: Make an analysis note of your business competitors, observe and write down the strengths and weaknesses of their business. Then analyze what things you can learn and apply to your business.

3. Targeted Marketing Strategies

The marketing strategy reflects how much business potential is to be marketed successfully. The tips, the strategy must be planned in full, starting from product promotion, cost, place, time, product target to the promotional media to be chosen. Always apply a 4P perspective (Product, Price, Place, Promotion) so that your marketing strategy is always successful.

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Tips: Make a Marketing Plan that includes an explanation of the selected market share, marketing methods and promotions that are made in accordance with the target market, to a budget plan for sales, prices, distribution, and other costs.

4. Have Financial Statements

In building a business, finance is important and should not be underestimated. Learn simple ways to keep financial records of your business neatly. Try to differentiate between business and personal capital. Honest and transparent in managing your business finances will be a business capital that can bring your success.

An important element in making a business plan is financial management. You must have a way to manage your budget to stay efficient and run smoothly. Learn also how to make a budget plan and how to minimize other costs. By having regular financial reports, this can be your capital later if you need additional capital from financial institutions.

Tip: make a financial statement that explains the financial cash flow statement this year, profit expectations, capital requirements, operational costs, additional costs, reserve funds.

5. Maintaining the Quality of Products / Services

In business, make sure you always give priority to the quality of products or services offered to customers. In order for your business to grow rapidly, have a large profit and have many customers, you must maintain quality.

For example, you have a chicken noodle home business, many of your loyal customers who love chicken noodles and often stop by your place because they sell delicious chicken noodles at low prices. But from the business point of view, you are thinking about how you can stay profitable even though the price of chicken noodle staples is soaring. Make a strategy of increasing prices gradually but still maintaining the quality of the taste and service of your chicken noodles. Customers will continue to arrive to buy your chicken noodles when customers are satisfied with quality products and services from you.

Tip: Conduct a risk analysis that you might face in the future and anticipation to deal with it related to customer and company satisfaction.

Business people who invest time and energy in preparing business plans intelligently are more prepared to face the risks of business competition. Although the business plan does not guarantee 100% of one’s success, but this way will be able to create opportunities for success.

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