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Business strategy
How to create a better business strategy?
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[QUOTE="Phantasm, post: 336254, member: 94599"] To create an efficient business strategy, one must have a good plan and analysis should be done carefully. Some of these steps are outlined here: 1. Define Your Goals: Clearly state the goals that you intend to achieve for your business both in the near future and in the long run. Also define success by stating what you want to achieve and how you wish to measure it. 2. Conduct a SWOT Analysis: To assess your company’s strengths, weaknesses and opportunities as well as other external market forces that may affect your firm; carry out a comprehensive SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. 3. Identify Your Target Market: Identifying the needs, behaviours and preferences of your target market will help you design products or services and tailor marketing efforts towards meeting them better. 4. Develop a Competitive Advantage: Spot what differentiates your venture from competitors and develop an unmatched value proposition that appeals to their tastes. 5. Create an Action Plan: Come up with a detailed action plan that breaks down into specific steps and timelines on how your business can achieve its goal.Assign duties to individuals while holding them accountable for their roles. 6. Monitor Progress and Adjust Strategies: Regularly monitor progress so as to make necessary adjustments when required as well as constantly tracking key performance indicators(KPIs) for measuring success or identifying areas of improvement. [/QUOTE]
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