Learn to formulate your Business Strategy in 3 steps! strategic planning

From start-ups to huge firms strategic business plan and regular update of the same ultimately decides the long run of any company. It has the power to make a new company skyrocket or a high-level company hit rock-bottom. 

“A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organizational goals.”

So, how to plan and where to start? Nexential is here to guide you with 3 simple steps that will help you get a complete overlook on how to build a strategy for your business. 

STEP 1:

Ultimate Focus of the Strategy – Profit

In business, the strategy begins with a focus on the highest level objective in private industry: Increasing brand value. In practical terms, most firms’ highest goal can be stated by referring to making/increasing their “profits.” It can differ from business to business but ultimately the generic business strategy, therefore, aims first to reach, earn, sustain, and grow profits. 

STEP 2:

Types – It’s never “a” strategy but “the” strategies.

Strategy discussions are sometimes confusing because most firms have many strategies, not just a single “business strategy.”

Analysts sometimes say marketing strategy when they mean the firm’s competitive strategy. And, a firm’s financial strategy is something different from its pricing strategy, or operational strategy. The firm’s many strategic plans interact, but they have different objectives and different action plans. 

STEP 3:

The Strategic Framework hierarchy.

The strategic framework is a hierarchy. At the top sits the firm’s overall (or generic) business strategy.

Firms in competitive industries answer the “how” question on a lite note through “competitive strategy” on how the firm differentiates itself from the competition, defines its market, and creates customer demand.

However, detailed and concrete answers to the “how” question lie in the lower part of the strategic framework, such as the marketing strategy, operational strategy, or financial strategy. 

The marketing strategy, for instance, might aim to “Achieve leading market share.” Or, “Establish leading brand awareness.” Financial strategy objectives might include: “Maintain sufficient working capital” or “Create a high-leverage capital structure.” 

In short, brainstorm the “Whys and Hows”,  Why is that a goal or milestone and how are you going to achieve that goal or milestone.  

Want additional help to formulate your business strategy? Feel free to connect with us here!

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Tips For Effective Sales

“Selling” isn’t just for salespeople. To define your destiny, to accomplish anything in work or life, you need to know how to sell. To sell yourself, your ideas, or your stuff.

In essence, sales skills are communication skills, and communication skills are critical in any business or career.

I am sharing some of my learning which might be useful.

  • Build Strong Knowledge

You need to know everything about your company and about the products and services which you are selling. You should have every feature and benefit on the tip of your tongue as it is a key to success. 

Unfortunately, there are far too many salespeople who try to sell without having a good knowledge of what they’re selling. They might have a certain degree of success, but they’re the first to fail when things gets tough. 

  • Effective Calling

Pre-call planning:Engaging in thorough pre-call planning, completing deep research of the company you are targeting will help you gather more information about them to have more intelligent conversations.

Have conversations, not sales pitches: Keep the conversation casual so that your client doesn’t feel that you are pushing them to buy. Move your focus away from the sales pitch and towards building sales relationship. Once the relationship is in place, the sale will come naturally.

Follow up calls: Perhaps the single biggest mistake sales people does is they never follow up with a prospect. Be punctual with your follow up call. The promptness and respect you show on a follow up call reflects on you, your company and your products.

Consistent: Consistency always leads to excellence. Making consistent calls is the only way which may get you closer to a prospective client and to have meaningful conversation.

Persistent: Perseverance is one of the key to be an effective sales person. “Don’t give up” mentality is truly one of the most valuable attributes that you can have. Make sure that your persistence doesn’t become an irritant.

  • Building Relationship

Strong customer relationships drive sales, sustainability, and growth. Always try to build a life-long relationships instead of short-term ones. Build relationship with every clients as even when you lose a sale, it’s usually right at the beginning of the sales process.

Add value: Be of value to your clients. When you find something that might be of interest to your clients, make sure you share it with them. Follow them and their company on social media and congratulate them on their success and wish them on special occasions. Your good deeds will pay off.

 Be patient: Sales relationships aren’t built overnight. They may even take several months to nurture and grow.  Don’t try to push clients into a relationship which will only scare them away.

Selling should be fun. Enjoy the challenge and feel the thrill each time you acquire a new customer and succeed.

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