5 Possible directions when developing a winning strategy
Woloyem Consulting
We help organizations with innovatives strategies for their development and provide wide range training programs.
Which direction to take when developing your strategy?
Knowing which direction to take is important when developing your strategy, especially when it comes to business. There are a few different options that you should consider. We’ll cover five important one here and give you an overview on how to decide on the best direction for your business.?
1- Do what you do but better
The common pattern quiet often is that you are satisfied with you are already doing and in that case the strategy would be to do it better and better. Options are:
o Improving the process,
o Reworking your pricing
o Striving for the operational excellence
o Optimise the working capital
o Cross-selling and up-selling
o Sell the non-core assets
o Renegotiate the deals with you suppliers, customers, or partners.
o Review what and why you buy.
2- Expand or Scale
Expanding or scaling your business is something you should consider when you feel like you have reached a certain limit. Businesses that have been around for a long time often find that they need to expand in order to reach their full potential. This is true of non-profit organizations as well as those looking to increase profits. Options are:
?o Expand by penetrating existing markets or products/ service
o Expand by targeting new customers with existing products or service
o Expand by entering new markets for existing products or service
o Expand via new products withing old categories
o Scale with a new product expanding brand
o Go up or go down the value chain
o Capitalise on business assets
领英推荐
o Merger and acquisition (M&A)
3- Go niche
There are many reasons why one could choose to move to a niche. The first reason is that it improves your current business model. The next reason is that it separates you from your competitors by creating insurance just in case the current business model falls apart. Options are:?
o Upstream niche
o Low-cost player
o Blue Ocean
4- Transform
Transform your company with a business transformation. Technology advances and changing business needs require you to rethink how you run things. Business transformation is a strategic shift in the way an organization works, usually resulting in a new set of business processes and practices that create greater efficiency or improved service to customers.
o Change the business model
o Build entirely new business units
o Build add-on business
o Sell some business units
5- Disrupt yourself
Disrupting yourself is exactly like taking a vaccine against disruption. When you operate in a niche market, there is high chance a new player could come with a different model and disrupt you, hens disrupting yourself could be the only option to stay ahead. The options you have withing disrupt yourself are:
?o Change the business model
o Entrepreneurship
o Acquire and Merge potential competitors (M&A)
o Copy competitors that disrupt you.
?
We believe in a collaborative and supportive approach to strategy consulting. Whether you require practical advice or support in crafting a winning strategy, we can help. Connect with us today, and let’s create a future together!?