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How To Build A Better Business Strategy For A Startup

Many people aspire to self-employment at some point in their lives to find greater fulfilment through doing something directly for them that can generate an income. Unfortunately, the reality for many is that they fail as entrepreneurs, not through lack of trying, but through ignorance for what is needed to set up a viable and profitable business that can be sustained into the future. For a startup to run successfully, you need to have an exceptionally well thought out and considered business and marketing strategy.

This document should clearly state how you’re going to access your products or services, and how you plan to attract prospective customers and generate sales. A well thought out strategy will go into detail about every aspect of your business. This should include items such as what technology you will use to manage your daily operations. Do your research into this before you start and document what processes you intend to adopt to effectively run your business. Management software such as Jobber is a great start if you are in the field service industry – identify what software will support you the best and help you scale your business as you grow. 

Below are some useful and practical tips to help you build a winning business strategy: 

  1. Identify a competitive advantage

The first question to ask yourself is what is your competitive advantage? What are you going to offer customers that they can’t get elsewhere? Too many companies try to copy others and fail to offer anything new or innovative. 

Customers are always looking for companies that offer a unique or superior service to what already exists. Therefore, if you join the market offering something very similar, in a similar way as your rivals, you’ll struggle to make your mark and win the attention of your audience. 

So, what should you consider when defining your competitive advantage? One aspect that should be as unique as possible is your service delivery model. Take the example of a flooring company for instance. Use business management software to effectively and efficiently run your day-to-day operations so that you are left with the maximum time possible to service your clients in the way they demand. Then take advantage of any additional tools that elevate your level of professionalism.  Use systematic documents such as a flooring estimate template to standardize your processes and adopt best business practices. In doing so, people will perceive your brand as more trustworthy which is a highly cherished asset to be able to offer. Considered pricing and highly effective customer communication systems will also support this.  

  1. Define your target market

Your prospective customers should also be one of the primary considerations when building your business strategy. After all, these are the main stakeholders in your business, without whom you wouldn’t have a company at all. 

Many companies have fallen short in their marketing strategies because of poor targeting. Defining your customers clearly will make it easier for you to advertise your services to the right audience. You’ll also be able to offer services or create products that specifically meet the needs of these people. 

If you’re in the construction industry, there are many sub-categories from flooring to roofing. If your company is specifically offering roofing services for example, make sure everything you design, especially in the marketing department, is meant for those with roofing needs. As you plan to advertise on social media or other online channels, it’s wise to target internet communities that are likely to purchase from you. This way, you won’t waste time and resources trying to speak to people who simply aren’t interested. 

  1. Include a systematic growth plan

You determine your own success as an entrepreneur. Develop a systematic growth plan. What do you expect and want to achieve in the next few months? Are you planning to hire more employees within a specified amount of time?

As you define the segments in which you expect your company to grow, include the proportions. This way, you’ll have clear short- and long-term goals. Your growth plan should not only be systematic but also reasonable. A typical startup takes several months to build its name in the market. Therefore, keep that in mind as you set your monthly, quarterly, and annual targets. 

Conclusion

Creating an effective business strategy is not easy and requires a considerable investment of time and thought. Really think about what your competitive advantage will be. Define your target market and use this to guide you in how to communicate with your audience and meet their needs. 

Document how you expect your business to grow after a given period. Of course, there are many other factors to include in your plan, but by starting with these practical and useful ideas you will be well on your way to setting yourself up as an entrepreneur set for success.  

References

  1. “How Do I Determine My Company’s Competitive Advantage?”, Source: https://www.investopedia.com/ask/answers/020515/how-do-i-determine-my-companys-competitive-advantage.asp
  2. “How To Define Your Target Market.”, Source: https://incafrica.com/article/06-defining-your-target-market
  3. “5 Tips For Growing And Expanding A Startup.”, Souce: https://www.forbes.com/sites/ashiraprossack1/2021/10/31/5-tips-for-growing-and-expanding-your-startup/?sh=54183d3f75b6

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