For every business or economic activity, there is a time when it falls behind its competitors. No matter whether the situation comes to you at the initial stages or you are facing a sudden challenge right after touching the tip of popularity, you surely have to find out the way to get back on the track until or unless you have decided to roll back your investment. For every type of business, there are some specific solutions but some typical strategies offers workable solutions for almost every business. Here are five of them which can save your company in critical situations. 1. Timely research Almost a century after the legendary disaster faced by the “unsinkable ship” RMS Titanic, fact finding teams & under-water experts are still trying to find out the lost pieces to complete the jigsaw puzzle that how the ship broke into 2 pieces. Their research cannot bring back the lost lives but still it is necessary to avoid more disasters of the same nature.Same formula can be applied to a sinking business but here time has much more importance. In-time research is strongly needed to find out the root cause for the downfall of any business. This type of research can be helpful in finding the latest trends as well. Selling your business is an art and in-time research can act like an advance recharge to keep it working. 2. Confidence & Cooperation: Famous business writer Vivek Sood says, in his latest of the series about business solutions “The 5 Star Business Network” that Co-operation creates the elusive thing called synergy that makes it possible for 2+2 to become 5. For this co-operation confidence is inevitable factor. In order to build the co-operative relations among the team leader and other staff, creation of such an environment is surely needed where anyone can trust to share his ideas or reservations regarding a proposed business strategy and so on. No matter how small is the scale of your business or it is spread over countries these 2 Cs positively affects the growth of your business and help to transform it into a strong business network. 3. The network effect (synchronicity) I have no other option except to quote again the idea defined in “The 5-Star Business Networks” by business guru Mr. Sood because before reading the book I have only heard about the network effects which results in the downfall or a flourishing business. Vivek suggests that the network effect has re-defined the idea of collaboration. Without being the part of a business network, it is almost impossible for a businessman to breath. This network effect helps in transforming 2+2 into 22, acts as the shield in hard times and is defined as synchronicity. In order to have a detailed look that how this synchronicity works as the strong strategy to compete with your business rivals, I would definitely recommend to get your own copy by ordering here: http://www.amazon.com/The-5-STAR-Business-Network-Corporations/dp/061579419X 4. Unique relationships: It took almost one and half decade to Red Bull to come up on a stage where it is more or less untouchable by its competitors. Initially the manufacturer of this Thai soft drink, Dietrich Mateschitz had to face strong challenges in shape of rumours regarding the health effects caused by the drink which also made the health authorities reluctant in granting permission and the unfamiliar taste which had nothing to do with appetizing effect usually associated with the soft drinks. But Dietrich Mateschitz didn’t lose hope and keep focusing on building strong relationships with suppliers, marketers, logisticians and offcourse loyal fans. The relationship between Dietrich Mateschitz and his advertising agency was much more than the relation of a customer-service provider. Similar relations were built with others involved in the business. The strategy helped Dietrich Mateschitz in stabilizing the business at small scale and to flourish it on a larger scale as well. So don’t forget to build exclusive relationships to get the back up support when it is strongly needed. These types of unique relations are also seen as the best critics, which help to correct the mistakes and shortcomings in the opted business strategies. 5. Courage to take risks: Though in times of hardships, the idea of taking risks may seem like a big blunder but only courage to take risks can lead to the level of creativity and innovation, where others find it difficult to even follow your path. Don’t forget that you cannot be perfect in each stance and there is no guarantee of 100% profit in any case.So why not to be innovative? Keep experimenting with your ideas. It will not only help you in bringing more and more new products in the market,but it will also give a tough time to your competitors and keep you ahead of them. Always remember that accelerating a business is not rocket science, only vigilant mind with new ideas and eager to take risk & to imply the ideas can do wonders in the field of the business. For further readings you may follow these links: The article focuses on five simple points to bring new life to your business. For details click on: http://business.time.com/2013/08/09/take-your-business-to-the-next-level/ This research focuses on the needs of the customer and help to find out their view point regarding your business plans and their way of looking at your failures. To read the complete article click https://www.helpscout.net/blog/customer-experience-strategy/ For launching a mega project, you always need to start at the limited scale. This article helps to find out the stratgeis to excel small level business and turn it into a big hit. http://www.investopedia.com/articles/pf/09/keep-small-business-afloat.asp
5 strategies that will save your company when it is falling behind your competitors
TIME TO READ
January 8, 2019
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