Written By: Dominic Beaulieu
Creativity and innovation are the goals of all businesses in the 21st century. As they focus on maintaining a substantial edge over their competitors, they also need to employ unique strategies and techniques that outpace traditional methods.
Often, most CEOs and Managers find that working out a strategy that can respond to external factors and market conditions is essential to the success and development of their companies. However, in today’s technologically-enhanced workforce, the regular strategies of business are quickly changing. Many organizations have undergone significant changes in light of remodeling their business strategies, and are seeing its positive or negative impact on development. Above all, without a comprehensive plan, you are just wasting resources, and your enterprise is bound to fail. Some have been developed with little or no statistical data, making them less effective.
You should be aware that not every business technique needs to be formulated by-the-books. As you are faced with creating a winning strategy, you should consider every aspect of your business to ensure that you actualize your goals.
Creating just any strategy will not cut it, as you need an extraordinary idea that can guarantee the growth of your business. Here are a few points that are worth considering:
#1 Joint Venture Partnership
Often, most company owners and directors fail to recognize the efficacy of profitable strategies that work at different phases of their business development. A joint venture partnership is efficient and effective because it is built on the foundation of persuasive psychology. It is an effective method of growing your audience, sales, and professional reputation.
According to psychologist Roberto Cialdini, “when people are uncertain, they are more likely to use others’ actions to decide how they should act.” This is the power of recommendation from a trusted party. It goes beyond just making good friends; it’s one of the most powerful ways to grow your business organically.
When you strategically create relationships with the right people or a similar audience to yours, it will have substantial effects on growing your company. Your clientele and your reputation as an entrepreneur increases, as you build a strong cycle. The stronger your business development, the easier it is to build new partnerships.
You can start by reaching out to people you already know because they are most likely to support you. As you grow in reputation and advance in business, you can reach out to larger and more established players in the game and keep growing your reach and influence. Or you can try getting an invite, as well as attend a jointly organized event.
It’s a fantastic experience when you and joint venture partners brainstorm and work out ways to band together for growth. It does not just end in helping your small business but also improves the already established organization. Even if you see yourself with a non-English speaking partner, you can always use internet translation services like The Word Point to communicate.
#2 Involvement In A Charitable Cause
One of the most satisfying but overlooked strategies of growing a new business is through involvement in charitable causes. Most times, entrepreneurs see charity or participation in non-profit and selfless services as a non-essential part of their business.
In our present world, entrepreneurs are beginning to value effective business strategies, seeing that they trigger business development without hassles. And for whatever charitable cause or activity that you get involved in, a good strategy eventually becomes a core part of your brand.
Just pick an activity you are passionate about and start. As you perform your chosen task, potential clients would eventually recognize your brand in no distant time. Your brand soon becomes a household name, hence driving the desired growth.
It is often better to get involved with a select few charities rather than too many at a time. These charitable activities will allow you to meet a variety of people from all walks of life.
However, if you plan to network during your volunteer time, consider using it as a business strategy to develop new contacts. You should also seek out relationships that have a deep connection; rather than on a superficial level.
Getting involved in charitable causes can be a great way to help people in society as your business grows. Hence, it can be considered a win-win situation for everybody. The people you meet and the relationships you build from volunteer services will go a long way since they are built on the foundation of a shared commitment.
#3 Joining Great GPOs
Every business needs to purchase goods or services to function effectively, either in big or small quantities, yet very few have an organized procurement strategy. Making productive use of this area of your business is a safe way to cut costs, making you a strong contender in your field.
Group purchasing organizations (GPO) usually have lots of members, which they leverage for better deals from product suppliers — joining a GPO that specializes in the products you need, guarantees that you get the same items easily and at a cheaper rate.
Often, we hear about massive tech acquisitions, and then we are made to believe this doesn’t work for smaller businesses. This is, however, a myth, as these moves aren’t solely reserved for the big dogs. Smaller enterprises are better equipped to find the right companies to acquire at the right time, and such acquisitions can give your business an edge over your competitors.
It also doesn’t help when large organizations are hesitant in acquiring small businesses. Immediately you find a startup that can benefit the growth of your company; do not be afraid to consider it.
#5 Expand To A New Market
Being in control of a particular section of some markets surely has its way of ensuring continued success for your brand, but not precisely crucial for growth. If you want to scale and record outstanding success with your company, you need to risk moving to a new market. The rewards will be worth the risk in the end.
Many enterprises are unconcerned about expansion, especially when they have control of their present niche. There are no rules in running a business; you have to look for what works for you and use it to your advantage.
Dominic Beaulieu is a gaming enthusiast turned tech writer who covers an impressive variety of topics like design, development process, game marketing, and helps developers with spreading the word about their creations. He is a fluent French speaker, who also has mastered Dutch, Norwegian, and Swedish. He has an experience in software translation, tech counseling, project management and digital marketing tailored for startups.