According to the Harvard Business Review, 67% of business strategies fail because the planning is there, but the execution of the strategy is not. Business strategies are only good in theory unless you are willing to put in the effort to make the idea become a reality.
With that being said, only 2% of these business leaders believe in the strategy enough to reach their business goals.
Continue reading to learn everything you need to know about creating competitive advantage in your small business.
Perfect Your Business Strategy
You can gain a competitive edge by incorporating the right business strategy into your business. Having a strategy is crucial for the growth of any business. Up to 70% of businesses that incorporate a business strategy outperform their competitors.
A business strategy is crucial to help you:
- Reach your target audience
- Build a customer base
- Retain your employees
Learn how to implement a business intelligence strategy with this helpful post from IncWorx.
Reach Your Target Audience
Your consumer base depends on who your company appeals to. If you don’t reach the appropriate clientele, your company will struggle.
For example, if your target customer is on social media, then you should be too. Having an online presence is crucial in the age of modern technology.
If your business caters towards an older generation, then you would want to stick to more traditional means of influence. Newspaper articles, catalogs might be the way to go to advertise your business.
Let Your Customers Know You Appreciate Them
Customers are the driving force in any type of business. If it wasn’t for them investing in your company, you’d become obsolete. Let your customers know that you care about them and appreciate having their business.
They invest time and money into your company, it wouldn’t hurt to give a little of that effort back to them. Take the time to build a relationship with your customers and you will reap in the benefits.
Do the Same With Your Employees
If you have a great team working for you, you will have a great business in no time at all. It’s important to remind your employees that none of this would be possible without them, that you are grateful for the work that they do for you.
Communicate with your team and reward them for their hard work and productivity. Most employees don’t even know their business’s strategy and this makes it so that the business struggles to succeed.
Show your employees that you appreciate them and respect them for their contributions to the success of your business. Employees that feel both respected and appreciated will help you go further in your business endeavors.
Start Creating Competitive Advantage
Take the necessary steps for creating competitive advantage for your company. It will make all the difference in your business strategy and it will allow you to grow your customer base, giving you an edge on your competitors.
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