5 Hacks for Building an Invincible Business Strategy – Entrepreneur

by | Nov 22, 2022 | Business

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A recent study found that only about 39% of small businesses end up profitable. But why?Many companies fail to make a profit because of a flawed business strategy. Sometimes, a strategy may be so complex that the team simply can’t execute it. In others, the problem may be clear, refined goals but no overarching strategy or plan for reaching those targets.Another business strategy failure might lie in looking only at the short term rather than panning out to see and prepare for what’s likely to happen down the road.However you slice it, a failure to plan is a plan to fail, while having a robust and sharp business strategy increases the likelihood of small business success.Here are five hacks for building a more effective business strategy and equipping your SMB for long-term success.Related: 7 Outdated Habits That Will Paralyze Your Business1. Target your marketA small business can’t be everything to everyone. It’s essential to know the best audience for your products or services. Clearly defining your target customer helps shape your goals and develop a strategy that positions your business for success.After you’ve targeted the right market, you can determine how to reach and convert those target prospects into paying customers. This includes asking important questions, such as “what media does my target audience use?” “What complementary products do they use?” “What providers currently serve them, and what can I do better to persuade them to become my customers instead?”Targeting is the key to developing your media and partnership strategy and refining your product.Related: 10 Ways to Learn About Your Target Audience2. Make your strategic plan comprehensiveA solid strategic plan includes clear, concise vision and mission statements supported by goals and action plans. With these components in place, your strategy has focused objectives and roadmaps needed to move in the right direction.A vision statement conveys where you’d like to see your company in the future. For example, a ceiling fan manufacturer’s vision statement may outline an aspirational desire to become the go-to for home cooling …

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