Working or doing business is a tough task, which requires not only capital but also skills and strategies which can lead to the overall development of your brand, product, or services. To enhance business strategies alone is not enough it is equally important to implement changes and adopt methods that enable optimum utilization of all resources. Effective growth strategies should be S.M.A.R.T.
- S-Simple
Simple but effective seems to be the global mantra which when followed can generate profits at an accelerated pace without impacting working hours or resources. For example, it can be a simple thing like employees referring future employees which make the task a lot easier, or sharing open positions internally which will help in reducing cost and time for conducting interview and positions are filled up or allocated to people who can multitask easily. It also helps in promoting open communication and promotes transparency within an organization.
- M-Measurable
Any business that requires help can be in the form of money, marketing, or manpower. In order to determine which area of a business needs help, it is essential to run the numbers and come up with metrics that can give information in real-time. For example, if a store is not working or not able to attract customers one has to think of all the possible reasons from location to timings of the store or it can be a simple thing like not having ample parking space! So the numbers are an important indicator for any business that will guide you towards a particular problem and how to solve them or it will help you in understanding how things can be made better for your customer which in turn will directly affect your business.
- A-Achievable
Now you have a plan and you know how to measure the impact of your strategy. Do you know is it reliable, can it be implemented by the staff or teams in a way which will help you to achieve the targets? There are no simple or permanent solutions! For plans to become achievable teams should be open, diverse, and ready to offer new products to customers. Come up with services that meet the expectations of the customers and can incorporate the marketing strategies of your brand with ease!
It can be a trivial thing like adding a coffee machine or being open to franchising options or being ready to market products both digitally and in the local newspapers and magazines. Achievable targets and strategies can be implemented, only when people are involved and working in collaboration to achieve targets together.
- R-Relevant
There is no universal formula that can fit all organizations, so it is a hit-and-miss situation when it comes to organic growth, creating value and services which can achieve the relevant goals for a company. Any goal which is relevant for growth should be relevant to the market and implemented in a way that benefits the objectives of the organizations directly. One thing to keep in mind is that your strategy is a crucial cog for growing your business organically. Data analytics can easily assess the satisfaction of your customers which will indicate the relevancy of the strategy which you adopt for your business plans. Also, keep in mind that the markets keep on changing at a much quicker pace in the digital era. So the objectives of your business plans should be relevant to the market and target on which you want to focus on.
- T-Timebound
We all know it is important to set timelines but often things do not go our way in such instances it becomes important to become flexible and make use of inputs by your team and customers before moving on to the next phase. Sometimes it might involve you taking a risk to carry out a strategy or implement a plan just like an experiment gone wrong but it is worth it in the long run than blindly running after unrealistic goals at the cost of your resources. Another factor to keep in mind is accountability, when you make it clear that time is money and cannot be wasted and should be accounted for it will employees to come up with suggestions and ways to do things in a quick and easy manner.
To implement successful business strategies some things to keep in mind are as follows:
- Using tools and technology in the best way possible to provide support, training, and guidance to everyone involved in the business
- Promoting marketing strategies which focus on providing the best services in real-time and solutions that are practical and reliable
- To come up with reliable and efficient strategies the main focus should be on doing market research is thorough and professional bias without prioritizing costs and by maintaining quality at the core of the services offered
- Adapting the latest technology like the meta-verse, AI & Big data analytics is a smart move that will help you in the long run
- Executing plans which promote growth strategy by creating content that is able to provide positive solutions
