Business Strategies to Achieve your Objectives

Profit is the big goal towards which all business organizations strive. Businesses, whether they are a manufacturing industry or service industry, will plan and strategize towards improving the turnover. Overall business strategies of a company will revolve around this theme. But the tactics have to be realistic so that they achieve the desired goal. Unrealistic plans and techniques will in most cases defeat the purpose.

What are realistic business strategies?

The strategies implemented at the overall company level to reach objectives may differ from those implemented by the middle management. Corporate level executives have to consider the long term impact of any strategy that is implemented to attain a certain objective. Whereas middle rung managers need to have a more focused approach with slightly short term goals that need immediate attention. How practical a business tactic is and whether it has any relevance to the main objective has to be studied before implementation. A feasibility study as well as a viability study has to be carried out before undertaking a business strategy.

How to make your business strategies realistic

The cost-to-profit ratio is a major concern for most business organization. This can be tackled by implementing practical methods in which costs can be reduced. Modernization and mechanization help to a large extent. Staff incentives must directly relate to productivity so that it improves efficiency and reduces attrition rate. If you can sustain staff and workers for many years, expenditure towards training new employees is greatly reduced.

Market share expansion is another factor that has to be a realistic objective. Here are scenarios that illustrate how being realistic is smart:

Scenario 1: Company “Regular Washers” produces a detergent that is usually purchased by the lower strata of society because it is lower priced. It would be unrealistic to go in for higher priced raw material to manufacture the product that already has a high demand just because you want to improve the quality. This will force you to raise the price at the cost of losing some of your regular customers. If you really want to improve quality, it would be better to launch a product alongside your regular one.

Scenario 2: Company BB produces sports goods and wants to globalize its market base. Just creating a website and marketing the goods online will not generate the correct response. A feasibility study will tell which markets have the maximum potential buyers for a similar product at present. It will also give you an idea of which unchartered markets you would tap and create a monopoly. To penetrate a new market you need to price your product so that it generates sales large enough to sustain even when competitors enter. Only when you know these facts will your business strategies be realistic enough to reach the goal of globalization.

Creating brand value is not as difficult a task as it may sound. Maintaining quality, good customer service and meeting deadlines is all it takes to have a sustained presence in a growing market. Of course, the quality control of your product is a key factor that has a direct bearing on your success. A good quality product will sustain even in tough competition so cost-cutting at the expense of quality is definitely not a good idea. Here, quality refers to your goods as well as services that you offer to customers. Setting achievable standards for procurement, production, administrative systems, customer relationships are the true foundations of a successful business organization.

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