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Business Strategy

The latest business strategy articles, advice and insights from the ProfileTree team.

9.2% of Revenue Drained: Contract Management Statistics

Maha YassinMaha Yassin // 26th February 2024

Contracts are the lifeblood of business. From the most minor purchase order to the multi-million dollar enterprise agreement, they underpin every transaction and collaboration. Yet, despite their ubiquity, contracts often go overlooked, relegated to dusty filing cabinets or forgotten corners of digital servers. This neglect, however, comes at a steep price. Ineffective contract management can […]

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Project Management Statistics: Decoding the Numbers Behind Project Success

Maha YassinMaha Yassin // 26th February 2024

In the relentless pursuit of progress, projects form the lifeblood of every industry. Whether launching a groundbreaking tech product, constructing a towering skyscraper, or orchestrating a captivating marketing campaign, each project represents a carefully orchestrated dance of resources, timelines, and objectives. Amidst the chaos and complexity lies a hidden language—the language of statistics. Understanding these […]

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A Deep Dive into Business Closure Statistics

Maha YassinMaha Yassin // 26th February 2024

Have you ever walked past a vacant storefront, its dusty windows reflecting the empty promises of a bygone dream? Business closures, like tumbleweeds rolling through our economic landscape, are a reality silently shaping our world. In the blink of an eye, shops disappear, restaurants fade into memory, and companies vanish, leaving behind echoes of ambition […]

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Valuable Small Business Statistics UK 2023

Eman SamehEman Sameh // 26th February 2024

For countless individuals across the UK, 2023 has been a year defined by the hustle and heart of small business ownership. From bustling city streets to quaint village squares, these ventures drive the local economy and enrich the fabric of communities. But as we turn the page towards 2024, it’s time to take a closer […]

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Business Data Statistics: How Numbers Drive Profits

Maha YassinMaha Yassin // 26th February 2024

Navigating the business world in our data-dominated age can often feel like winding your way through a bewildering labyrinth. We have found ourselves wrestling with mounds of raw data, seemingly devoid of any identifiable pattern or purpose. However, would it astound you to learn that the global Big Data and Analytics market is worth an […]

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Global Small Business Statistics

Miral NassarMiral Nassar // 24th February 2024

Global small businesses play a crucial role in the global economy, with millions of entrepreneurs worldwide driving innovation, creating jobs, and fueling economic growth. Delving into the latest global small business statistics is essential to understand this vital sector better. This comprehensive overview will explore key trends, challenges, and opportunities facing global small businesses, shedding […]

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US Businesses: The Story Behind its Statistics

Miral NassarMiral Nassar // 24th February 2024

America’s economic powerhouse roars with statistics: millions of US businesses, trillions in revenue, and countless jobs created. But behind these cold figures lies a vibrant tapestry woven from individuals’ dreams, struggles, and triumphs. This article embarks on a journey beyond the numbers, delving into the human stories that shape the US business landscape. We’ll meet […]

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Efficient and Easy Ways To Start An Accounting Business From Home

Sara LynchSara Lynch // 23rd February 2024

Starting an accounting business from home has never been more feasible. Thanks to advancements in technology and a growing acceptance of remote work, launching your own home-based accounting firm can be both a rewarding and profitable venture. 

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Social Media Sales Stats: Explode Your Sales & Outsmart the Curve!

Esraa MahmoudEsraa Mahmoud // 23rd February 2024

Feeling frustrated that your social media presence isn’t lighting up the sales leaderboard? You’re pouring your heart and soul into crafting stunning posts, running captivating ads, and engaging with your audience, but the numbers just aren’t singing the sweet melody of success. Sound familiar? You’re not alone. Countless businesses are drowning in a sea of […]

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Understanding The Minority-Owned Business Statistics in the UK!

Esraa MahmoudEsraa Mahmoud // 22nd February 2024

While the UK boasts a diverse population, representation in the entrepreneurial landscape hasn’t always reflected this. However, recent years have seen growth in the number of minority-owned businesses, contributing significantly to the economy and showcasing their potential. In recent years, there has been a growing emphasis on diversity, equity, and inclusion (DEI) within the business […]

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Golf Business Statistics and Impact on Business

Miral NassarMiral Nassar // 25th February 2024

The golf business is experiencing a significant boom, with statistics revealing impressive growth in recent years. This phenomenon has been fueled by various factors, including changing demographics and an increased interest in recreational activities. This article will explore the latest statistics showcasing the industry’s growth, its impact on businesses, and the demographics driving this trend. […]

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A Data-Driven Guide to Knowledge Management Statistics

Maha YassinMaha Yassin // 23rd February 2024

In today’s dynamic business landscape, knowledge is power. Organisations are increasingly recognising the strategic importance of effectively capturing, sharing, and utilising the collective expertise of their workforce. This is where knowledge management (KM) comes into play. KM encompasses a range of practices and technologies aimed at creating, disseminating, and leveraging organisational knowledge to achieve strategic […]

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Sustainable Psychological Contract and Organisational Life

Panseih GharibPanseih Gharib // 18th February 2024

As organisations aim to understand and improve the dynamics of the employment relationship, the concept of psychological contract plays a crucial role. The psychological contract is based on the mutual expectations and obligations between employees and the organisation, shaping their working relationship. In this article, we will explore the effect of the psychological contract on […]

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Copyright vs Trademark: The Crucial Differences Every Creator Needs to Know in 2024

ProfileTreeProfileTree // 18th February 2024

Copyright covers intellectual property and artistic works. Image credit: AmazonAWS

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The Complete Guide to Product Management: Roles, Responsibilities, Skills and Methodologies for 2024

ProfileTreeProfileTree // 18th February 2024

Product management is managing people and resources to achieve the best possible results. Image credit: Miro.medium.com

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How Government Business Statistics Can Help Your Business Thrive in 2024?

Esraa MahmoudEsraa Mahmoud // 24th February 2024

In today’s fast-paced business world, access to reliable information is crucial. While news headlines scream opinions and pundits spin narratives, there’s often a silent majority: government business statistics. These data gems, collected and published by official agencies, hold the key to valuable insights that can empower your business decisions. These meticulously collected and analysed datasets […]

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Beyond the Charts: Unveiling the Power of Business Intelligence Statistics

Esraa MahmoudEsraa Mahmoud // 18th February 2024

Every world has its hero, and in the business world, that hero is Business Intelligence (BI)! Think of it as your personal data decoder, transforming raw numbers into actionable insights that illuminate your path forward. Forget feeling overwhelmed—imagine wielding data as a strategic weapon, transforming numbers into actionable insights that propel your business forward. This […]

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Product Placement – The Essential Guide to Embedding Brands in Entertainment in 2024

ProfileTreeProfileTree // 15th February 2024

Product placement is now a major industry. Image credit: MarketingWeek

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Free Product Testing – The Essential Guide to Test Your Way to Success in 2024

ProfileTreeProfileTree // 15th February 2024

Product testing can happen at several different stages. Image credit: Twentify

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Business Website Statistics: Up-to-Date Data

Miral NassarMiral Nassar // 24th February 2024

Business website statistics refer to quantitative data and metrics that businesses collect and analyse to evaluate the performance and effectiveness of their online existence. These statistics provide insights into various aspects of business website performance, including traffic, user engagement, conversion rates, and overall user behaviour. By tracking and interpreting these statistics, businesses can make informed […]

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How to Ask for a Promotion – The 2024 Ultimate Guide to Earning Advancement at Work

ProfileTreeProfileTree // 15th February 2024

Most businesses don’t publish salaries, so asking for a promotion is often the only way to get ahead. Image credit: LinkedIn

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The Shocking Truth About Your Workforce: Talent Management Statistics Revealed

Miral NassarMiral Nassar // 21st February 2024

In today’s competitive business landscape, talent management statistics are crucial to ensure the success of any organisation. Human resources (HR) professionals constantly seek the latest statistics and trends to optimise their workforce and retain top talent. Let’s delve into talent management and uncover the shocking truth revealed by talent management statistics. What are Talent Management […]

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Product Liability – A Complete Guide to Insurance for Small Businesses in 2024

ProfileTreeProfileTree // 14th February 2024

Any business can suffer product liability claims, which is more likely in some industries than others. Image credit: Buckfirelaw.com

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Free Mind Mapping Software: Top 10 Tools to Clarify Your Thinking in 2024

ProfileTreeProfileTree // 14th February 2024

If you’re not working on a large scale, free mind-mapping software can do the job. Image credit: Coggle

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Essential Email Marketing Statistics for Businesses

Maha YassinMaha Yassin // 14th February 2024

Running a business in today’s ever-evolving digital landscape, you might ponder the mystic art of email marketing. We’ve all been there: an onslaught of endless emails flooding our inboxes with little noticeable reward for businesses. But hold on—did you know that more than 306 billion emails are dispatched and received globally daily? This makes it […]

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How to Produce and Edit Video for Tourism Businesses

ProfileTreeProfileTree // 13th February 2024

In the tourism niche, one of the great challenges is showing off what you have to offer. Specifically, you need to figure out a way to convince customers to make a long journey to use your services. One of the best ways to do this is creating video content. Hence we should focus on Video […]

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Business Coaching Industry Statistics: Market Size 2024

Esraa AliEsraa Ali // 13th February 2024

The business coaching industry is flourishing, offering unparalleled support and guidance to entrepreneurs and aspiring leaders. Let’s delve into the numbers and get a clear picture of its current state in 2024. What Is the Current Market Size of the Business Coaching Industry? Coaching industry? More like a rocket ship! This dynamic arena isn’t just […]

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Risk Management: Unleashing the Power of Statistics

Miral NassarMiral Nassar // 21st February 2024

Risk management is a critical aspect of any business or organisation. It involves identifying, assessing, and controlling threats to an organisation’s capital and earnings. These threats or risks could stem from various sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, and natural disasters. Statistics play a crucial role in risk management by providing […]

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The Impact of Business Planning Statistics on Strategic Growth

Miral NassarMiral Nassar // 12th February 2024

Navigating the world of business planning can sometimes leave you feeling knee-deep in a jigsaw puzzle. We understand that feeling, staring down the substantial task of piecing together a robust business plan while wondering, ‘Is it worth all this effort?’. Did you know research illustrates that businesses with strategic plans grow 30% faster? Throughout this article, […]

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The Numbers Game: Decoding Network Marketing Statistics

Yasmin ElwanYasmin Elwan // 12th February 2024

Explore the world of network marketing as we delve into its components, controversies, and legal considerations. Focus on the numbers with crucial network marketing statistics—industry size, demographics, and success rates. Join us in decoding this entrepreneurial landscape with precision. Key Elements of Network Marketing Network marketing, also known as multi-level marketing (MLM) or direct selling, […]

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Global Marketing Data and Market Share Statistics

Panseih GharibPanseih Gharib // 21st February 2024

The marketing world is abuzz with activity, constantly evolving to keep pace with shifting consumer habits and technological advancements. Yet, amidst the noise and change, one constant remains: the power of data. Understanding industry trends, competitor actions, and customer preferences are the main factors of any successful marketing strategy. But navigating the vast ocean of […]

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The Complete Brand Build Guide

ProfileTreeProfileTree // 6th February 2024

Every business should have its own unique identifier, a a brand build guide. This is known as the business’s brand and it is essential to the success of any business. First of all, the brand is the first thing a customer notice when choosing a product. This means that a well-established brand is much more […]

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Retail Strategy: Your Guide to Retail Success in the Digital Age (With Examples)

ProfileTreeProfileTree // 6th February 2024

When you hear that successful brands such as Toys R’ Us, Forever21, and Bebe are closing their retail stores, you can’t help but wonder: where did they go wrong? At some point, these were beloved and popular brands. Why are they closing their stores? Can the growing power of e-commerce and technology take all the […]

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Media Usage Statistics: A Deep Dive into Global Trends

Miral NassarMiral Nassar // 21st February 2024

Social media has become an integral part of modern life and has grown tremendously recently. As we look forward to the future of social media, understanding the current trends and statistics is essential. This article delves into the global social media usage trends, exploring popular platforms, demographics, the impact on society, emerging platforms, and the […]

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How to Become a Product Manager?

ProfileTreeProfileTree // 5th February 2024

A product manager is a professional who is in charge of developing products for an organization, a role which is referred to as the practice of product management. Most employers prefer people who have prior product management experience, and it is difficult to get that experience without first becoming a product manager. In this article, […]

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Business Strategy Insight

To be able to set up, develop and grow a successful business, regardless of the industry ─ a good business strategy is vital. Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy. Most businesses start small and stay there.

But if that’s not good enough for you — or if you recognize that staying small doesn’t necessarily guarantee your business’s survival — there are examples of companies out there that have successfully made the transition from start-up to small business to fully-thriving large business. Coming to the realisation that your organisation needs one is easy. However, creating an actual strategy is a little trickier.

While it may sound a bit daunting, iterating like this actually makes strategy easier. It will save you from endless visioning exercises, misdirected SWOT (the Strengths, Weaknesses, Opportunities, and Threats) analyses, and lots of heroically uninformed big thinking. Crafting your strategy in relatively small and concrete chunks and honing the answers to the five questions through iteration will get you a better strategy, with much less pain and wasted time.

Questions to ask when building a business strategy:

  • Why are you here?
  • What is your USP (Unique Selling Proposition)?
  • Who is your perfect customer?
  • Why buy from you?
  • What is your go-to marketing strategy?
  • Who are you focusing on?
  • What is your pricing?

In follow-up meetings to discuss your progress, it’s also important to revisit your action plan regularly and to continually update it. Allowing your action plan to be surpassed by developments in your company is a sure way for it to go above and beyond.