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Business Strategy - Page 4

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

Comprehensive Business Insurance Statistics and Insights

Panseih GharibPanseih Gharib // 31st January 2024

Protecting businesses through various insurance policies and covers has become increasingly important in today’s volatile economic environment. Business insurance safeguards against potential risks and losses and provides security and stability for business operations. Wading through the business protection insurance world can often seem daunting, as we’ve all grappled with such insecurities at some point. By […]

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Maslow’s Hierarchy of Needs: The Key to Understanding Your Target Customers?

ProfileTreeProfileTree // 26th November 2023

Mercedes consciously reference the fact that their products provide something well beyond what is necessary of a car. Image credit: Mercedes

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Unlocking the Power of Business Leadership Statistics

Eman SamehEman Sameh // 14th January 2024

Have you ever pondered why your business isn’t escalating the way you planned? As an entrepreneur, you must have gone through all kinds of analysis and investigations to recognise the problem. However, leadership is one aspect that many business people pay no attention to. Did you know that 77% of businesses report a shortfall in […]

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How HR Statistics Can Optimise Recruitment and Retention

Miral NassarMiral Nassar // 11th February 2024

Human Resource (HR) management is undergoing significant transformations with the increasing integration of HR statistics-driven approaches in the workplace. The use of HR statistics has become a top priority for HR professionals and leaders, enabling them to make informed decisions and strategic plans. The reliance on HR statistics intensifies as organisations strive to enhance employee […]

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Global Air Travel Growth Continues: Latest Outlook Reveals Milestones

Panseih GharibPanseih Gharib // 25th November 2023

Air travel statistics continue to forge ahead in 2023 despite the pandemic’s lingering challenges. The latest outlook reveals significant milestones achieved and a promising trajectory for the year. The global air travel industry in 2023 demonstrates resilience and adaptation in the face of unprecedented challenges. With a steadfast focus on recovery, various regions have made […]

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Top Workflow Automation Statistics

Panseih GharibPanseih Gharib // 29th January 2024

In today’s dynamic business landscape, efficiency reigns supreme. Whether you navigate the helm of a burgeoning startup or steer a seasoned enterprise, streamlining processes and maximizing output are paramount. Enter workflow automation, a technological tide no leader can afford to ignore. The statistics speak volumes: 67% of companies have embraced automation, reaping tangible benefits like […]

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Critical Cybersecurity Statistics for Small Businesses

Noha BasionyNoha Basiony // 15th December 2023

In an era where digital transformation is not just a trend but a necessity, a single breach can have devastating consequences. Small businesses, in particular, are increasingly finding themselves on the front lines of cyber threats. As the backbone of the economy, these companies face unique challenges in safeguarding their digital assets against a rising […]

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Financial Management: A Comprehensive Toolkit for Building a Secure Future

ProfileTreeProfileTree // 21st February 2024

There are many different elements to financial management. Image credit: MtpPLC

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Promotion: The Fourth P in The Marketing Mix

Miral NassarMiral Nassar // 22nd November 2023

The marketing mix, a foundational concept in the field, traditionally comprises four Ps: Product, Price, Place, and Promotion. We discussed the first, second, and third Ps in previous articles: Products: The First P in The Marketing Mix, Price: The Second P in The Marketing Mix, and Place: The Third P in The Marketing Mix. So, […]

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The 4 Types of Customer Segmentation: How to Correctly Apply Them and The Value They Add

ProfileTreeProfileTree // 21st February 2024

So what is customer segmentation? In the end, all businesses want to gain the trust of their customers. Having a clear picture of the different people who benefit from your products and services is a huge part of this.

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Building a Winning Investment Portfolio: A Data-Backed Framework for Long-Term Returns

ProfileTreeProfileTree // 5th February 2024

The perfect financial portfolio can comprise several different elements. Image credit: TheBalance

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Effective Sales Techniques: Close That Deal!

ProfileTreeProfileTree // 17th December 2023

Effective sales techniques focus on both quality and quantity. Image credit: 99Firms

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Customer Care Superheroes: How to Create a Service Team That Wows Customers

ProfileTreeProfileTree // 12th February 2024

For most people, quality of service is a crucial factor when making a purchase decision. Image credit: Business2Community

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Place: The Third P in The Marketing Mix

Miral NassarMiral Nassar // 30th November 2023

The marketing mix has four Ps: Product, Price, Place, and Promotion. These four Ps are a traditional framework that categorises the essential elements of a successful marketing strategy. In previous articles, we discussed the Product: The First P in The Marketing Mix and the Price: The Second P in the Marketing Mix. In this article, […]

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Non-Copyrighted Images: How to Use Them Without Getting into Bother

ProfileTreeProfileTree // 7th December 2023

Creating visual content is one of the biggest priorities for marketers today. Image credit: CloudFront

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How to Improve Perceived Quality: 10 Strategies to Increase Customer Satisfaction

ProfileTreeProfileTree // 21st November 2023

Customers often only consider the front line of your brand relations, but the back-end support still makes a difference indirectly. Image credit: Promoter.io

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Business Objectives and Goals: Setting you up for success – 10 Examples for Small Business

ProfileTreeProfileTree // 20th February 2024

Future planning and strategic organisation are critical for business success, and a lack of them is often the leading cause of business failure. Business objectives and goals give your business something to work towards, a vision to achieve and ultimately – a purpose for going to work every day! Whether it’s a new project, a marketing […]

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Brand Perception 101: Essential Guide to Image and Reputation

ProfileTreeProfileTree // 17th December 2023

There are many facets to brand perception. Image credit: Oberlo

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Women Entrepreneurship: Resources, Funding Tips, and Inspiring Role Models

ProfileTreeProfileTree // 15th December 2023

Only a third of businesses around the world are owned by women. Image credit: WorldBank

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What Is Quality Assurance? Thriving for Perfection

ProfileTreeProfileTree // 16th November 2023

With the industrial revolution and mass production came many new responsibilities. The process of manufacturing became much more complicated. The number of products increased insanely compared to older methods. These changes brought about the new concept of ‘quality assurance’. Then, we witnessed the digital age, which brought about new levels of complexity and higher-than-ever efficiency. […]

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Master Fair Use Copyright Laws for Content Creation

ProfileTreeProfileTree // 16th November 2023

KFC clearly aren’t claiming this work as their own. Rather, it is a parody. Image credit: KFC

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Our 5 Essential Brand Attributes List

ProfileTreeProfileTree // 16th November 2023

Brand consistency is directly tied to revenue. Image credit: LocalIQ

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What Is Quality Control?101 Comprehensive Guide to Ensuring Product Excellence

ProfileTreeProfileTree // 16th November 2023

There are key differences between the aims of QA and QC. Image credit: Jelvix.com

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What is Copyright Statute of Limitations? Basic Guide

ProfileTreeProfileTree // 17th November 2023

These days, most copyright claims online are in the music industry. Image credit: StatCDN

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Definition of Entrepreneurship – Top 5 Characteristics That Set True Entrepreneurs Apart

ProfileTreeProfileTree // 15th November 2023

Entrepreneurship often means taking care of all business functions by yourself. Image credit: AmazonAWS

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How to Copyright Assets: 5-Step Guide

ProfileTreeProfileTree // 14th November 2023

There are several stages to registering a copyright. Image credit: BiatConsultant

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Entrepreneurship Ideas: Top 10 Most Profitable Small Businesses You Can Launch

ProfileTreeProfileTree // 13th February 2024

Entrepreneurship requires a wide skillset. Image credit: HBR.org

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The New Product Development Process in 7 Steps

ProfileTreeProfileTree // 20th February 2024

Preparing for a new product to hit the market should be anything but random. There is a defined new product development process that is translated into clear steps – but for budding entrepreneurs, this may be a baffling mission.

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What is Content Analysis? Quantifying the Qualitative

ProfileTreeProfileTree // 14th November 2023

Content analysis is a research tool used to find certain words, themes, or concepts within some given qualitative data. Image credit: Flickr @SHYCityNXR

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Project Management Methodologies: The Ultimate Guide – 7 Essential Methodologies

ProfileTreeProfileTree // 4th February 2024

Most organisations don’t have a clear project management methodology in place. Image credit: GetAppLab

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Top 10 Project Manager Interview Questions and Answers

ProfileTreeProfileTree // 14th November 2023

With a huge scope for growth, there has never been a better time to get into project management. Image credit: Raconteur.net

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App Development Software: Creating an App for Your Business

ProfileTreeProfileTree // 25th January 2024

Over half of the world’s population uses a smartphone. Image credit: Statistica

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Promotional Products: The Strategic Guide to Driving Brand Awareness Through Targeted Giveaways

ProfileTreeProfileTree // 13th November 2023

Even seeing your logo once can have a huge impact on consumers. Image credit: 4imprint.

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Production Possibilities Curve: How to Construct and Leverage the Model for Strategic Business Decisions

ProfileTreeProfileTree // 11th December 2023

A production possibilities curve maps out how much of your products you can afford to create. Image credit: FutureLearn

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Global Entrepreneurship Week: 10 Event Ideas to Drive Leads and Promote Your Startup

ProfileTreeProfileTree // 13th November 2023

Global Entrepreneurship Week spans over 100 countries. Image credit: PSU.edu

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Guerrilla Advertising: 10 Tactics to Grow Your Business on a Tiny Budget

ProfileTreeProfileTree // 13th November 2023

Guerrilla advertising is highly related to product placement. (Image credit: Business Insider)

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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.