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The latest business strategy articles, advice and insights from the ProfileTree team.
Free mind mapping software is becoming more of essentiality for running a business today. The overflow of Big Data that daunts us in any business activity we undertake needs something to manage it. Most of the time, our minds are incapable of single-handedly doing that. We need some outside interference. In trying to keep up […]
Project management training has never been handier for your career path. It is one of the areas of expertise companies commonly seek, and you could even find that demand isn’t meeting supply: an opportunity for you. Organizations run projects in order to achieve their strategic goals. These projects include everything from market expansion to the […]
Companies big and small need all the exposure they can get. At the end of the day, a business’s worth is determined by how much it sells. Sadly, in order to sell, you need to spend money on advertising your products or services. Not all companies can afford mass advertisement for many reasons. It’s difficult […]
With the increasing popularity of the internet, almost every person uses at least one social media website. This can be a major attraction factor for many businesses looking to improve their online presence. Utilizing social media will allow you to reach much higher levels of exposure. One of the most popular social media sites is […]
Business networking is an inexpensive yet effective way of marketing your business. It allows you to grow your business through the spread of your brand among other entrepreneurs. Business networking sites are an effective way to do this. This opens up the opportunity for new potential investors or business partners. Traditionally, networking was done through […]
Believe it or not, websites are a form of real estate. Just as there are many opportunities to make millions of dollars by buying and selling homes, there is huge potential for profit from website flipping. In fact, it is far easier to break into the business of buying and selling websites than most other […]
If your marketing team is not well-versed in online activity, you may benefit from hiring an internet marketing consultant to handle the online presence of your business. An internet marketing consultant handles companies’ web presence and online advertising to increase traffic, gain followers and promote conversions. They have specific goals and objectives to attain and […]
A brand strategy is an engine behind any excelling business. The process of how to develop a brand strategy can be quite time-consuming and exhausting. Having said that, the merits of executing a good brand plan are countless. To start that journey off, this guide focuses on everything a business owner needs to develop an […]
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:
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.
