What are you trying to achieve with your strategies?
Some people work really hard for something they love, they apply a lot of different strategies and really deserve huge success. However, they could be just a tad bit short of achieving such success because they are implementing a wrong strategy to tackle the challenges they face. You cannot become a famous football player without going through the necessary training and practice with the strategies needed to get there. The wrong strategies are guaranteed to deliver the wrong outcomes.
As a starting point, learn more about your vision and goals. Then set the right objectives to get there and you are in a position to develop the right strategies to guide you on your journey. When you set the right strategies you become better placed to set the right activities and actions that make everything come together. If something is really big and means so much to you, then make sure you study it carefully and are confident the strategies you use will achieve your vision and goals. Do not be surprised if life challenges you to adjust your strategies as circumstances change.
The wrong strategies will not only lead you to the wrong outcomes, they will also cause you problems and frustration in their execution. Look for people who can help you with your strategies and look at ways you can excite them to keep helping you, remember nobody makes it alone. Be grateful and be quick to acknowledge those who do help you.
Vince Lombardi famously said, “The only place success comes before work is the dictionary”. However, I have found that good strategies help to reduce the workload along the road to success.
Strategies need to be competitive
Competitive strategies are important if you want to achieve a competitive advantage in the market. There are three main categories of competitive strategies that you can implement.
- Cost leadership – You find cost leadership strategies are generally associated with the ‘commodities’ market and high volume producers. The aim of this strategy is to be a low-cost producer relative to your competitors. It is particularly useful in markets where price is sensitive, or a deciding factor. Cost leadership is achieved by carefully selecting suppliers and production techniques to minimise production, distribution and marketing costs. Avoid any serious loss in quality that may render your low-cost strategy ineffective.
- Focus – This strategy recognises that marketing to a diverse market may not be very effective for your product or service. Instead, the strategies are focused on selected market segments. Clearly focus on the problems, frustrations, wants and needs of the particular market segments you seek to serve. Production, distribution and marketing are customised for each market segment.
- Differentiation – A differentiation strategy seeks to develop a competitive advantage through supplying and marketing a product that is in some way different to what your competition is offering. Differentiation strategies can reduce price sensitivity and improve customer loyalty. While a mixture of two or more of these strategies is also possible , it is the differentiation strategy that is usually adopted by smaller businesses.
Is fear of failure stopping you changing your strategy
Are you afraid of failing? Maybe you just don’t think about your strategies or the impact they are having, or not having, on your business. Do you try your best all the time and feel you are unable to accomplish your goals? If you fear to fail then you may just have the wrong strategies. However, don’t let a bad day make you feel like you have bad strategies.
Fear of failure can quickly wreck even the strongest of businesses and their people.
Live in the moment. Forget the past, if you have the right objectives with the right strategies and actions there is no need to be fearful. It is important to have the right strategies at the right time of your business’s development. Keep in mind that you learn a lot from your mistakes and failures along the way. Accept the fact that you will make mistakes and that it can be a positive thing. You are usually harder on yourself than you are on anyone else. Be your own #1 fan. That means being supportive, instead of critical, when you stumble and celebrate your strategic wins no matter how small.
Are your belief levels too low? Well, each business and organisation are different. This makes it important not to copy other businesses strategies and expect them to work in the same way for you. Believe in yourself, seek advice when you are unsure, do not let fear or disbelief get the best of you. Many believe in themselves, but not to the point of thinking big or thinking that they could do what they set their strategies to accomplish.
Some people will live a life of compromise and under-achievement simply because they are:
- Risk adverse and controlled by fear.
- Guided by other people’s opinions.
- Always looking for the magic potent.
- Always looking for shortcuts or the easy way out.
- Not prepared to do the tough stuff that will help them in the long run.
Pain is a great teacher. Not always what you want, but sometimes what you need. People who always take the easy option are destined for mediocrity, at best. Constantly avoiding the discomfort means constantly avoiding the lessons that accompany personal growth. Strategies are critical to your success, http://goo.gl/ZJvF5S
Few people ever achieved anything of real value ‘doing it by themselves’. Most successful people receive some form of help from other people. Support, information, a sense of shared experience, encouragement, advice, and a well-timed pep talk are all invaluable as you develop strategies that work well.
Strategies don’t need to be complicated to achieve better outcomes
Are you serious about creating lasting and significant change in your business? Instead of merely thinking and talking about it, don’t be static in a dynamic world, it is a recipe for disaster. Here are a few strategy ideas you might want to try in order to help make your aspirations a reality:
- Understand and focus on your type of business.
- Focus on what you do well and like doing.
- Differentiate your business, make it unique.
- Pick the market segments you want to work with.
- Discover each segments problems, frustrations, wants and needs.
- Create the solutions and the infrastructure needed to deliver.
- Start small and keep it simple so people simply understand.
- Define your story and create content that will support your vision and objectives.
- Focus on exciting your customer with better services and experiences.
- Stick to your core activities and outsource the rest.
- Be an innovator, not an imitator.
- Determine to become a good planner, backed up by good research.
- Seek partnerships to help you.
- Create a business more in keeping with the lifestyle you want, http://goo.gl/anIkPt.
- Focus on excellence, differentiation and competitive advantages.
- Look after your health and well-being, put balance into your life.
Management strategies with the biggest impact
- Apply the 80/20 rule and focus on important things first.
- Know your key numbers, watch them like a hawk as accurate numbers don’t lie and can guide your decision making.
- Successful people do things differently, they ensure their strategies actually work and are effective.
“Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different”. Michael Porter
“The biggest risk is not taking any risk. In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks”. Mark Zuckerberg