As an entrepreneur, you may have heard these five cliches time and time again from other CEOs. However, these common business strategies like ed sheeran toronto 2017 must be put aside in order to take your company to the next level. In today’s article, we’ll give you some great examples of how you can avoid these oft-repeated strategy clichés and succeed where most fail.
1. “We’re focused on our core business.”
As a young company, you’re focused on building your core business, or the business that got you here. However, you need to expand that focus. You’ve realized how important it is to be aware of your competition, but are you aware of the businesses that support your success? Are you building relationships with the suppliers who provide your components and materials? Understanding their needs may be the key to securing a relationship beneficial to both parties. As an entrepreneur, you must continue to educate yourself about these businesses and develop a strategy for working with them.
2. “We have no competitors. We’re the only company in our market.”
When you create a new product or service, you are creating a new market. Sure, there may be one or two competitors in your small niche, but that doesn’t make their products any less important. You have to understand the competitive landscape and develop strategies for keeping up with them on price and performance . You have to become an expert in the field of your industry and offer your customers something they can’t find at another store.
3. “We won’t go into new markets unless we build up first.”
Though many of us would want to wait until we’ve built up a solid customer base before entering a new market, doing so will cost you money along the way. The truth is, the longer you wait, the more potential customers you’re losing. When you realize your business has room to expand through a new market or product line, do everything in your power to get it off the ground quickly. Your customers will thank you.
4. “We won’t go into new markets if we can’t make money at it.”
Every successful entrepreneur knows mistakes happen along the way . That’s just a part of being an entrepreneur, but it doesn’t mean you give up on new ventures altogether. Instead, understand that in addition to making mistakes, you’ll also take business risks . If that means playing to lose for a little while in order to succeed later on down the road, do it.
5. “We won’t make decisions until the market changes.”
Though many entrepreneurs might want to call their own shots, it’s impossible to predict the future. You can only react to what’s happening right now, and too often people just sit idle while they wait for a change that may or may not happen. By getting your hands dirty on some of these new ventures, even if you don’t see immediate results, you’re setting yourself up for long-term success in your industry.
There’s no doubt about it: you need a strong strategy for your business. However, more than just having a strategy , you need to be aware of the actions that make up that strategy . When these business cliches are etched on your company’s mind, you’re bound to fail. Don’t let them be the cause of your success.
6. “We’re using a consultant to improve the business.”
You’ve heard of the consultants , right? Many companies turn to these professionals to help them improve their businesses, but are they really necessary? Instead of finding yourself in a situation where you have no choice but to work with an outside group, try going after your own advice. You know your business better than anyone else. If there’s anything you feel is missing from your company, start asking questions and take steps in that direction.
7. “We’re only going after new technology.”
While one of the best ways to expand your business is through technology , technology isn’t everything . If you believe there’s a better way to do business, don’t hesitate to find out how. The more you expand your knowledge and learn new things, the more likely you’ll land on a strategy that will take your company to incredible heights.
8. “We can’t afford this project.”
You’re a small company , so it probably costs a lot of money for certain projects . However, you don’t have to accept the fact that your business will take a hit because of it. Many successful companies have had to raise money from outside investors or even sell off pieces of their company in order to meet their goals.
Summary:
Don’t let these so-called cliches slow you down. Instead, stick to a strategy which will help your company grow and succeed in the future. The only way to do that is by putting yourself in a position where you’re ready to play when the time comes. You should make it your top priority that you start taking action whenever business conditions change, even if it means going after new technology or reaching out to a new customer base.
