Speaker 1: A business strategy is basically a documented plan mentioning how a company is setting out to reach to its business goals. Therefore, these strategies include different types of main principles, which outline the ways through which the companies can reach to their goals. For instance, the good business strategies define the ways to look at the expectations and requirements of clients, the ways to deal with the competitors and these also check the sustainability and the long-term growth of the companies. In this video, we are going to share three steps on how to develop business strategy for your business. Step 1. Marketing Marketing strategy is really all about considering the resources available to the company, and then finding a way to make sure of these strategies in the most creative way possible. It is not so much about how much resources a business has at its disposal, but how creative they can get to make the minimal resources they have to work for them. The popularity of the Internet has produced a new generation of Internet marketers who address their marketing to the e-market. This means the marketing strategies may be a little different from traditional marketing strategies since it is directed towards a different audience. Internet marketing makes use of a lot of marketing tools like email marketing, website development, the building of a massive opt-in list, online purchases, backlinks and a lot of other methods. Determine the right channel to market the product. Once you have identified the right market for your product, you should now determine the right channel to market it. The channel can be TV, radio, or Internet. As a rule of thumb you should use a channel that is mostly used by majority of your target customers. Determine sub-marketing channels. In addition to the main marketing channel, it's common to have other minor channels that you can use to reach a good portion of customers. You should identify the channels and try to reach some customers using them. Unique brand identification. For example, have a look at the logo of Unique Style. The logo of Unique Style became a giant marketing success in apparel industry. The message here is not to create a dirty logo intentionally, but to realize the importance of uniqueness in your brand identity. Social Networking. The world of marketing in today's competitive global economy is highly reliant on social networking platforms. With 1.23 billion daily users on Facebook, 232 million Twitter users and 1 billion unique users on YouTube every month, think of the benefits of socially engaging with your clients and customers. Step 2. Business Goals. It is the responsibility of the business owner to determine the direction for the company. You might call this important job communicating your vision to your staff. Your workers need to understand how you want to accomplish your vision. That's why you must take the time to create concrete business goals, or targets, for the year. Written goals help employees see how specific markers signify the company's success. Focus on Finances. How far does your company stand in terms of financial stability? You can look at the books and consult with your accountant to get an idea. Set a goal for increasing the amount of annual sales. Focus on Customer Service. Companies in hard times may not have the funds to invest in research and development, marketing, training, expansion, and other types of business growth strategies. Looking inward at your staff, you can challenge them to focus on customer service. Focus on Individual Achievement. Related to customer service is placing the responsibility for business success on individuals. You model this goal by setting your own goals as the business owner. Share these goals with your staff. Focus on Innovation. Challenge yourself to make better use of employee ideas. You need a formal process for getting these ideas onto your desk, or you might just ask employees to email you their suggestions for improving the business. Step 3. SWOT Analysis SWOT is an abbreviation for Strength, Weakness, Opportunities, and Threats. It is a situational analytical tool to evaluate a business environment, competitive situation of an organization or even a problem. A full SWOT analysis is normally used as an additional tool to strategic planning process. Otherwise, it may be used for other situations such as internal capability, i.e. evaluating the strengths and weaknesses of own capability. Example, it may be used to plan for new product launching, increase market share, venture into new business, evaluate your own operation capability or use it to solve a problem. In Strengths, write about strong financial. Write about successful workforce. Write about high-quality product and services. In Weaknesses, write about high turnover. Write about slow in new product design. Write about bureaucratic management. In Opportunities, write about new market is open up. Write about new mega project is in the pipeline. Write about customer is more quality conscious. In Threats, write about low entry barrier. Write about price war. Tip 4, Team Management. Team management is basically organizing and coordinating a group of individuals to work towards a common goal through the use of techniques, processes and tools. In business, as well as in life, if want our work as well as our team to be effective, having a good management skill is vital. As every team goes through stages during their life cycle or during the performance and completion of every project. It is a vital prerequisite to have an effective time and project management place at each stage for the work or project to be completed on time, to the expected high standard and within the budget. It is also as important to bring in a management team that is not only in line with the company's objectives, but also to motivate a team so that it truly wants the outcome to be successful. Accountability must be at the forefront of every initiative. Employees do want to be held accountable and they willing accept responsibility given the necessary training, information, and the organization encourages empowerment. Minimize oversight through confidence and empowerment. Do not micromanage. Workers will accept more responsibility if management isn't constantly looking over their shoulder. This encourages innovation and creativity but it requires effective communication. Managers need to function more as facilitators and leaders. Coaching is a skill set that should be required training for all managers to improve team management. Regular performance discussions should be scheduled and strictly held to. Performance management and performance measurement are key contributors to improved team management. Scores should be measurable and specific. Creating scorecards is an effective tool to improve team performance. Information sharing and effective communication are critical. Teams must have unrestricted access to all relevant information. If you can't trust someone on the team then they shouldn't be on the team. And Step 5. Document Management. The proper archiving of business documents is still an issue in the management of many companies. Documents are a critical component of running a business. Keeping business documents helps in ensuring the survival of every business. While every business owner knows this, too often, because of the sheer volume, mission-critical documents are left unsecured or simply placed in a file cabinet. In fact, many businesses put a higher priority on managing their office supplies than they do their business documents. There is a simple, low-cost, easy-to-use solution in the form of Document Management Software. Digital Business Document Management Software is what you need. A Business Document Management Software will help you monitor the progress of your business even when you are off-site or on a business trip by having real-time access to every document. When you need to prepare your business tax returns, this electronic Document Management Software will assist you to track every document needed to file your tax returns accordingly. It will also help you to keep track on your customer database and information when you need them, as well as keep track of vital business contractual documents. Document Management Solution will help you to run your business automatically and cope with multitasking situations. Once incorporated into a business setup, Document Management System aids a business to run automatically. And then you will able to cope with multitasking business requirements without the need to waste time, energy, and money in tracing any business documents again. For a business strategy to work at its best, it should be uniquely created for one's business. It is developed with one business and its unique characteristics in mind. It has taken into consideration the business's strengths and weaknesses, and works to juggle both in the most efficient manner. If you found this video helpful, then like and share with your friends. Also, do not forget to subscribe our channel to get future videos. Ask your questions in comment box. Thanks for watching this video.