Three Powerful Business Strategies You Need to Win Over Your Competition
How do you think businesses evolve?
Not every business makes it through right at the beginning. Business strategists that have started early are constantly questioning themselves – how can you build an identity in the industry?
If there’s competition, this means that the business is onto something big.
Below are the top three strategies you need to follow to stand out from your peers:
- Question everything but challenge only the selective
Maintaining and following the industry’s standards is a significant way to make way for your company in the competitive market.
Most businesses believe that the business strategy they follow is yet to be discovered by the outside world. However, there’s always a difference between questioning the industry’s assumption stating the practices they’ve been following are flawed. Not to mention, there’s a thin line between being arrogant and curious. But if you’re looking to innovate, you better leave no stone unturned. If the industry got the strategies right, then you better start implementing the same strategies.
Let’s quote an example, if you’re looking to build real estate, you need to first work on three factors:
- Scope – though most real estate firms associate less with real estate experience, they still want to build a holistic approach and experience for everybody. As such where it gets easier for you to search for properties, schedule your visit, make a purchase and move into the new neighborhood.
- Technology – Technology plays a significant role in harnessing all these elements in a structured way.
- Compensation – an assumption was made wherein the agents get paid on the basis of commission and used a salaried real estate agent model. Now, these agents can receive bonuses on completion of good customer service.
Although the model received huge traction due to the improvements made on innovation and scope, it was seen that the initial compensation was destroying the value. Thus, prevented them from hiring top-performing agents who actually wanted to benefit from the commission. A lesson learned, always be exhaustive while questioning the industry’s assumptions and stay selective if you plan to challenge them
- Adopt a work culture that forces to hire exceptional talents
Every powerful value-driven business strongly relies on the ability to recruit the best people for their business.
An A player will only want to work beside another A player, someone of their caliber.
A valid corporate strategy implemented by the organization will drastically improve the company’s business growth. Making a hasty decision in hiring the wrong talent may incur huge losses to the company. Therefore, creating an excellent work culture not only keeps the employees happy but challenged them to take on vast responsibilities.
One of the most significant ways to achieve success in hiring the right talent is by demonstrating the organization follows the right business strategy which is not controlled by any surrounding factors.
- Delve deeper into the value
Though this may sound like a cliché it is the right path to follow. As said by businessman and author Ben Horowitz, “in order for a customer to switch to your product, it needs to be 10 times better than the product they are currently using.”
The only this is achievable is by making sure their focus is on the value and not get distracted by any other factors. This is possible if there’s a proper judgment between distraction and value, and how one must not comply with the distraction.
Being a company that has just started, you might face such challenges daily. The choice always depends on what you choose to do, either to spend time and create value or create other tasks to destroy the value. Making the right choice to build a successful business is critical, and needs to be done cautiously.
