Business and Finance
4 business strategies that are bound to work
By having a great strategy in place, you can work towards a successful business career. Here are 4 basic business strategies that work time and time again.
By Craig Falck for Africa Report
1. Control the market through innovation.
The most effective way to make a name for yourself in your industry is to introduce new products and services that no one else has. By doing this, you’ll be giving customers exciting options that will offer greater value than your competitors.
2. Give the market it wants.
All those years ago, Sir Richard Branson saw a gap in the market at an airport. He realised that people wanted a particular flight, so he gave it to them. When he saw how successful that was, he started building his empire, and today he’s in control of a multibillion dollar brand name that caters for everything from music stores and cellular telephone services to health care and banking. There are now 500-odd businesses under the Virgin umbrella…
3. Follow Warren Buffett’s principles.
When analysing a business opportunity, Warren Buffett looks for four important factors: understanding the business and how it runs in its environment; sustainable advantage over competition that lets you lead rather than follow; a strong team that knows what it’s doing; and perhaps the most important – the right price.
4. Nurture talent in your team.
This is core principle behind Bill Gates’s success. By convincing the software (and later hardware) industry’s cream of the crop to join his company, he was able to almost guarantee the best minds of his time. Gates offered them shares in his enterprise, and this meant that they’d effectively be working for themselves – the best motivation to give their 100 percent at all times.
Success doesn’t come easy and it’s a part of business that you have to work hard at to get right. If you have a solid business model and are able to visualise what you need to do to achieve it, you’ll be laying the foundations for a successful business in the future.