What Is Your Business Success Strategy?
Are you a disruptor or just do the impossible?
POSTED BY JONATHAN VOWLES ON 25/10/2016 @ 8:00AM
There are many different types of success strategy in business and this week, I'd like to define five different strategies and ask you which one you are using for your own business?
What success strategy do you use to grow your business?
copyright: everythingpossible / 123rf stock photo (licensee)
We all need a success strategy. This is where you know your goals, and understand what you have to do to reach them. So which of the following five strategies are you using?
Strategy 1 : Be A Distruptor
In the entrepreneurial world, people talk about a business as being a 'disruptor'. This is someone who changes how they do business so as to disrupt the existing marketplace ...
And usually, it is said with pride or admiration as the disruptor has achieved something fantastic. For example, Uber has disrupted the marketplace for taxis. In fact, it is the largest taxi firm worldwide, but it owns no vehicles and hires no drivers ... which is a significant change from tradition.
But do you need to think of a fantastic and disruptive idea to start a business? Well of course not! Only a tiny minority of companies are disruptors. The point is that they are very visible, so we take notice of them. One of the reasons that they are very visible is often that they are successful. So one success strategy for any business is to be a disruptor.
Strategy 2 : Excellence
But another success strategy is simply to be good at what you do. For example, I know several businesses that deliver well, charge well and makes good money. They're better than neighbouring businesses doing the exact same things. Instead of looking to disrupt their marketplace, they are out doing their competitors. The point being that they are that bit better than the competition at delivering what they do. And they do it consistently well.
This is the key: consistency. With your own business, you need to have systems and processes so that you can deliver a consistently excellent level of service. Because as soon as you become inconsistent, you get bad service creeping in and your standards slip.
Similarly, you will know of restaurants that deliver a better service and are busier and, let's face it, more enjoyable places to be than others. This is a great example of excellent customer service leading to business success.
Strategy 3 : Resolve Frustration
Another business success strategy is to look for frustrations and then resolve them. Everyone has experienced frustration, but when this happen as part of a purchasing decision, then it also presents an opportunity.
Your opportunity to deal with those frustrations and in resolving them, stand head and shoulders above the rest ... then reap the rewards that brings. Frequently, this is cited as one of the reasons for starting a business and it is a way of spotting an opportunity.
Strategy 4 : Trend Surf
A riskier strategy is to follow the crowd. To ride the wave of popularity that another business has created and essentially copy them. This can be a success strategy, but equally, it is a dangerous one. It is dangerous because following others who are successful seems like a guarantee of success, but it doesn't work for everyone.
Strategy 5 : Be Counterintuitive
And my final success strategy is to do the impossible. Ok, well, if you can do it then it isn't impossible, but to enter what might seem like untouchable markets. To look for places that other people are struggling in. For example, to start up an estate agency in the middle of the property recession or a bank in a banking recession.
It seems counterintuitive, doesn't it? This isn't just going against the trend, it is putting yourself into a risky situation. However, business is about risk and dealing with it. The key here is to install formal processes that force the company to really focus on their marketplace and their products.
So what is your success strategy? How is your business going to succeed? Or do you not have a strategy and you are leaving it to chance? Why not call me on 01234 752 566 or click here to send me an email enquiry if you'd like a chat with me to work yours out.
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.