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How to Create a Powerful Business Strategy for 2020

business strategy

business strategist in virtual office

Evaluating Your Business Strategy

A new year, a new business quarter. This is a great time to look forward and develop your business strategy for the months ahead.  Management thinking suggests that you start by examining your key strengths.  Obviously, these are basic factors that have got you safely through to 2020 so spend a moment examine them critically.   Perhaps you are great at customer relationships and that you outgun your competitors in responding to customer queries and complaints.  Perhaps your key strength is market awareness or keen prices.  A successful key strategy is something that is reliant on you and your resources and not on something that you depend on elsewhere.  This is often the case in internet marketing where your strength depends on your affiliate relationship to another company entirely.  It might make you money but the key strength does not ultimately lie in your hands.

Grab Your Opportunities

Second, the best strategies seize one of your biggest opportunities and play into it.  Seizing a key opportunity is the attack strategy that lets you score points and win the game.  This may be investing heavily into a specific product or a market niche.  This is the idea of feeding your winners and starving your lowers. The secret is that any winning strategy must help you seize a key opportunity that has genuine potential to yield significant results and help you scale up..   For example, if you are exporting to a region like Italy, perhaps you should look at the opportunity to set up your own distribution on the ground in that marketplace rather than us an agent.  It night cost money in the short term but if a realistic opportunity arises then maybe you should grab it and run with it.

Lessen Your Business Threats

Third, the finest strategies reduce or make irrelevant  one’s  gravest business threats. For instance, if you sense a threat in that 65% of your turnover is with just one client, then by following the first 2 strategies I mention, it will help you grow other customer fulfilling relationships so that you have some safety net from the loss or diminishment of this giant customer. Certainly this is one of the hardest areas for many business owners to look at, since we don’t wish to acknowledge our flaws or shortcomings, but by identifying our achilles heels.  However, by doing this, we can then develop a path  to overcome them or lessen their impact on our future development .

So as you plan out the year ahead take a  look at your strengths, weaknesses and opportunities and try sketch out a careful plan to achieve your goals and reach the next goal within your business plan. Remember our team of experts are here to help you grow your business.

 

Use Your Empathy to Help lead a Successful Team

There is something very ominous about the word ‘boss’.  It evokes the concept of bullying and hassling staff.  When we say ‘he bosses you around’ you think of an executive who has poor man-management skills and relies on brute management force to move his team onwards.   A recent article I read by John Monarch on ‘Entrepreneur ‘ site very clearly sets out his thoughts on the best way to manage a team thoughtfully.  I will mention some of his excellent ideas.

  1. Avoid ‘hustling’ 24/7 and be more chilled. Constantly working long hours without a break, he says, isn’t a recipe for success. It’s a recipe for burnout. Motivational and Youtube videos constantly advise young entrepreneurs and executives to work 14 hours a day and “hustle” every minute of every hour. That’s probably the worst possible advice to give someone in a leadership position.
  2. Treat the team as you would like to be treated.  this makes sense and has a biblical ring to it.  Basically the suggestion is by nice to your team ands they will respond in a positive way.  the reasoning being  that a tough job always presents its own issues for workers. Why would you compound those issues by spreading negativity and treating people poorly?
  3. Choose your management wisely.  This makes good sense.  Just being in a job a certain amount of time doesn’t mean you should automatically be promoted. You might have already have reached your personal level of competence. The truth is, some people are really great at specific roles, but their ceiling is lower because they aren’t great leaders.
  4. Keep your expectations realistic.  To be a good leader and manager, you also need to understand the work your team is doing. If you don’t think you have a solid grasp on what your employees do, then start learning. Part of being an effective leader is always looking for new subjects or concepts to learn about.
  5. Open channels for cross-company communication. Whether it’s among one team or between groups, you have to provide people with channels for strong communication if you want your business to operate efficiently.

This is the essence of the argument Monarch is making and I think it open some interesting points for consideration.  If you are scaling a startup it is very important to engender some sort of corporate spirit and that is best done by treating staff wisely and communicating effectively.  This style of management is particularly important when you are dealing ‘at distance’ from your team and maybe working out from a virtual office environment. I any case the maxim ‘do unto others…’ makes sense in business as it does in life.

Can Mindfulness Be the Missing Ingredient in Your Business Plan?

We all feel stress at work and this can often be a good thing in pushing us forward, but constant stress can also drain your creative juices.  In this video we look at some tried and tested techniques for easing stress from your workplace and helping you boost your bottom line.   Practising meditation and mindfulness has never been easier with a large number of smartphone apps you can download and try out.  There are also many local groups of meditators that you could sign up with.

Enjoying time with family and friends is obviously a great way to shake off workplace anxieties and you should grab every opportunity to be with people who can nurture your life.  Nobody ends their life worrying about a sales target they didn’t reach or a product launch that was a few weeks late.  they are small problems in the greater picture.

One of the easiest ways to reduce your business stress is to ‘go virtual’ with a professionally run virtual office in one of London’s most prestigious areas – Regent Street, where all the big brands are like Apple corp who are our close neighbours.  We check and forward your business mail for you and answer and screen your business phone-calls so that wherever your business takes you you are always in touch with your clients.  So why not add our great business services into your stress reduction programme?

Some Top Tips For Your New Start Up Business

We are living in changing times and change always brings opportunities. To day we look at just a handful of business suggestions that would reflect huge moves in our society this year. You certainly would have noticed how many restaurants are now promoting Vegan food and how sections of your local Tesco are giving shelf space to milk that comes from oats rather than cows. We have seen our streets brought to a standstill by Extinction Rebellion protestors and school children ‘bunking off’ to protest about climate change. There is certainly money to be made in all this.

Maybe you have seen the new style perfume shops blending petals and spices to create ‘bespoke’ aromas to bring out your personality or skin care products that have been genetically engineered to work miracles on your complexion. We have seen ‘disruption’ in public transport from Uber and in accomodation from Air BnB  – fortunes are being made in these new sectors.  Watch our short video to get some inspiration to make 2019 the year you hit the entrepreneurial big time.

How to Make the Most of Your Morning Energy and Be More Productive.

Did you realise you could be letting the first few moments of your work day affect your productivity?  It’s true, research has shown that many of us tackle rhe wrong jobs in the morning and then run out of important energy later on in the day.  For example, many people avoid doing difficult and annoying tasks when they start their working day.  There is an old saying that you should ‘eat a frog to start your day’ in other words get the nasty stuff done when you have lots of morning energy.  Don’t waste your first 30 minutes reading all your email, just glance through and prioritise for later in the day.

Many of us think that it is time efficient to multi-task but recent research says this isn’t the case.  It is much better to start your working day on one important project rather than flit from one to another.  Importantly we should not let negativity spoil our super-productive mornings.  It is easily done, holding on to the previous night’s aggravations or a difficult start with the kids.  It doesn’t matter whether you work in an office or work remotely, you must still avoid becoming negative.

One of the worst energy draining things you can do is to schedule too many early morning meetings .  These are basically ‘low energy’ events that are best scheduled later in the day when you have used up your morning’s energy most efficiently.  And last but by no means least, try to get some natural daylight by sitting yourself near a window.  Oh, and finally, don’t overdo the coffee before 11am it’s not good for you.