Types of business strategies that work
types of strategies
How many types of business strategies do you know? Probably a lot of them. And how many kinds of strategies do you know for a fact that work? Surely not so many. Today we’ll tell you three business strategies that many entrepreneurs, managers, and professionals have tried successfully, and you’ll tell us what you think…
TEXT – TOFU – Corporate Strategy
Contents
1 Business strategies: customization is the key
2 Business strategy 1: coaching
3 Business strategy 2: finding new markets
4 Business strategy 3: the centralization of certain departments
Business strategies: customization is the key to success
Two important ideas before going into detail on each of the business strategies that some entrepreneurs have successfully tried:
1. There is no such thing as infallible strategies, that is, what works for a company or organization may not be used for a similar company.
2. The human factor is key when it comes to implementing any type of strategy. If you don’t have a well-trained, motivated and productive team together…. don’t invest time and money in hiring an expert strategist, it won’t do you any good.
Business Strategy 1: Coaching
In our blog, we have told you more than once about the growing importance of professional coaching. Having a good coach with enough theoretical and practical knowledge to motivate your team is one of the business strategies that startups around the world are implementing.
Business Strategy 2: Finding new markets
The second business strategy that national and international companies are implementing is quite logical if we think about the excess of competition that we are facing in the euro zone environment: looking for and finding new market niches, new customers who demand the products and services we offer and who come to cover the losses suffered by the economic crisis of recent years. Finding new markets or, in other words, embarking on the adventure of internationalization is, in fact, one of the few positive’things’ that the economic recession has left us, don’t you think?
Business strategy 3: the centralization of certain departments
One of the business strategies being implemented by multinationals around the world is to centralize certain areas of the company at their headquarters. These areas are different depending on the type of company, but usually, they are:
IT departments: they centralize and personalize software downloads, provide guidelines for the protection of personal data, authorize or disallow the download or use of certain programs or devices, etc.
The internal communication departments. As you well know, one of the strengths of any successful organization is the opening and maintenance of solid internal communication channels, active listening, personal conflict resolution, etc. Centralizing the internal communication department of a company minimizes several latent risks in any type of organization: disagreements with the policies of hiring new, excellently trained talent, avoiding the digital divide of senior professionals, guaranteeing senior managers the same opportunities for vertical promotion, etc.
Reinforcing our role as managers and that of our closest collaborators with a few days of professional coaching, looking for new market niches, new clients all over the world and centralising the work of certain key departments of our company are three types of business strategies that, it seems, are working best in the complex economic environment we have to live in: would you add any more strategies?
