Saving your business with Strategies, not with Tactics
An owner can choose to be tactical when dealing with a failing business. A tactical owner will immediately start looking for ways on how to save the business. He may choose to file for bankruptcy, or apply for business loans. In the U.S., where many businesses are funded and supported by immigrant investors they may even consider teaming up with an established regional center to get funds.
Or, he may choose to be strategic about it. A strategic owner chooses to step back and formulate a general plan of action. While part of his strategy could be any tactic mentioned above, he will not fail to identify first the problems and their underlying causes.
Unlike a business tactician, a business strategist has a richer, fuller view of what’s happening and what’s ahead. He can see his business in these levels: corporate, industry, market
Corporate-level strategies are designed to address your company’s issues at the business level. These strategies will deal with solutions on how to streamline operations, increase productivity, and improve employee engagement. Reorganization, retrenchment, and process-level reforms are products of corporate-level strategies.
Industry-level strategies create impact on how your company is position with the rest of your opponents. With such strategies, your company can find ways on how to increase customer engagement while holding a stronger market foothold against your competitors. Online and in-store advertising can be a result of industry-level strategies.
Market-level strategies are strategies that address your company’s issues with the rest of the market, not just with your industry. Here, you get to learn what is needed to keep afloat, increase revenue and grow customer base. Is it high time to diversify your portfolio and offer new products? Are you ready to penetrate a related industry? Do you need to open market overseas? There are just some of the questions that market-level strategies can answer.