Are you tired of being just another fish in the sea? Do you dream of taking your company to the next level? Well, dream no more, my friend! With these five surefire strategies, you’ll be well on your way to a successful year (or decade) ahead:
Disclaimer: All of the mentioned strategies are targeting a long-term, value-oriented approach. Competitive advantages are not gained over night but rather by setting systems in place that can accumulate advantages over time.
1. Foster Innovation: “The fish rots from the head” is a common phrase which suggests that bad business results from bad management. To combat this a business needs to have an innovation culture. This doesn’t mean that you set aside some time each quarter (or worse every year) to review your strategy and where you are currently standing but integrating innovation as a key pillar of your business. But what is innovation really? Yes we all know the great stories of Steve Jobs and the like with grand ideas that users at the time didn’t even know they need. In reality though, this is almost always unnecessary. Great innovation in practice means having a tight feedback loop on your current products. A surefire way to innovate more likely looks like this:
1. Let your customers use your product.
2. Collect Feedback about what was liked, disliked and what is missing to extract more value.
3. Use the feedback to make smart decisions about where to invest further into your product
4. Minimize the time to develop and go back to step 1.
2. Customer service: 90% of today’s businesses treat customer service as an afterthought that should either attract the most amount of extra revenue or cost the least amount possible. We all know where this leads → A terrible customer experience. I have used countless products in the past where I felt good at the time of purchase but later on regretted my decision as I was treated badly in customer service. It doesn’t need to be that way. In today’s market, excellent customer service is no longer a luxury — it’s a necessity. Make sure your team is going above and beyond to meet customer needs and expectations. This means fast response times, personalized attention, and a willingness to go the extra mile. Customer retention accumulates over time and can double or half your revenue over a decade. Great customer service also needs to be tied in directly to your feedback loop.
3. Branding: Of course, no one will know about your amazing products and services unless you have a strong brand. This means consistent branding, top-notch products and services, and a reputation for excellence. Make sure your brand stands out and is memorable to customers. Consistency is key here. Don’t make a one-off campaign and wonder about the return. Set aside a dedicated budget for the year that you can invest in branding. Be realistic with the possible results and think long-term.
4. Constantly evaluate your business for efficiency: Paul Graham said the following:
If you think people have scar tissue, you should see organizations. Each time there’s a disaster, they create a process to prevent future disasters of that type. Eventually they accrete a thick layer of these processes that prevents them from moving. Then they die.
Avoiding this disaster should be a priority for each manager and business owner. Nobody likes a bloated business. By streamlining your operations and finding ways to cut costs, you can offer lower prices to customers without sacrificing profitability. I know that it stands in stark contrast to the aforementioned strategies but managing where to cut is an art by itself.
By implementing these strategies and continuously evaluating and improving your business, you can achieve long-term success and stand out in the crowded marketplace. So don’t just be another fish in the sea — take the reins and make your mark on the world.
I hope you enjoyed the article and wish you a healthy, happy and successful year ahead. Cheers!
P.S. One of my personal new years resolutions is to post on Medium more often and connect with other likeminded people to exchange ideas and discuss business. Please let me know if you liked the article or any other feedback. I am fairly new to this so every suggestion is welcome :)
