Today, businesses need corporate strategy especially when you are aiming to score big in the business world.
Regardless the size of your business in Malaysia, you need a business strategy not only to stay afloat, but as well as to generate more sales for your business.
If you are still thinking if you need a business strategy for 2019, carry on reading below to discover the top 8 reasons why it is paramount to have a business strategy in Malaysia.
How To Create A Business Strategy That Rocks
Specific goal setting for your team
Great business owners will create actionable goals for their employees—specific key performance index (KPI) will drive your team to work harder which will lead to higher productivity.
Remove unwanted barriers in communication
I understand that there are different goals for different employee's level. However, establish a common goal (or goals) and remove all unwanted barriers to ensure that everyone is on the same page.
Deal with displacement
Displacement is probably by far the most important business strategy concept you've never heard of. It goes like this: "Whatever you do is something else you don't do." Displacement lives at the heart of all small-business strategy. At least most people have never heard of it.
Avoid fancy 'silver' objects
If you manage to catch your first big catch in business, don't get tangled in the shinny object syndrome. A proper business strategy (for the access funds) is needed and one of the best ways that won't go wrong is to invest back into your business. Getting new company car or renting a space will just increase the commitment.
Hire more of the 'right' people
There's a huge different between hiring good and great employees. Good employees will follow your orders but great employees will take your business to new heights. Focus in hiring the right person for the right job is a critical business strategy for businesses in Malaysia.
Build strong business alliance
In today's world, you cannot just be successful by yourself. You need a strong network and it starts by building business alliances. Consider collaborations and partnership to grow your start up business especially during the early stages of your business.
Grow your existing business
Getting comfortable is one of the biggest mistakes done by many business owners. Focus in expanding and growing your existing business through better goal settings and having the right business mindset. Even if you are the market leader in your field, there is no guarantee that you will continue the dominate in the next 12 months—especially in the fluid business environment in Malaysia.
Get professional help
Smart business owners know how to seek help without second thought. Partnering with professional business consultants will help remove a large weight on your shoulders. Typically, business consultants will work with you and your team, especially when it comes to building strong unique selling points, brand positioning and sales frameworks.