How business strategy skyrockets your business confidence?

Business confidence reflects the combined idea of the consumers and producers at a given time about your firm. Sometimes referred to as business sentiments it could move upward, downward or remain same. When business sentiments dip in downward spiral it is a definite cause for you to worry about. This is where business strategy barges in to make a big turn-around.

First and foremost business strategy is framed in with the concept of adaptability. There are two limbs: internal & external appraisal.

           

Internal Self-test:   A review of business policies currently in force is the starting point for the internal self- examination. Business policy is all pervading term covering operations, marketing, human resource management etc. While doing this self-test you must see whether you need a structural change internally or just make few cosmetic changes. A complete revamp of a product is a structural change; giving a bit of face-lift in packaging is a cosmetic one.

External Feedback:    Ask your customers because customers tell you more about your business than what you already know. You can do sit-in chat with your main customers who have reduced purchases and telephone surveys with others who have dropped out or buy marginally now.

           

Once you have completed both internal and external appraisal you can make a comprehensive survival kit to stay afloat during the downward spiral of business sentiments and then to shore-up confidence levels higher. In this process you have to do touch-ups on product-optimization, additional investing and finally marketing push.

A review of the present product and the production process will indicate where improvements must take place so that re-engineered product can fill the present market needs or in creating a niche in future market trend. That might dictate additional investment to be made selectively in operational assets and quality control & maintenance areas that help firm turning the corner in quicker time. 

Every successful business strategy will have two response items in-built. One is re-marketing and the other is networking. Both of these are inter-dependent aspects. In re-marketing you take measures to reset marketing spirit, re-define customer base, expand where necessary and constrain where needed. Networking is the big game. In business nothing works without networking. Meeting up industry colleagues, customers, key partners in the value chain, media and advertisement guys could spice up your marketing mix boosting your product to skyrocket in sales.

 

Cheers!

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail:   cosmicgems@gmail.com

Blog:   Business Strategist