Navigating and succeeding in the business sector in Kenya is as challenging as it is rewarding. With government policies and the business landscape changing on a regular basis there is a need for a comprehensive but easily adaptable business map for your business.
To stay on top of your game and build a profitable enterprise, key frameworks must be put into place. Such frameworks include crafting a compelling business strategy that guides business operations. Operating through trial and error can turn tragic and will possibly not produce desired results.
A business strategy enables you to predict future occurrences, identify opportunities and plan accordingly.
A business strategy can be crafted by following the steps highlighted below;
Identify your goals and objectives
The goals and objectives of a business are simply encapsulated in the mission and vision statement of the business. A business needs to identify the problem it is solving in the market. It highlights the future desired position of the business, what success looks like, and the purpose of existence. When setting your goals ensure that they are “SMART” Specific, Measurable, Accurate, Relevant, and Time-bound.
Identify your key target markets
Who is your customer? Where are they located? What are their needs? If you can answer these questions then you are halfway there.
Wrong targeting may impede your sales and marketing initiatives. It is therefore key to have clearly defined markets which in turn inform the messaging of your brand. Proper targeting ensures that there is alignment between brand messaging and the prospective client.
Scan your business environment
Businesses do not operate in a vacuum, several key components influence business operations such as government policies, technological advancements, political factors, economic environment, and social and cultural environments. Rather than operate on instincts, develop a plan that is informed by the external and internal environments of the business.
Define your business/market proposition
At its very core, every business exists to solve a particularly unique problem in its identified market. Identify the unique market offering that will set you apart from your competition by giving you a unique advantage. Your competitive advantage may be in the pricing of products, business operating hours, available modes of payment, top-notch customer service, and warranty among other after-sales services.
Study and Analyze your competition
Your competitors are probably doing something that you can implement in your business. Learn a thing or two from your competitors after all health competition is extremely vital for business and industry success.
Monitoring and evaluation
The business plan should be broken down into actionable plans whose effectiveness can be measured against certain set metrics and modified accordingly.
A winning strategy may not be effectively ideated in one sitting through downloadable templates. The strategy should be informed by data but not ideas brainstormed in a boardroom. Our experts at Wylde International will develop a strategy for your business after thorough research and audit of your business, market research, and business intelligence.
Wylde International provides bespoke services in business strategy in Kenya and beyond.
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Done by: Joy Waweru