Top Strategy Tips to Implement Now
Why do think some companies continue to fail, no matter what they do to their business? The ones that are not part of the pack or the chosen few, but struggle in a competitive world. While other companies thrive no matter what, even during a downward turn? Companies like Apple, Nike, Microsoft, Disney, Facebook, and Amazon are all “feel good” companies, where people have a sense of connection and believe they are part of something bigger; they feel part of a community or part of the gifted and few.
Customers “that are more” than happy and willing “to part with their hard-earned money” for a company they love and live by, and enjoy everything about the company. The companies that get people to think differently live differently or work differently. When you hear those companies that are a brand name, where people instantly know how they feel and can’t wait to spend money.
Nordstrom, “To give the customer the most compelling shopping experience possible.” Nordstrom is where every employee and customer is smiling, and they are truly happy and thrilled to be there, as a beautiful box is automatically give, after your purchase. Nordstrom, Apple, Microsoft are why people come back, time, and time again.
Success follows the elite companies everywhere; you instantly know you will have a great experience, walk away happy, and you’re ready to tell your friends about your purchase and your experience. The “Life is Good” LG tagline or the ”Just Do it” from Nike; they drive optimism, hope and set themselves apart from rest.
- Companies that inspire, challenge the status quo, and get people to believe what they believe. Where companies not only have happy customers but treat employees and management like family, and the company has happy people.
- The companies that stand by their promise time and time again. The companies that shine or that move us and are a step above the rest. They are the chosen few, and were employees enjoy going to work and where their work is like being with family.
- Companies that “know why” they are serving customers and building a product, where they believe in “changing, improving, and making a difference.”
- The companies “that not only” have incredible benefits for employees, but also for their customers too, where taglines and mission statements are like inspirations to a person’s everyday life, where they move, inspire and change people, or get people to think in a new way.
- Technology can only get a company so far; it helps companies to understand customers better along with their buying habits and makes employees work life easier and more manageable.
Businesses will succeed and thrive during a downward turn by streamlining processes for better decision making and switching to an analytical environment. Increase effectiveness when utilizing enhanced reporting tools, integrating workflows designed around real-time data, and delivering relevant products and services in the most efficient manner.
Companies cannot take the “business as usual” approach, ignoring the impact, hoping it will pass, and they will pull through.
Business readiness is described as the process and preparation of measuring operations, entails change improvements, directing, controlling, and ensuring deliverables from products, services, processes, business applications, infrastructure, and digital technology is efficiently functioning. If done right, tremendous success allowing businesses to achieve a competitive advantage over the competition.
In this article, we will outline strategy tips and touch on a few key points to drive success during the current downswing. We will discuss what businesses can do now to establish and implement to optimize business competitiveness. The CIO and CTO can excel during shifts in economic disruptive buying cycles by incorporating a sustainable game plane and instituting a business, IT, and program readiness strategy.
“The way to get started is to quit talking and begin doing.” As actions speak louder than words – Walt Disney
Top Strategy Tips
Business Unit Level Strategies: Find new ways to increase value to existing customers, broad and narrow target markets, competitive scope, company distinctiveness. Develop a corporate framework for the market segment, analysis of competition, operational processing, current product offering, marketing campaign, and the best way to build a profit center to improve revenue and performance.
Unified Communication: Helps boost productivity and collaboration, combines enterprise communication, and real-time asynchronous cooperation. Better customer service enables remote and mobile work, reduced costs, saves time on tasks, and helps employee’s response time.
Communication Technology: Communicate more effectively, exchange files, offer new ideas, suggestions, and feedback by adding tools for external and internal communication.
Messenger apps, smartphones, SMS text messaging, blogging, group messaging, tracking software, social networks, video, Slack, Zoom, email, Trello, discussion forums, and productivity platforms. Voice over Internet Protocol (VoIP) – Whatsapp, Google Group Chat, Facebook video, Voice Chat, Google Phone.
Team Accountability: Each department from IT, Marketing, Technical Web Specialists, Project Managers, Finance to Shipping should be involved in integrating a brainstorming approach for process standardized development and improvement, problem-solving.
- Invest in AI and machine learning if possible for a deeper understanding of consumers by generating data for personalized tasks and offer customers 24/7 customer service with intelligent agents.
- It provides precise, accurate, and speed to decision making for highly repetitive tasks. AI and Machine Learning create tangible and actionable results for helping in brand goals.
Talent and Trends: Studying current trends and encourage every team to collaborate by organizing an idea creation session. Leverage the best expertise through training, bonus programs, and tuition reimbursement since it will build your competitive edge in the industry.
Top Technology: Invest in smart solutions by adding new automation technology. Spend on cybersecurity equipment. Prepare and develop a project risk management plan for the business readiness plan for a step-by-step instruction guide by documenting the process and risks and assign an owner to each risk.
Readiness Plan: Know the impact, objectives, and strategies on each business unit. Identify challenging scenarios, review budget, add roles and responsibilities, agree on reporting structure, create a work breakdown structure, and categorize each risk with a time-line review chart.