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Why Strategics In Business Are Important

By Lela Perkins

An owner of a small business must work with his employees to develop business strategies for marketing, sales, customer service and internal marketing. The definition of a business strategy is the tactics and methods utilized in management of a business. It is vital for an entrepreneur to put into place strategics for business that are both efficient and effective.

Not having a good business strategy for serving customers is a sure way of losing potential customers. For an entrepreneur to have peace of mind that the products or services that he or she has for sale are selling well, it is advisable for them to develop a customer service program. Such a program will follow up in customer to ensure they keep coming back, while also staying in touch with loyal ones.

It is advisable for an entrepreneur to direct his staff to make contact with loyal customers on a monthly basis. By setting up a meeting, business transactions will be discussed together with new methods of service or product. In case a customer comes with a certain problem, there must be established strategies to solve the problem. Follow up processes for customers as well as service programs are vital for revenue of sales and retention of customers.

Putting into place an effective business strategy can go a long way in facilitating the efficient utilization of business resources. The resources may include good reputations within the market, company patents, manufacturing processes, personnel, company base and logistics resources such as warehouses and shipping.

By developing business strategies that make use of all business resources can assist in giving the business an edge over its competitors, while also developing new services or products capable of maintaining or expanding its market share. With such strategies, the entrepreneur gets proprietary control over emerging technology within the industry. Should business resources be used inefficient manner, the business can lose customers, incur unnecessary costs or have its market share reduced.

Part of an excellent business strategy involves the ability to figure out business opportunities outside of the standard business practice to assist inspire company expansion. Through the promotion of vigorous marketing and doing research with business strategies that focus on new company frontiers, the entrepreneur can help develop new ideas for the business. Such ideas can be loosely related to the current business. For instance, a company that does computer repairs may see an opportunity to also provide internet services after doing marketing research among its clients. Expansion is among the vital ways that a business maintains an edge over its competition.

In order to survive, most small business relies on cash flows and profits. However, assets that are intangible may turn out to be vital for the long term survival of the business. Advancing technologies not only facilitate innovation but also give the business a substitute to the traditional models of doing business. A good business strategy has numerous models, approaches and formulas that provide frameworks capable of helping in the coming up of the strategy.

Any business that wishes to succeed should focus more on the benefits of intangible assets. There are three attributed that an asset should have so as to be effective. It should be identifiable, possess future economic advantages, and be controlled by the owner. The strategics used to identify and secure such an asset is vital for the success of a business.

You can visit the website thecambriangroup.org for more helpful information about Why It Is Important For An Entrepreneur To Apply Strategics In Business

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Article Citation
MLA Style Citation:
Perkins, Lela "Why Strategics In Business Are Important." Why Strategics In Business Are Important. 15 Apr. 2014. uberarticles.com. 3 Aug 2014 <http://uberarticles.com/business/customer-service/why-strategics-in-business-are-important/>.

APA Style Citation:
Perkins, L (2014, April 15). Why Strategics In Business Are Important. Retrieved August 3, 2014, from http://uberarticles.com/business/customer-service/why-strategics-in-business-are-important/

Chicago Style Citation:
Perkins, Lela "Why Strategics In Business Are Important" uberarticles.com. http://uberarticles.com/business/customer-service/why-strategics-in-business-are-important/


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