Topic: How To Change Your Enterprise Strategy
A common trait among entrepreneurs is an over commitment to one idea without any desire to compromise. Starting out that way is perfectly fine, that ideal devotion is needed initially to bring your idea to life. However, two scenarios would require a different outcome; these scenarios are highlighted from the implications of not responding to your customers. Imagine a situation where your product/service isn’t getting much traffic or sales. There doesn’t seem to be much market share for what you are offering, hence you have to dig into the root of the issue. In otherwords, something has got to change…it may be your product, marketing, design, and the list goes on. The last scenario would be a steady growth in your business through a booming customer base with no change to your product/service. A change in your enterprise strategy would be deemed imperative to keep your business going.
In reference, to my startup journey, my original enterprise strategy was to be an internet startup within the college recruiting industry. My transition started in changing my business strategy with a new unique grading feature. The struggle was meeting the technology standards set today in the app and website market. I had improvements for my website and app, yet a lack of resources available to make them. In hindsight, I could easily advise that it would have been beneficial to seek consulting to get help in solving these common issues.
After meeting with a tech enthusiast explained in my last two articles, I was convinced that it was possible to get a cost effective developer to help me build an app prototype. The issue with mobility is that a there is a difference between a mobile website and an actual app. They do not equate to each other, but depending on your type of business and purpose, then a mobile website could substitute for the app. I had reached out for some outsourced help to build my new website (Read up on my previous article to learn more about apps). The app would have been a completely different project and quote, which was out of my budget. I considered my options for a while and decided to focus on building more popularity with desktop users and expand if I get more traffic. At the same time, I would have the developers focus on a good mobile website that is compatible and fits on different types of phones. It wasn’t the most ideal or practical decision, but there normally has to be cutbacks somewhere. Either way it felt like a great compromise to appeal and satisfy both customers in desktop and mobile users.
My approach could be seen as simply trying something new until something works. That isn’t a bad strategy for success to be quite frank. Why continue to keep trying the same bland idea again and again expecting a different response. Learn to be creative and spontaneous! Be ready to learn from your mistakes and move on to the next challenge.
Now change begets change, to properly coordinate that chain of movements a business must figure out its current status and where it wants to be. A thorough examination of the current products, customers, and market share should be done. This will help to fully understand the business’s strengths, weaknesses, and competitive advantage. Use the resources available to propel the business to another level. For instance, if your business is a blog and a transition to a social network is desired. Analysis of the current reader demographics would be a great place to start marketing. Provide a service that would be beneficial to that market and profitable to you as a business. This would be a more definite way to decide your corporate strategy if you have already launched and are looking for feedback on your performance. Quite frequently, businesses completely start over and do a completely new product/service due to new circumstances from the founders.
One thing for certain to remember is that it can be a long term gain to be a ‘junkie’. I personally have a hard time throwing things away, but for a business try to keep most of your old business ventures or ideas stored away somewhere. You never know, you may find a use for it in your new venture or be able to pick it up again later. Lastly, always consult a 3rd party to get a second opinion; it could be a consulting firm, mentor, or friend/colleague.
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