business planning

5 Vital Business Strategies for Success

How Can Your Business Stay Ahead of the Pack?

As markets become increasingly competitive and technology evolves ever faster, businesses must work harder and smarter to succeed.

The business environment is one that is characterised by constant change and evolution. Across a whole range of industries, barriers to entry are becoming lower and markets become ever more saturated and competitive. At the same time, the tools and technologies that are available are providing new ways to gain that all-important competitive advantage.

In such a turbulent environment, it is very much a case of sink or swim, and it can be easy to lose strategic focus. Looking inward to improve efficiency by using the most effective resource manager tools is an important component in delivering the best strategic value. Here are five tips for doing exactly that.

Run lean and efficient

Lean principles improve efficiency and reduce operating costs. The underlying ethos is one of continuous improvement, and using your teams to deliver improved customer value from the inside out.

Critically appraise every aspect of your workflow, and try to keep work in progress to a minimum. This will naturally lead any bottlenecks to rise to the surface, and give you the opportunity to focus on those critical areas.

It sounds obvious in principle, but to derive genuine progress needs effective collaboration throughout the organisation and an ability to think imaginatively and to use the most cutting edge tools.

Be more productive

It might sound like a statement of the obvious that you need to increase productivity to improve performance. But you would be amazed at how much of our day is spent on unproductive activities. A survey commissioned by the Harvard Business Review revealed that only 20 per cent of managers felt their organisations are effective at shifting people and resources to support their strategic priorities.

It all comes down to flexibility on the one hand and visibility of where those priorities lie on the other. Having a holistic view of the resources that are available and the areas that need them most is fundamental to improving productivity. Improving productivity is all about working smarter, not harder.

Systems transformation leads to business transformation

How many businesses are still struggling with legacy systems?  Taking a strategic approach to how you manage your applications will improve visibility, streamline workflows and practically eliminate application redundancies.  It will also reduce your risk exposure. Business applications are a resource, just like anything else, so manage them accordingly.

Take a holistic approach

Understanding the interrelationships and correlations that exist between resources, applications, projects and services is core to delivering a better result than your competitors. Ensure the teams communicate not only within themselves but with one another so that the whole machine comes together.

Continuous planning for moving targets

Every organisation sets out with a strategy for the year ahead, and according to a survey carried out by IDG Research Services, 85 percent of them deviate from it at least once and often more over the subsequent months. However, when the end of the year comes around, success or failure is often judged against those original targets.

Today’s businesses need to be agile, and by adopting a strategy of continuous planning, they can adapt to any evolving situation and new information as it arises.

Leave a Reply

Your email address will not be published. Required fields are marked *