Strategic Thinking in Business is akin to Playing Pool…Some tips on how to Keep Ahead of the Competition
Whether it be on the football field, in front of a chess board, or leaning on a pool cue, the most successful ‘play makers’ are able to see several steps ahead in their game.
The same strategy applies if your ‘game’ is growing your business.
The winning pool player knows where he wants his game to end. His current shot is just one step toward his goal of pocketing the 8-ball.
Strategic thinking and winning in business are similar to playing pool.
#1 Familiarize Yourself with Your Competition
Who else is providing the same services you are providing? Study your competitor’s business model. Discover what you can offer your customers that cannot be found anywhere else.
#2 Anticipate Change
Remember the adage: The only constant is change. Circumstances will change, both for you and for your customers. Look ahead to see where your industry is headed in the future. Anticipate changes in your customer’s needs and concerns. In this way, you will have a plan when conditions change.
#3 Build a Team You Can Count On
Be sure that everyone you employ understands the long-term and short-term goals of your business strategy. Make employment decisions carefully, and with your whole team in mind. Keep in mind that personality and a good work ethic are as important as technical skills, and a pleasant workplace atmosphere will enhance employee productivity and retention.
#4 Tailor Your Image to Your Customer Demographic
Employ a critical eye when looking at the way you present your company to the world. Create a positive memorable brand. It can be the physical ambiance of your workspace, or the graphics on your business card, or your website design. All facets of your business should be focused on attracting your primary customer base.
#5 Try Something New
Look at the various elements of your business that are not working as well as you would like. Once you have identified a problem, make appropriate changes to remedy it. Remember, you are unlikely to get a different result if you keep doing something the same way.
#6 Pay for Expert Advice When You Need It
You cannot be an overall expert about everything that your business needs in order to grow and flourish. Decide where and how you could benefit from the knowledge and experience of a short-term or long-term consultant. Trying to save money today by doing it all yourself may actually cost you significantly in the future due to slower growth and lower revenues.
Crafting a game plan that looks to the future will help to ensure that you and your business come out the winners.