3 key strategies your business should have

Strategy. That is the magic wand all the big guns in business wield over their competitors. Without some sort of strategy, your business is bound to make slapdash decisions which, on all counts, will hurt your business.

If business success is the lock, then an effective strategy is the key. Here are four key strategies that would spur your business on and ensure you end up smiling all the way to the bank.

Recruitment strategy

One of the fiddly minefields every business has to learn how to navigate is its human resource. You can make or break your business by the caliber of people you hire.

A recent survey of about 140 small businesses revealed that 65% of those surveyed chalked their business success and financial growth to engaging a particular recruitment strategy.

Leaving your recruitment to chance or hiring without rhyme or reason is sure to cripple your business because you are likely to bring in the wrong people. To make things worse, competitors are likely to be breathing down your neck trying to prize away your prime personnel.

How will top talent be attracted to your brand? How will interviews be conducted? What is your company culture and what kind of person will be a good fit? Will your company be involved in college recruiting? Answering questions like these would help you plan, strategize, and have a human resource team in place who will follow a particular strategy.

Marketing strategy

The well-worn saying still hasn’t lost its bite: doing business without advertising is like winking to a woman in the dark. The bottom-line for every business entity is whether or not they are making sales and profits.

Considering how complex and choked business circles have become, every company must generate and run “killer” marketing strategies. A good marketing strategy will detail plans for market dynamics, brand management, customer interaction and engagement, conversions, market research, content marketing, digital marketing, etc.

Additionally, an effective marketing strategy will furnish employees with guidelines on how marketing will be conducted as well as the roadmap and benchmark for each marketing campaign.

Having a marketing strategy ensures that all marketing campaigns – be it social media campaigns or traditional outbound marketing – are conducted in tandem with the organization’s marketing strategy.

Vendor management strategy

Your business will rise and fall on the kinds of relationships you maintain. As a business, you are bound to deal with all kinds of partners. From suppliers to distributors every company needs partners to operate.

By adopting an effective vendor management strategy, you can reduce costs, maintain high standards, and mitigate risks. What’s more, having an effective vendor management strategy can save you lots of money.

Because your vendors are partners, you are likely to get the chance of the first refusal for any good deal. Working with partners breeds loyalty and long-term partnerships and ensures quality service and optimum performance.

For instance, one core area every company needs to big on is having an effective IT vendor management strategy. Because IT is pivotal to the functioning of a business, businesses must dedicate resources to it. Having an IT vendor management strategy ensures that you get a good return on your investments.

Wrapping up

As they say, there is always a method to the madness. Don’t run your business with a scattergun approach. While there are several kinds of strategies every business should adopt, a recruitment strategy, marketing strategy, and vendor management strategy are strategies you cannot afford to ignore. These strategies will set you up for success.