How To Strategize as an Entrepreneur

In today’s ever-changing business world, entrepreneurs can easily become overwhelmed. It’s very pertinent to stay focused on your goals for the company.

While luck is something some people believe works for entrepreneurs, more often it is a strategy that plays an important role in determining what startups are successful.

That is why this post is very important for every entrepreneur who wants to have extraordinary success.

Here are areas entrepreneurs must be strategic within:

Establish a Value Proposition.For your business to grow and survive in the market, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible? Use your answer to explain to other consumers why they should do business with you.

For example, if you run a transport company that travels from the eastern part of Nigeria to the northern part, say Kano, and the fare is #5000 naira. Perhaps other transportation companies charge the same, even for passengers stopping at Abuja or Lokoja without any discount, your company can have a value proposition by charging less for passengers who are stopping before Kano.
This can be a special benefit which only you can provide. So, figure out what special benefit only your company can provide, and build on it. All customers and prospects have hot buttons and pain points that they want your help to fix. You have to find out what they are.


Look at your competition.
After you have established a value proposition, as an entrepreneur, you need to know who your competitors are. No matter your industry, your competition is likely excelling at something that your company is struggling with. 

 Look toward similar businesses that are growing in new and unique ways to inform your growth strategy. Don’t be afraid to ask for advice. This knowledge will help you better market your product or service to stand out, perhaps even using your competition’s weaknesses to your advantage.

Invest and Build in Talent.

Your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your company’s value proposition. Don’t spend much on office furniture, marketing budgets and holiday parties. Hire a few employees, but pay them well. The best ones will usually stick around even if you need to cut back their compensation during a slow period.

Conserve Cash no Matter how Good Business is.
To be candid, live as cheaply as possible. Entrepreneurs should be as conservative with their money as possible to be able to deal with any rough patch that arises. There are ups and downs in business. Conserving several months' worth of operating expenses in the bank will help you survive most unforeseen circumstances.

In the book titled 6 Secrets to Startup Success: How to Turn Your Entrepreneurial Passion into a Thriving Business by John Bradberry, one of the secrets he wrote about is how to Manage funding and cash flows in business. You can listen to the audio version of this book using this link.

So, to sum it up, your business will thrive if you can identify and solve customer problems, study your competition, invest and build in talents, and spend less. Make sure you nail these strategies!