“I’d say it’s been my biggest problem all my life.. it’s money. It takes a lot of money to make these dreams come true.”
~ Walt Disney
This week’s tips will be about improving your strategy. Today we’ll start with 3 questions to get you started on your game-changing strategy:
What can you excel at?
The odds are your leading competitor has achieved success because they dominate in some area.
So what? You don’t have to compete against them, remember? Ask yourself what YOUR company can excel at, and you’ll attract customers no matter how big a competitor is who’s not serving their needs as well.
Where do you see opportunities for leverage?
Successful companies leverage their unique set of capabilities (things that make you excellent) across as many products, markets, and people as possible.
Often this is done through alliances with strategic partners and other opportunities for synergy.
What new products or services could you innovate?
No matter how much advertising and distribution a monster competitor has in place, they still can’t profit from a product or service they don’t offer.
Creating a new product or service, or specializing in an overlooked product/service category can make you the best in the eyes of certain customers.
Does answering these questions give you any strategic ideas? Great. Now go execute on them!
Is Your Business at Risk of Failure?
Most businesses fail — they die a premature death. I hate to be so blunt, but this is the truth. The only thing that varies is just how many businesses fail.
What’s the number one cause of this failure?
Well, according to Dun & Bradstreet, the primary cause is lack of strategic planning.
Entrepreneurs and business owners don’t plan to fail. Rather, they fail to plan (which causes them to fail).
Today’s Question: Which system developed in the early 1940’s has since become the primary source of audience measurement information in the television industry around the world?
Previous Question: What product was first introduced in 1906 as Blibber Blubber?
Developed and marketed by the Frank H. Fleer Corporation, it was soon abandoned because it was too sticky and brittle.
In the 1920’s the company came up with a winning formula, which it marketed under the name “Dubble Bubble.”
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