12. STRATEGICS OF BUSINESS

Change is something inevitable. There are changes we create and changes that simply happen to us. With this reality, the best way to manage the future is to be proactive and create it yourself. This entails identifying clear goals for success, outlining a plan for execution, and challenging, empowering and developing your people.

The key to building a business is to begin with a well-articulated strategic vision. Often this can be said in a few words, but these words will be the basis of all that follows. For example, two entrepreneurs may decide to go into the dry cleaning business. But while one may seek to provide the best quality service, the other may envision to offer the lowest prices possible. This will take these two entrepreneurs down two different roads of doing business.

Establish a clear business philosophy founded on values of honesty, integrity, and open communication throughout the company, as well as concern, consideration and fair treatment for customers, partners, and employees. II. Finding Your Profit Centers and Creating New Ones .Business in America is becoming increasingly more competitive, and most business owners are facing pricing pressures. One strategy to face this challenge effectively is to find your profit centers.

This is not easy. You can do this by first holding a strategic workshop with all the key leaders in your company and undertake a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) of your company and your competitors. Next, talk to other people – friends in the industry, suppliers, competitors, trade journals and get their opinions on the industry.In short, by knowing your company, your industry and your market, you will be able to discover a great new source of profits.