Nick krest - educate, evaluate and execute your business strategy
- 1. Nick krest
- 2. Developing a competitive strategy in business is ultimately what separates those that merely survive from those that grow and thrive. It is what makes a business successful. Essential to operating any business, the strategy must be carefully thought out and implemented in a manner that keeps customers returning and competitors at bay.
- 3. Education is far more than formal training, certifications and degrees. Consistently staying abreast of what is current and relevant in your industry is a must for any business strategy. While it is great to sign up for mailing lists and subscribe to blog posts, reading books will never be obsolete and should be a major part of your education.
- 4. Most times, the only cost is your time. And, the residual gains received far outweigh any minimal investment you may make for paid services. There are plenty of free to low cost resources for entrepreneurs to use online regardless of market. Education is a continual process, but after you have achieved a comfortable level of educating yourself and learning what you can from the experts, you will need to move on to evaluating yourself.
- 5. Evaluation requires you to take an honest, unbiased audit of your company and services / products you provide. How can you incorporate what you have been learning into your business to get a higher return on investment? Spending the time to evaluate yourself honestly will save you time in the next phase. Address any outstanding or lingering issues that could be an obstacle.
- 6. The goal of this phase is to make sure you have set your self up for success. You have what it takes and can compete in your field at some level. This will require you to make goals with time limits and measure how well you've met this goals. In your education phase, you should have become acquainted with industry norms and requirements to compete.
- 7. Execute what you have learned systematically, careful not to overwhelm yourself or procrastinate. Either of these can be detrimental to your growth and success. Make sure you deploy what you have learned and evaluate it's application to your business. Slight changes throughout the execution process will help you continuously improve and hone in on what works for you versus what just sounds like a good idea.