Strategy: The Pathway to Success

The definition of strategy, the result of choices made to maximize long term value. Yes, strategy is the pathway to success. Think of it like this, on a dark night you need light so you can see where you are going to eventually reach your destination. Well, that's what strategy does for your business. It is the light so you can see where you are going to guide your business to it's destination which is SUCCESS! It is so important that you understand this because without strategy you have no road map.

Therefore the first thing you have to do is create a business strategy. Here are some tips you can follow:

#1. Set a vision statement- This describes a picture of the company's future and the direction it is headed.

#2. Set a mission statement- This describes what business the company is in and the target customer to determine their needs your business will meet.

#3. Set Goals- This is motivating, it gives focus, and yields more satisfaction from the sense of achievement.

Take this in and really think about it.  Michael Porter said "Strategy is about setting yourself apart from the competition. It's not a matter of being better at what you do it's a matter of being different at what you do." So there you have it a well put together strategy is created thru laser like focus and is implemented with the use of tactics and alway's remember "Your bottom line is our business".

                                                                

Ricky Downs, CEO

www.yourvideoviewer.com

People Come And Go But Systems Stay

     People come and go but systems stay, yes a harsh but true statement especially when it comes to business. In order for a business to be successful you need to have systems in place that run smooth, free of any delays and omissions. Systems help to maintain effective control in your day to day administrations and operations. In order to implement a  successful system it has to be well-planned and organized. This will save on time and money. However keeping in mind to stay focused on creating a system that meets your requirements and also the needs of the users who know how to use it.

     John Jantsch said it best "At it's core, a fully functioning business is basically a set of systems and processes". Therefore, by knowing this you can agree the more order you bring to your business the more business you can handle . With this in mind having systems in place will help you as a business owner to identify weak sales growth, low profits, customer dissatisfaction, and daily frustration. You can quickly resolve issues like the ones that were just mentioned having this information as a business owner.

     So to sum it up creating effective systems in your business will allow you to attain results that are consistent, measurable, and ultimately beneficial to your customers and always keep in mind "That your bottom line is our business."

Ricky Downs , CEO

www.yourvideoviewer.com

Promotions And Discounts: The Bait That Catches Your Customers

A fisherman puts bait on his hook in order to attract fish so he can catch them. This method can also be used by having promotions and discounts as bait to attract customers for your business. Any time you tell a customer he can save money your likely to get their attention. Discounts and Promotions will help boost your business as long as you offer it for a limited time. What this does is move a potential customer to make a decision.

You also have to remember to track your promotions. This will help you decide what's working and what's not. Winston Churchhill said " However beautiful the strategy you should occasionally look at the results." Yes by doing this it gives you control of your market.

There are all kinds of ways to entice people to buy your product. Here are 2 ways on how promotions and discounts can grow your business:

 #1. Gift cards- this is a simple and effective way to increase your cash flow.

 #2  Bundles-Pairing items together for a single price can help introduce low-selling items to a broader customer base. 

Yes discounts & promotions work as long as you effectively track them and remember  "your bottom line is our business".

                                                                              

Ricky Downs, CEO

www.yourvideoviewer.com