Basically, your success is based on the value you provide to your customers. Your business model is what makes your operations profitable. In the case of Ryanair, for example, the fundamental insight was that there exists a large number of people who would like to travel with airlines offering low fares. By following this idea, the company succeeded in bringing regular air travel to many people.
Do you have a clear business strategy? Assess this for yourself on the basis of the following three questions:
1) What business are you really in?
You need to choose a clear scope for your business. Select in what field you want to be active and stick to it. To select the right scope, you need to identify your target group of customers and value proposition (what products and services you offer and how you provide them).
The scope also helps you to pick the right channels you need in order to reach your target group, according to an article on the business2community.com website.
2) What will enable you to succeed?
This is about understanding how your business works. You need to have a clear vision, which will navigate you on how to organise, train and manage the company and its employees.
Your organisation needs to develop its competitive advantages and you should focus on nurturing skills which will provide you with such advantages.
3) What do you want to achieve?
Set a goal which will help you to give your organisation a direction and overall motivation. Also define what your priorities for action are. Set out smaller objectives to provide your colleagues with a specific direction and set milestones so as to set things in motion.
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