June 30th, 2011 by admin
"Thank you Dr. Richard Rumelt."I always knew I was good at devising strategies for the business opportunities that came my way, but I never gave much thought to what a business strategy really was. In Dr. Rumelt's interview with Dan P. Lovallo and Lenny T. Mendonca as presented in The McKinsey Quarterly, he nailed it!Unlike a business plan which is usually done on a repetitive time frequency, a business strategy plan is done when an opportunity or a crisis occurs. Some businesses may go for quite some time without ever having the need to do a strategy plan. Others may do them frequently.At the heart of a strategy plan is the recognition of the opportunity (or the crisis) when it occurs and the understanding of whether the resources available (capital, talent and time) can be deployed to take advantage of the opportunity. Once satisfied that the right resources are available and that the opportunity passes the test of being worthwhile, the business leader has to devise the strategy to create a successful outcome.Dr. Rumelt uses Steve Jobs success with the iPod as the result a strategic plan can produce. In fact Jobs was so good at understanding the real meaning ...
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June 30th, 2011 by admin
You had a great idea for a joint venture and have successfully pitched the idea to your potential JV partner. He's on board and you're both ready to go! What do you do next?It is the business strategy of many business owners to simply go with the flow and react to business, rather than be proactive with a plan. Once a business is up and running, it seems there's more to deal with than just growing the business, like irate customers, lost shipments, and a landlord who wants to increase the lease. Reactions must be given to these types of business problems, but it's no excuse not to work on a strategic plan to move the business forward.Rather than set up a JV and become reactionary to it, here is a simple 6-step business strategy that all business owners should follow and can easily be integrated into your JV.1. Target Market - Who is your target market? You will know what service your joint venture is going to perform or product it will sell, but you must state your target market and know whom you are selling to.2. State the Goals - Here is where you must know where you ...
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June 29th, 2011 by admin
Websites have long since been regarded as one of the quickest ways to get your company name, service or product "out there." And the relative ease with which you can set up a payment processor and even a method of shipment for your products, being in business online need not take long or be complicated.But having a website that does all these things is only the very tip of the iceberg. You still need a source of past, present and future customers. And this is where an Internet business consulting firm can help.You might be wondering what exactly, Internet business consulting is. Simply put, it is training, either singularly or in groups that specifically focuses on way to increase your visibility and profits online. But how is this accomplished?An Internet consulting firm will first meet with you to discuss the present state of your online endeavors and what goals you want to achieve as well as timeframes in which to achieve them. Once the company has a clear understanding of where YOUR company wants to be, they will start coming up with a plan to help get you there.The Internet business consulting firm will take a look at your company ...
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