Top Quick Tips |
|
Famous Business Strategies
Either simply a looker-on or a player in the world of business, you see millions piling into the accounts of world's most famous businessmen and naturally the question pops "How?", wondering what is the alchemy they've discovered? Yet, there is no magic here - it's mostly pure strategy. And what it takes to spot it and make it real. Strategy Identifying the best strategy for your business is the key to all success. It should give you the lift that makes a difference. The art for your strategy success is planning. * settling a vision for your business Vision It is all there, it is all important, but first there is the vision. So, is vision a spark, is it a moment? How much is inspiration and how much hard work? Is it 99% perspiration and only 1% inspiration? Can we all be geniuses? According to Edison's theory I would say yes, if we are committed to hard working, as it is primarily the hard work that makes a genius. Inspiration comes on the way, when involved in as much action as you can handle. Contrary to the conceptual meaning, inspiration seems to be driven by propitious conditions - in this case, by work. Hard work So, what really happens behind the fairy-tale success stories is usually not what some would expect - a brilliant, extraordinary, never heard of discovery that changed the world, but, disappointingly enough, plain hard work. What these people have is what I would call "industry intelligence". How is it acquired? Working of course. That is, sharply aware of their industry environment, learning all the rules and deeply involved in their own businesses, success people have at some point of activity a vision for their business that proves to be a winner - the revelation naturally produced as a result of their work commitment. Let's take the example of three American legends: Sam Walton, Warren Buffet and Bill Gates. What do they have in common? The winning vision, the winning strategy. Sam Walton In the case of Sam Walton, no new, innovative business models were launched. He followed the existing low-price retailing pattern but the competitive successful strategic approach was that instead of focusing on large cities he took his business to small towns becoming the low-price leader in rural towns. Warren Buffet Warren Buffett's success resides in his different approach to value investing. While usually investors look for stocks they believe undervalued by the market, Buffett does not take into consideration the stock market aspects, such as for instance the supply and demand ratio. He analyzes the stocks on the basis of their potential as companies. He is interested in long-term results, such as ownership in companies with capacity of generating money, namely, companies with a strong name, great historical results, strong management and industry expertise. Bill Gates Neither is the case of Bill Gates to have made extraordinary innovations. Rather than innovation, he had the ability to put together other people's ideas, thus producing big hits and making a profit. He did that first when adjusting BASIC programming language for the Altair 8800 (first PC) - neither of which was his original creation. Then, the same happened with DOS, which Microsoft bought (the original version was QDOS) and adjusted. Business strategies implementation Then, action comes. As the saying goes, planning without action is futile, action without planning is fatal. It takes guts to act boldly and take whatever risks are necessary to put your vision into practice. It takes a great deal of tenacity to surpass obstacles and get over unfortunate happenings on the way. So, how did they implement their planned strategies? What was the outcome, what principles resulted for them to base their businesses on? Warren Buffet For the implementation of his strategy, Buffett has drawn his company choice principles, involving a great deal of analysis of business, management, financial aspects and a great deal of patience, waiting for the right price once the possible investment has been identified. On businesses * simple and understandable On management * rationality in treatment of retained earnings and investment of company profits On financials * look for return on equity, not earnings per share
On stock valuation * reasonable price for the company Success depends on the investor's dedication to learn and follow the principles. Sam Walton He gives his ten rules for success in the book "Made in America, My Story": 1. commitment to business Bill Gates Microsoft's corporate mission "A computer on every desk and in every home" shortly became a reality. Offering an easily accessible operating system for computers, perceiving the importance of customizing their product to the ordinary client and not only to computer engineers and thus addressing masses, Bill Gates succeeded in putting together and promoting towards a tremendous popularity (and profit accordingly) the world's dominant operating system. What these people have in common is nevertheless an extraordinary ingenuity: they innovated their industry domain, building their own strategy tailored for their own business particularities and went further to its implementation. Laura Ciocan writes for http://www.businessplanning.ws where you can find more information about how to make a successful business plan. Please feel free to use this article in your Newsletter or on your website. If you use this article, please include the resource box and send a brief message to let me know where it appeared. Contact:lauracio@gmail.com
|
RELATED ARTICLES
10 Budgeting Tips for Business People and Small Companies It is possible for small companies and individual business people to cut costs without sacrificing quality. Keep these 10 budgeting tips in mind when purchasing goods and services. The 7 Keys to Business Success Do you run a business that seems to run you? It does not have to be this way. There are 7 keys that can improve your business results and help you achieve success with much less stress. How To Make $20.00 For Every $1.00 Invested It has been said you can lift the Rock of Gibraltar if you have a fulcrum point and long enough lever. When we refer to "financial leverage" we are talking about the same principle. If you buy a business building for $100,000 with $5,000 down, this is using leverage of 20 to 1. For a mere 1/20th of the purchase price, you actually own and control property that is 20 times more valuable than your cash investment. 10 Steps for Simplifying Business Plan Financial Statements For most business owners and entrepreneurs, preparing, and communicating the financial statement section of a business plan is like trying to give driving directions to someone who doesn't speak the same language. I WANT IT NOW - 10 Tips for Freight & Drayage at Trade Shows Gas prices continue to go through the roof and increased transportation costs will increase trade show costs across the board. Top 10 Steps to Build Your Professional Practice Now! 1. Examine everything in your office from the view of a new client! If necessary, spruce it up. Does it need new plants, better music or an aquarium? Make it as warm, comfortable and inviting as possible. 10 E-mail Organization Tips Who doesn't have issues with organizing their inbox!? I receive close to 600 e-mail each day due to the variety of activities and contacts I have online. Some I am truly interested in their content - most I am not. Learn to Improve Sales - 10 Ways to Get More Business Starting Today You need sales and you wanted them yesterday. Here are ten ideas to start those sales pouring in. Learn them then use them. Top 7 Ways to Profit from Foreign Trade Here are seven excellent ways to earn income from international trade. Ten Steps To Better Listening Talking is the least important half of any conversation. Listening is the real skill. Listening for what is being said, what is being omitted and what's being given a "spin." 7 Money Saving Tips to Decrease Home Business Expenses We all know that running a home business is highly satisfying, and at times downright liberating! No clock to punch, no dress code, and best of all, no boss to answer to. But there are also many facets of business ownership that entrepreneurs must stay on top of. One of those is keeping the expense to income ratio in balance. Below are seven painless ways to do just that. Increase Exposure, and Profits With Powerful Memorable Business Cards Using These Ten Strategies Your business card is a valuable piece of real estate and a powerful tool for making a connection and starting a relationship that can show your potential clients the valuable solutions you can offer them. International Shipping/Freight for Dummies There are lots of benefits for some businesses to import or export goods. Manufacturers and distributors can order directly from the overseas manufacturer and save money on their purchases. They can also market their goods to the world instead of just the USA. There is a demand for American products in many parts of the world, but smaller American companies don't think they have the connections to offer their goods internationally. I recommend using freight forwarders instead of carriers because a good freight forwarder will shop several carriers to get you the best rate. With the right freight forwarder importing and exporting is as easy as sending a package via UPS. Seven Steps to Achieving Your Dream "Vision is the spectacular that inspires us to carry out the mundane." -- Chris Widener #1 Key To Select Right Business Partner Having business partner or planning to start a business with partnership is a always a win-loose factor. Know one knows the partners inner instinct to deal business in several different circumstances and this is why we see the n number of broken partnerships. 10 Great E-Commerce Businesses You Can Start Now If you've been thinking of starting a business on the web but you're not sure what type of business to start then this article is for you. You could be wasting valuable time trying to make your first move. There are thousands of opportunities on the web and this article is meant to show you just a few great ideas that could help you get up and running with your very own e-commerce business. How to Apply the 12 Steps for Managment Conflict and Resolution 1. Admit there is a problem. Top Seven Reasons to Publicize your Business with Articles Do you want to be #1-10 on Google and other search engines? Do you want quadruple your Web sales in five months? Promote your business to the top with these 7 reasons to write and submit how-to articles. Top Ten Things to Do to Make your Signature File Sell Always include a powerful signature on every email you send out, even to friends. It's even more important when you send out articles to opt-in ezines (no spam) and top web sites in your field--more important than your article's message. After Hurricane Katrina - Seven Things You Can Do If you are like me, you are living some distance from the devastation wrought by Katrina. If you are like me you not physically impacted and can watch the plight of others on television in the comfort of your home. And if you are like me, you are wondering what you can do. |
home | site map |
© 2005 |