Monday, April 15, 2013
2 Strategies to focus on when starting a business
If you are in business or thinking about starting your own business soon, there are two strategies you should take into consideration when thinking about how your business will be successful in this competitive business environment.
1. Differentiation Strategy – with this first strategy your main goal should be to come up with a product or service that is able to differentiate itself from your competitors. Create something that no one else offers or add a little extra something to your products or services that adds value to them that make them different.
2. Low cost Strategy – the second strategy to think about is how you can eliminate costs when developing your product or providing your services in order to charge lower prices compared to competitors. Customers are always looking for the lowest prices in town. With this strategy, you will be able to have higher profit margins that will make up for the low prices provided.