4 Mistakes Frequently Made in Business Strategies
In running a business, it takes a careful business planning and strategy before the business starts and when the business is already running. Business planning and strategy must consider several important aspects, such as finance, target markets, technology, and so on.
Careful business planning and strategy can help you in determining future business steps. Mistakes in planning can lead your business to bankruptcy. The following are the 4 most common mistakes made in determining business strategies.
Don’t Have a Long-Term Strategy
To create a long-term business strategy, you must have a picture of the business in the longer term. For example, in the next 5 years, how will your business be doing at that time? What are the opportunities and threats that might arise in the next 5 years?
Business strategies are usually divided into 3 stages, namely the short term, medium-term and long term. Each of these stages can provide feedback that can be used as an evaluation of company performance.
If the company does not have a long-term business strategy, then the company will be overwhelmed in the face of problems that will arise in the future. This is what often makes a company experience losses and even bankruptcy.
Lack of Market Research
Business strategy planning must be based on research that has been done before, including market research. Market research aims to enable your company to target your target market more accurately.
You must have accurate data about which market segments you will aim at. Minimal research can make your business strategy wrongly targeted and ineffective. So you will experience losses due to sales that are not following the target.
Lack of Information about Competitors
Preparing the best product possible is mandatory to do. However, do not let you forget about competitors’ products. You also need to pay attention to what products and business strategies are used by competitors. By knowing your competitors’ strategies, you can make counter-measures and better innovation.
In terms of product quality and strategy, your business will be superior to competitors. This will provide more value in the eyes of consumers. That way, you don’t need to worry about competing with competing products.
Optimism is indeed needed in running a business. However, an overly optimistic attitude can also be a boomerang for the survival of a business. Business planning based on excessive optimism can make it difficult for you at the execution stage.
Try to make assumptions about the worst possibilities that you might face later. You can consider external variables such as political, social, economic, technological, etc. in the future.
That way, you can put limits on the optimism you have. In other words, you have an optimistic attitude that is still realistic. By having a realistic attitude in determining a business strategy, then you are indirectly anticipating the emergence of the worst possibilities in the future.
In addition to avoiding the 4 mistakes above, you also need to develop technology-based innovations. And don’t forget to advertise through our services, you can start by advertising your product, so that later you can increase visitors to your online business portal. Froggy Ads is an online advertising service that can help you control all your product campaigns. helps you target the marketing targets you want and gives you many choices for marketing your product.