A successful business requires a mix of strategies that are carefully implemented and regularly assessed. The Business Model, Business Purpose and Value Proposition are all strategies. A successful strategy is built on the concept of value creation. This is the gap between the customer’s willingness to pay for products and services and the cost. By reducing the gap, businesses create value for customers, the company employees, suppliers and the firm which ensures continued growth and success.
Focusing on the needs of customers is key to success in a new venture. It might seem obvious however, many businesses do not realize this fact. They get caught up in the administrative work and daily goals, and lose sight of the customer.
Another strategic component to success in business is identifying its competitive advantage, which involves knowing what differentiates it from other companies and taking advantage of the uniqueness of its brand. For example, Apple has built a brand around providing products and experiences that are unique and often disruptive to consumers’ lives. This is accomplished by a constant commitment to innovation and a shared vision of the company’s employees and partners as well as investors.
The final aspect of a successful business is creating an environment that encourages creativity and encourages innovation even if they don’t immediately bring profit. This can be difficult but it’s important to recognize that success over the long term in business is an ad hoc process that is not driven or accelerated by short-term wins.