You’re starting a business. What business strategy services should you consider?

Launching your dream business? Don't skip the strategy! Consider these bite-sized services to fuel your success: 1. Market Intel: Spy on your rivals, understand your customers, and spot trends like a hawk. 2. Value Magnet: Craft a unique selling proposition that attracts and sticks like superglue. 3. Roadmap to Growth: Chart your course, set achievable goals, and adapt if needed. 4. Efficiency Ninja: Optimise operations, automate tasks, and squeeze the most out of every resource. 5. Brand Storyteller: Weave a captivating narrative that resonates with your target audience. Bonus: Partner with a mentor or consultant for an extra boost! Remember, strategy is a map, not a cage. Be flexible, learn fast, and watch your business blossom!

Starting a business? Just start with your own mission and vision of the customer problem and solutions. Go out and do ' Customer Development'. Figure out the real problems your customers have and create a solution that meets thier needs. Spend time with customers and learn from them. Don't waste your money and time in hiring a business strategy consultant.

There are four main things (list is not exhaustive) that I would consider when starting a business - this often requires a business consultant to give you a broader Point of View: (1) Market Research - What is the demand and what is the acceptable solution by the mass public. Understand your market, who're your competitors, and what are the trends. (2) Financial Management - Most businesses fail due to the lack of cash flow management. E.g. Multiple expansions too ahead of time. So have a roadmap and a system to keep your finances in check. (3) Risk Management - Starting a business is all about taking risks, so make a calculated risk or you're just a gambler. (4) Strategy Adoption - What are the strategies and tech you're going to use.

Hire an accountant asap! Even as a micro business, hiring an accountant is crucial. You'll inevitably require their expertise for tax purposes. However, the benefits extend far beyond just compliance. An experienced accountant brings a wealth of advice, drawing on their history with various small and medium-sized business owners who have navigated the ups and downs of start-ups. Unlike consultants offering elaborate advisory processes for scaling your business, an accountant focuses on practical, grounded advice. Only you possess the in-depth understanding of your vision necessary to grow your business. An accountant can help you ensure that the decisions you make when small translate into smart strategies as your business expands.

Firstly, and if you have the funds: You need to understand your target market, identifying your competitors, and assessing their strengths and weaknesses are essential aspects of business strategy. Consulting services can help you conduct thorough market research, analyze competitor strategies, and gain valuable insights into emerging trends and opportunities in your industry.

The BMC is a flexible tool that can be easily adapted as your business evolves. This makes it a valuable tool for testing and iterating your business model to improve its effectiveness. It also provides a clear and concise way to communicate your business model to others.

Here are three key tips: Begin with Customer Segments: Identify and understand your target customers and create detailed personas to tailor your value proposition accordingly. I recommend reading the book as it has tons of examples. Continuously Iterate and Validate: Keep the Canvas dynamic by regularly updating it based on real-world feedback, testing assumptions, and conducting experiments. Focus on Value Proposition and Revenue Streams: Clearly define your unique value proposition to address customer needs and determine how you will generate revenue through various pricing models. They also have a book, "Value Proposition Design" - I highly recommend getting that one!

This would give you a greater visual on the framework you are going to adopt to develop, describe, and analyse for your business. But to take on a much more modern approach, one can try using an agile version whereby it consists of regular iterations so that it can gather market feedback and give ideas on what needs to be updated on the canvas - Essentially experimenting rather that concretising something on the get-go. This is often called the lean startup principles whereby you continuously learn and adapt. The reason why I much prefer this is because you'll be able to get a better understanding of the market from the ground up rather than through research. Sometimes what people act on and what they write are two different things.

When I want to evaluate a business idea or understand a business I start with crafting a BMC. The canvas covers the whole business model and you can easily spot any weaknesses or risks inherent in the idea or business. The BMC for me is a revolutionary tool. I would not think of any other tools to use when preparing a business plan etc. The tool concept is so successful that people have created variations covering other business areas or methods like lean startup canvas. So my suggestion is get up to speed learning how to use the BMC.

The BMC is definitely a great starting point for anyone with a business idea. It's simple to use, it provides a comprehensive overview of the business idea to the person and makes you think of areas that you might haven not thought about before. However, it quite oversimplifies the complexity of business models and is very much focused on the internal value chain of the company. It should be complemented by an industry analysis what provides overall attractiveness of the industry in which the company would be playing at.

For first-time founders with limited prior experience of starting a business, venture builders help eliminate blind spots that could prove costly. As a venture builder in India, where capital is often the scarce resource, the Lean Startup Methodology is the bible that we at Favcy VB often leverage to help founders hit the market efficiently. One of the core ethos of venture building revolves around cutting wastage in the process of taking an idea to market through data-driven market validation at each stage. Even for founders going at it alone: leveraging the Lean Startup Methodology to create a Customer Development Plan is sure to give an architectural roadmap for the venture and a scientifically proven method to the madness.

Having been involved in many startups and upstarts over the past 20 years, I am a huge proponent of agile and MVP approaches to getting a new business underway. In fact I’d argue that it is mandatory for a successful business build. I don’t think it’s possible to bring a new business into the world without putting a straw man in place, quickly testing the market, learning and then adapting, as the business model typically changes many times over the first few years of growth. This same agile philosophy applies to other larger/riskier investments such as digital technology transformations. There’s no replacement for learning and pivoting as you go. I believe it’s almost impossible to get the model or design right theoretically upfront.

Best way to get started: 1. Develop a Minimum Viable Product (MVP) that addresses a specific customer problem. This allows for quick testing to avoid unnecessary features. 2. Embrace the Build-Measure-Learn Cycle: Establish a continuous feedback loop to collect and analyze user data and feedback. 3. Prioritize Customer-Centricity: Focus on understanding your customers' pain points via surveys, interviews, and direct interactions. A quick starting point is to generate ideas with ChatGPT and test them.

The Lean methodology is truly capable of optimizing efficiency, speed and resource allocation. To achieve this, training both leaders and followers becomes essential, and this learning journey cannot be ignored in the business plan.

Absolutely agree! A startup must follow the lean methodology to define, improve and sell a product. So many times I see entrepreneurs falling into the "perfectionism trap" when all it takes to understand if you "have something" is a decent MVP and a pool of people to show it to. But the lean methodology can also be applied in more structured enterprise contexts, as a way to pilot a new internal process or product.

Another option is to invest in software: Modeliks. I have used this with 10 companies to create financials and use the integrated Business Plan and Pitch Deck creation tools, which are thoroughly integrated. Very powerful!

Gust is a great platform to use in my opinion. It doesn't only help you in creating a proper business plan, but it also gives you the opportunity to get connected to other entrepreneurs with investors. The main idea at this phase is that once you have something concrete, you might want to search for opportunities whereby it can help you to get a jumpstart on your business. The best kinds of opportunity is to get an investor to invest in your idea. When that happens, it will also give you some sense of confidence that you just might be going at the right direction.

the more detailed the business plan, the greater the ability to extract the business potential from it. Highlighting risk management, which is normally neglected and which can become an impediment to a very well-designed project that would have a high potential for success

Business plan writing is crucial for new businesses as it serves as a comprehensive roadmap, outlining goals, strategies, and financial projections. Crafting a well-defined plan forces entrepreneurs to articulate their vision, target market, and competitive advantage. It aids in attracting investors, securing funding, and aligning team members with a shared vision. The process of creating a business plan also encourages thorough market research, helping to identify potential challenges and opportunities. Additionally, the document evolves with the business, providing a dynamic framework for decision-making and adaptability, contributing significantly to the success of a new venture.

I frequently help clients writing business plans for B2B or DTC businesses in different industries: hospitality, fashion, F&B, import export etc. I cannot over emphasize how important investing time and energy in a business plan is. It forces you to confront some many elements of your product / market fit, competition and differentiation strategy, financial sustainability, capital requirements... basically it becomes a mirror of all the facets of your idea, with the advantage that - if well done - the model is dynamic and you can use it to make feasibility analysis.

Business coaching is pivotal for new businesses as it provides personalized guidance and expertise. Coaches offer insights, helping entrepreneurs navigate challenges, refine strategies, and set realistic goals. They act as mentors, sharing industry knowledge and valuable networks, accelerating the learning curve for new business owners. Coaches foster a proactive mindset, aiding in decision-making and problem-solving. The accountability they provide ensures consistent progress, and their experience helps avoid common pitfalls. Ultimately, business coaching is a valuable investment, providing the support and expertise needed for new businesses to overcome obstacles, grow strategically, and achieve long-term success.

Investir em coaching empresarial pode proporcionar orientação personalizada. Um coach pode ajudar a desenvolver habilidades de liderança, oferecer insights estratégicos e apoiar o desenvolvimento profissional, promovendo o crescimento sustentável do negócio. Além do desenvolvimento de habilidades de liderança, o coaching empresarial pode abordar a importância da gestão eficaz do tempo, adaptabilidade a mudanças e promoção de uma cultura de aprendizado contínuo. Isso contribuirá para o desenvolvimento holístico dos líderes empresariais.

Coaches and mentors may be useful if they come from a background that you can relate you and can share experiences and stories that may be valuable. It seems like social media now proliferates with business coaches, I am not sure how I would choose... maybe word of mouth is the best filter.

Obviously, today you can find anything and everything online. It has never been that easy to start a business. However, all that information can feel overwhelming and that is when business coaching can be useful. In my experience, it can be a vital tool for new entrepreneurs because it offers personalised guidance and strategies to navigate the challenges of starting and growing a business. With business coaching, you get actionable insights and support, helping you to clarify your business vision, set achievable goals, and develop a roadmap for success.

Clarity, Clarity, Clarity. Clarity precedes Success. Objectivity & Specificity leads to Success In my experience as a strategist and start-ups advisor - various models, methods, frameworks etc are all secondary to a very very clear understanding and definition of the business objectives. Most times I see "strategy people" focus on too many models and industry jargons, instead of enabling the new-business with clear problem and solution statements, market fit and monetization, competition landscape. There is immense value and fail-safe in working with an experience strategist as your business-mentor on an ongoing basis.

Participar de cursos específicos de estratégia empresarial pode fornecer uma base sólida de conhecimento. Isso pode abranger temas como análise SWOT, gestão estratégica, inovação e planejamento estratégico. A educação contínua contribui para a tomada de decisões informadas. Ao participar de cursos, busque aqueles que ofereçam insights sobre inovação, responsabilidade social e estratégias de marketing digital. Esses cursos podem proporcionar uma base sólida para a tomada de decisões estratégicas alinhadas às tendências atuais e futuras.

If you are not familiar with the business world, considering business strategy courses is a wise move to equip yourself with essential strategic planning and execution skills. The good courses offer valuable insights into market analysis, competitive strategy, and operational planning. For entrepreneurs embarking on a new venture it can provide a solid foundation for building a successful business.

Market Research Services: Consider hiring market research services to gain a deep understanding of your target market, customer needs, and industry trends. This information is vital for shaping your business strategy. Competitor Analysis: Services that specialize in competitor analysis can help you identify strengths and weaknesses in your industry. This knowledge is crucial for positioning your business effectively. Financial Advisory Services: Seek financial advisory services to assist with budgeting, financial forecasting, and ensuring that your business model is financially viable. Understanding the financial landscape is fundamental to sustainable growth.

Consider services such as market analysis to understand your target audience, competitive analysis to position your business effectively, and strategic planning services to set clear objectives and growth plans. Financial advisory services can be crucial for robust budgeting and resource allocation, ensuring financial health and sustainability. #Zomato initially focused on providing restaurant discovery and reviews, but strategic expansion into food delivery services capitalized on their market knowledge and customer base. They used competitive and market analysis to identify a gap and financial planning to scale their operations effectively.

Legal Consultation: Consult with legal professionals to ensure compliance with regulations, intellectual property protection, and contractual agreements. Legal services are essential for mitigating risks and ensuring a solid legal foundation for your business. Technology and Innovation Consulting: Engage with consultants who specialize in technology and innovation to stay abreast of emerging trends and leverage technology for efficiency and competitive advantage. Digital Marketing Services: Digital marketing is integral to business success. Consider hiring services that specialize in digital marketing strategies, including social media, SEO, and online advertising, to enhance your brand visibility and customer reach.

In summary, you should consider business strategy services that can help you define your business model, conduct market research, develop a strategic plan, create a marketing plan, and improve your sales and operations.