3 Pillars of Business Strategy

When developing your business strategy, you have to study predictions, analyse results and deviations, ensure consistency with the business plan, and review the short-, medium- and long-term. The first thing that arises for any business is: Sales and Profits, how to achieve them?

Of course, there are other parameters, such as product, Research and Development, etc. but in the end, they all pursue a single goal, to keep growing. That’s why today we will only focus on three concepts that most concern business performance. 

Pillar 1 of Business Strategy: Sales

Within this section there are 3 very important points that all companies would like to fully control: 

1. Loyalty of all existing customers. 
2. Identify new opportunities. 
3. Build a winning team 

Factors such as the lack of clear objectives, market uncertainty, misinformation and a negative attitude make it difficult to achieve the objectives.

On many occasions, once a client has been won, the attitude of the company relaxes. They stop working on the relationship since everything is working ok. This type of action prevents us from attending to the possible future needs of our client, losing the opportunity of cross and incremental selling that can meet their needs. In addition, by doing this we are leaving the door open to our competition. The client, just for the fact of being our client, deserves our full attention. Mainly for them, but also for our own benefit. It is much more expensive to win a new client than to retain one. 

Another problem we usually encounter is how to detect potential customers. This is the most complex part: identifying our audience, their habits, preferences, the key that motivates them.

Unfortunately, there is no magic formula, but the study and analysis of our existing clients can help us; by extrapolating their behaviour to the rest of the market, it is very possible that we will detect new opportunities that we can turn into future clients. It is essential to have a thorough knowledge of the market, its needs and how to access it. Here comes marketing, which (as a tool to support sales) should be responsible for impacting the largest possible number of target audiences and help build a relationship with them.

The last fundamental point on which to sustain sales, how can we build a winning team? The answer is simple, but its execution is complex. Clear and defined objectives, with extensive information about the market and its needs, as well as a deep knowledge of how our product/service is capable of meeting their needs, as well as a positive and decisive attitude at all times. Only with the awareness of teamwork and fluency in information can we achieve the goal. 

Pillar 2 of Business Strategy: The Profits

The main motive of every company is to obtain profits and to increase them. Obviously, this section is closely related to sales, since not only do you have to increase them, but you have to do so with quality and margin.

Sometimes it happens that unconnected workflows, a lack of information, or low quality in your processes can affect sales, so it does not give all the profit that it should, with the impact that this can generate in the business.

For these reasons, a real-time knowledge of what is happening in each and every one of the projects to be carried out or offered will help avoid a % of errors when obtaining the profits.

Pillar 3 of Business Strategy: The Objectives

It is not only essential to define objectives but also to create a good plan of how to achieve them. Likewise, it is necessary to make a realistic and well-founded forecast of what we can achieve. Finally, be aware of the budget we have available to carry out all predicted and planned actions.

In order to have all the information available in real time which allows us to make the right decisions at all times, and especially in relation to the heart of our business, it is necessary to have a flexible, adaptable system that provides us with 360º visibility of our customers, as well as our internal processes. With NetSuite ERP CRM you will not only automate your internal processes, but you will have an authentic source of information and analysis that will allow you to plan accurately and realistically.