Businesses world over have been known to thrive on monopoly, where there is little or no competition. Such businesses usually dictate absolutely all aspects of inputs and outputs, ranging from labor, supply, price, quantity, and even the market.
Since the world became a global village, however, such undue advantages have been thrown overboard. Any business that actually wants to impact the world market must do a very serious behind the scene work.
A business that does not meet up with developmental trends in the world market will fizzle out or be swallowed up by the bigger, hungrier, and more tech savvy organizations.
Only the companies that have solid strategies on the ground, will not be rollercoastered and bulldozed into oblivion by the highly intensive competition that is currently playing out in the world market.
To be able to survive and impact the world market, there is every need to re-strategize with the aim of evolving innovative ideas that will firmly and effectively stamp your business outfit or organization on the world market.
Let’s look at some ways you can go about achieving this.
1. Create an efficient R&D section
What has virtually taken a lot of organizations to the doldrums is the failure and inability to carry out researches. Most setups don’t have the section and some that do, have completely underfunded them to the extent that they are practically impotent.
Some organizations view money spent on research and development as money sent down the drain. This view is pure balderdash.
Organizations that have become household names today have highly packed R&D sections that are very efficient. They make sure that the section gets a very good budget to be able to carry out its works without any hindrance,
Top riding organizations see the R&D section as the engine room of the establishment and accord their opinions and works all the respect that is due, they realize that they do not only enjoy competitive advantage but also survive as a result of R&D.
For a business setup to command respect and be among those that call the shots in the world market today, the R&D section must be very viable and capable to spew out innovations at regular intervals.
2. Make concerted effort at rebranding
Just as it will be completely wrong to put new wine in an old wine skin, it will be utterly unproductive to expect that the new ideas and innovations brought up by the R&D will impact the market with the old ads and commercials.
It is highly important that you give the organization a new look that translates to the trends in the globe. You can’t afford to be seen as antiquated. There must be the shine and glow in the outlook of the organization.
It won’t be a bad idea if seasoned and experienced members of the staff are made to handle the customer outreach position. The position is very vital as regards how customers view the organization.
The position must not be seen as lowly, that will be a very dangerous move and has the potency to make or mar the company.
3. Outsource for competent hands
Quite unlike before, the opportunity now abounds for you to engage competent hands from anywhere in the world. The social media has absolutely put anybody you want at your reach. Even with your smartphone, all it requires is just a click and you are right there.
Nicholas Dutko the CEO at Auto Transport Quotes and Car Shipping Carriers gave an insight into the power of the social media when he said “Having the ability to have all access at all time whether it be from a laptop, smartphone or smart watch has changed how companies do business and it has put businesses in a greater advantage than ever before.”
Overhead is one of the stumbling blocks any organization grapples with and every pro out there knows you can easily reach out to others in the field. This has created a healthy competition and vis-a-vis a relatively cheaper but highly efficient labor.
You need to understand that just because something is considered cheap doesn’t make it less of a service.
What has actually brought down the price of your service or product is the margin you have as a result of the better, quicker, and efficient manpower. You can easily afford this luxury because you waved the magic wand by outsourcing.
In conclusion, all the arsenal you need to re-strategize your business to meet up with the competitive market is easily at your disposal. By activating them, you will be building a very solid foundation for the organization.