Every business involves some phase at which they have to take decision and one wrong decision can cost them complete failure.
So an effective business strategy involves a lot of research work and effective team that can visualise what their situation and take decision accordingly.
Here are some ways to Develop a good business strategy
- Objective should be well defined
A well defined plan with execition is nothing better than anything, you should be sure about your plans and objectives i.e. what are ayou trying to build?, or Which customer segment you want to target.
2. Study of competitors and opportunity
You should be well aware of your competitors and what influence they have over the market, further you should be always look for the opportunity that exists in the market and always ready to get it.
3. Maintane economy
see this point is basically more relevant if your market is too money concious
Being innovative and at te same time bring yiur cost low you can reach to a do great.
Feedback is an important factor, one should always take feedback and test their strategy so that you can check if there is any loophole in your strategy.
Yes, if there is any loophole in your strategy you should immediately remove it and amend it with correct measure