In this video tutorial I go over a number of business strategies to find growth for your company, defend it from competition as much as possible, create a good business model, and to do smart strategic planning to help your company grow and prosper long term.
The first strategic planning concepts I discuss is something that many entrepreneurs as me about, and that is about how to protect your business idea from people who will simply copy and steal it. Experienced entrepreneurs tend to be less concerned with protecting their ideas and more concerned with finding growth for their companies. Nevertheless, having defensive strategies is still important. There are some common defensive strategies like signing an NDA (non disclosure agreement), or filing patents or trademarks to protect various parts of your company’s intellectual property. Of course, another important thing to consider if you want to protect your intellectual property is to simply surround yourself with people whom you can trust. That typically goes a long way.
Other strategies in the video have to do with marketing and finding business growth opportunities. I also discuss strategic planning. If you create a good plan during the initial phases of your company, you increase the chances of success in a large way. A part of the strategic planning you have to do can be SWOT analysis where you consider the opportunities, threats, strengths and weaknesses of your plan. You must make sure that all the major elements of your business play well together. Let me explain what I mean by that. The major elements of your business are product or service creation, marketing, and the ultimate finances of your company. Your strategic planning and overall strategy must account for these major elements to align. That means that you should be able to create a high quality product or service, find effective promotion and marketing channels, and do all that in a way that is profitable. If you can do that and scale it, you have yourself a nice business.
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