Home
>
Top Quick Tips
>
Famous Business Strategies

Famous Business Strategies

Either simply a looker-on or a player in the world of business, you see millions piling into the accounts of world's most famous businessmen and naturally the question pops "How?", wondering what is the alchemy they've discovered? Yet, there is no magic here - it's mostly pure strategy. And what it takes to spot it and make it real.

Strategy

Identifying the best strategy for your business is the key to all success. It should give you the lift that makes a difference. The art for your strategy success is planning.

* settling a vision for your business
* defining a mission
* setting out objectives
* establishing values, goals and programs.

Vision

It is all there, it is all important, but first there is the vision. So, is vision a spark, is it a moment? How much is inspiration and how much hard work? Is it 99% perspiration and only 1% inspiration? Can we all be geniuses?

According to Edison's theory I would say yes, if we are committed to hard working, as it is primarily the hard work that makes a genius. Inspiration comes on the way, when involved in as much action as you can handle. Contrary to the conceptual meaning, inspiration seems to be driven by propitious conditions - in this case, by work.

Hard work

So, what really happens behind the fairy-tale success stories is usually not what some would expect - a brilliant, extraordinary, never heard of discovery that changed the world, but, disappointingly enough, plain hard work. What these people have is what I would call "industry intelligence". How is it acquired? Working of course. That is, sharply aware of their industry environment, learning all the rules and deeply involved in their own businesses, success people have at some point of activity a vision for their business that proves to be a winner - the revelation naturally produced as a result of their work commitment.

Let's take the example of three American legends: Sam Walton, Warren Buffet and Bill Gates. What do they have in common? The winning vision, the winning strategy.

Sam Walton

In the case of Sam Walton, no new, innovative business models were launched. He followed the existing low-price retailing pattern but the competitive successful strategic approach was that instead of focusing on large cities he took his business to small towns becoming the low-price leader in rural towns.

Warren Buffet

Warren Buffett's success resides in his different approach to value investing. While usually investors look for stocks they believe undervalued by the market, Buffett does not take into consideration the stock market aspects, such as for instance the supply and demand ratio. He analyzes the stocks on the basis of their potential as companies. He is interested in long-term results, such as ownership in companies with capacity of generating money, namely, companies with a strong name, great historical results, strong management and industry expertise.

Bill Gates

Neither is the case of Bill Gates to have made extraordinary innovations. Rather than innovation, he had the ability to put together other people's ideas, thus producing big hits and making a profit. He did that first when adjusting BASIC programming language for the Altair 8800 (first PC) - neither of which was his original creation. Then, the same happened with DOS, which Microsoft bought (the original version was QDOS) and adjusted.

Business strategies implementation

Then, action comes. As the saying goes, planning without action is futile, action without planning is fatal. It takes guts to act boldly and take whatever risks are necessary to put your vision into practice. It takes a great deal of tenacity to surpass obstacles and get over unfortunate happenings on the way. So, how did they implement their planned strategies? What was the outcome, what principles resulted for them to base their businesses on?

Warren Buffet

For the implementation of his strategy, Buffett has drawn his company choice principles, involving a great deal of analysis of business, management, financial aspects and a great deal of patience, waiting for the right price once the possible investment has been identified.

On businesses

* simple and understandable
* consistent operating history
* favorable long-term prospects

On management

* rationality in treatment of retained earnings and investment of company profits
* disclosure of all aspects of company performances
* capacity of thinking independently of other managers' way of thinking.

On financials

* look for return on equity, not earnings per share
* analysis of free cash flow growth
* unique niche companies with high profit margins
* look for companies with at least one dollar of market value for every dollar retained

On stock valuation

* reasonable price for the company
* stock valuation analysis followed by analysis of a possible significant discount, case in which it will be purchased.

Success depends on the investor's dedication to learn and follow the principles.

Sam Walton

He gives his ten rules for success in the book "Made in America, My Story":

1. commitment to business
2. profit sharing with partners
3. partners' motivation, competition encouragement
4. total communication with partners, trigerring their commitment
5. giving appreciation to what your partners do for the business
6. keeping spirits up in celebrating success but also in treating failures with a touch of humor
7. listening to everyone in the company, encouraging their talking
8. a sustained exceptional relationship with the customer - exceeding his expectations, showing appreciation, apologizing for mistakes
9. finding a competitive advantage in controlling expenses
10. originality, doing things differently there is a good chance to find unexplored niches.

Bill Gates

Microsoft's corporate mission "A computer on every desk and in every home" shortly became a reality. Offering an easily accessible operating system for computers, perceiving the importance of customizing their product to the ordinary client and not only to computer engineers and thus addressing masses, Bill Gates succeeded in putting together and promoting towards a tremendous popularity (and profit accordingly) the world's dominant operating system.

What these people have in common is nevertheless an extraordinary ingenuity: they innovated their industry domain, building their own strategy tailored for their own business particularities and went further to its implementation.

Laura Ciocan writes for http://www.businessplanning.ws where you can find more information about how to make a successful http://www.businessplanning.ws

Please feel free to use this article in your Newsletter or on your website. If you use this article, please include the resource box and send a brief message to let me know where it appeared.

Contact:http://www.businessplanning.ws

town car ride to ohare Bethalto .. Lockport Chicago limo O’Hare

In The News:

If not properly managed, Windows Defender Application Control, a security feature with Windows, could be a potential security vulnerability.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

FlashBot Arm, a semi-humanoid robot, acts more like a human than traditional robots, and you may see it working at a restaurant, healthcare center or hotel.

There are multiple ways to find your missing Android phone after it goes missing. One method involves using a smartwatch to ping your phone.

The NeuroOne OneRF Ablation System is a new device with FDA-cleared technology designed for both diagnosing and treating neurological disorders in one procedure.

The CyberGuy provides tips to protect yourself from criminals who use various methods to make unauthorized transactions using your account information.

New drone technology maps land and water with stunning accuracy, giving researchers and conservationists a new way to understand our planet.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

X hit with massive data breach with 200 million records leaked, including emails. Tech expert Kurt “CyberGuy" Knutsson offers seven tips to help protect yourself.

Atlas robot by Boston Dynamics amazes tech expert Kurt “CyberGuy" Knutsson with its breakdancing moves.

Tech expert Kurt “CyberGuy" Knutsson talks about how Google kept Android SafetyCore details quiet until it scanned users' photos.

Hydrogen trucks debut in Georgia, sparking debates on costs and green freight gains. Kurt “CyberGuy" Knutsson comments on this promising chapter in green logistics evolution.

Tech expert Kurt “CyberGuy" Knutsson says ChatGPT learns from chats, but you should avoid sharing sensitive information to protect your privacy.

Beyond Aero's BYA-1: Hydrogen-electric jet with zero emissions, reduced costs, 2030 launch. Kurt “CyberGuy" Knutsson discusses a potential game changer in the evolution of air travel.

Kurt "CyberGuy" Knutsson explains how you can creatively repurpose your old unused Android devices, which are full of potential and hidden value.

Mech the super-humanoid robot can lift up to 132 pounds and is designed to tackle stressful and repetitive tasks that often lead to workplace injuries.

Double-clicking is something we all do, often without giving it a second thought. But it could be giving hackers permission to do something dangerous.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt the CyberGuy offers some of his easy expert tips to free up storage space on your Android if your device is running short on storage.

You can reset your internet router remotely if you're not home when your power goes out. Kurt "CyberGuy" Knutsson explains how this can be done.

The EO Canopy is a self-sustaining, solar-powered camping platform designed to provide all the comforts of home while completely off the grid.

Experts say hackers who used to focus on Windows operating systems are increasingly targeting Apple IDs as part of a new phishing campaign.

Unitree, a Chinese robotics company that developed a backflipping robot, has now introduced a humanoid robot capable of doing a side flip.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

According to the FBI, cybercriminals are sending extortion letters, threatening to release victims' sensitive information unless a ransom is paid.

Famous Business Strategies

Top Quick Tips