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The Digital Economy: 5 Ways to Do Business in a Digital-First World

The world has fully embraced the digital-first economy and welcomed it with open arms. Many businesses that have successfully transitioned into the digital economy are now thriving, while those that have yet to do so are not too far behind.

There is no doubt that the COVID-19 pandemic helped accelerate the already-growing digital economy trend in 2020. The digital economy has become an increasingly important part of our lives and the global economy as a whole. We can work from home or from anywhere in the world with convenience, get our basic needs delivered with a click, get quick results for whatever questions we have, and much more.

The rise of digital technologies and platforms has also created new opportunities and challenges for businesses, and those that fail to embrace this new landscape risk falling behind.

In this blog post, we will explore five ways businesses can succeed in the digital economy. These include embracing digital transformation, focusing on customer experience, leveraging social media, building partnerships, and prioritizing cybersecurity. By following these strategies, businesses can thrive in the digital economy and improve their chances of success.

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5 Ways to Do Business in a Digital-First World

1. Embrace digital transformation:

One of the ways your business can thrive in the digital economy is to embrace digital transformation. This means integrating digital technologies into all areas of your business, resulting in fundamental changes to how you operate and deliver value to customers. Here’s how you can do it:

Incorporate new technologies into your business models and processes. For example, you can implement e-commerce platforms to sell products online or use big data analytics to make informed business decisions depending on the size of your company.

Rethink traditional business models and processes to better align with the digital economy. This may involve adopting more agile ways of working to keep up with the fast-paced nature of the digital economy.

By embracing digital transformation, you can stay competitive in the digital economy and improve your chances of success.

2. Focus on the customer experience:

Like the traditional ways of doing business, the consumers come first, and in the digital economy, nothing has changed in that aspect, if anything it has only increased. Now there is an additional effort businesses are making in order to deliver a well-personalized experience for their customers.

In fact, according to the Harvard Business Review, customers expect a personalized and customized experience. So, businesses that can deliver on these expectations can build loyal customer bases and drive sales.

There are various ways your business can deliver a more personalized experience. Here’s how you can do it:

Collect and analyze customer data to offer personalized product recommendations and promotions that are relevant to each customer’s individual needs and preferences. This can help build stronger relationships with your customers and increase the likelihood of repeat purchases.

Offer fast and reliable delivery options to differentiate yourself from your competitors and build trust with your customers. Customers have come to expect quick and efficient delivery of their purchases, so this is a critical aspect of the customer experience.

Create an easy-to-use online interface that makes it easy for customers to navigate your website or mobile app, find the products they are looking for, and complete the checkout process with minimal friction. Investing in user-friendly interfaces can improve the customer experience and increase the likelihood of repeat purchases.

When you focus on delivering a great customer experience, you can differentiate your business from your competitors and build strong relationships with your customers. By investing in personalization and customization, offering fast and reliable delivery options, and creating user-friendly online interfaces, you can improve your business’s customer experience and drive sales in the digital economy.

3. Leverage social media:

Social media has revolutionized the way businesses interact with their customers. Platforms such as Facebook, Instagram, and Twitter offer powerful tools for businesses to reach and engage with customers, build brand awareness, and drive sales.

To leverage social media effectively, you should first develop a strong social media presence. This means creating profiles on relevant platforms and using them to share engaging content that resonates with your target audience. Content can include photos, videos, blog posts, and more. You should focus on creating content that is not only informative but also entertaining and visually appealing.

Once you have created a strong social media presence, it’s important to interact with customers. This can involve responding to comments and messages, thanking customers for their support, and sharing user-generated content. By engaging with your customers on social media, you can build stronger relationships with your audience and increase customer loyalty.

When you develop a strong social media presence, interact with customers, and consistently track the right metrics, you can build brand awareness, drive sales, and create viral marketing campaigns in the digital economy.

4. Build partnerships:

To benefit from strategic partnerships and collaborations in the digital economy, you should consider partnering with complementary businesses. Collaborating with other companies on marketing campaigns can also be a great way to expand your reach and increase brand awareness.

When seeking partnerships, it’s important to identify businesses or individuals whose values and goals align with your own. This can help ensure that the partnership is mutually beneficial and can lead to long-term success. Consider businesses that offer complementary products or services.

Download our ebook to learn about EZAdvisory’s 10 Ultimate Steps To Driving Business Growth In The New Normal

Once you’ve identified potential partners, it’s important to establish clear goals and expectations for the partnership. This can include defining roles and responsibilities, setting timelines and deadlines, and outlining the desired outcomes. Effective communication is key to the success of any partnership or collaboration, so be sure to maintain open lines of communication throughout the process.

Building partnerships and collaborations in the digital economy can help businesses reach new audiences, expand their offerings, and increase brand awareness. By identifying complementary businesses, building relationships with influencers, and collaborating on marketing campaigns, businesses can stay competitive and thrive in the digital landscape.

5. Prioritize cybersecurity:

To prioritize cybersecurity for your business, you should start by assessing the current security measures you have in place. This includes identifying potential vulnerabilities and evaluating your security infrastructure. Once you have a clear understanding of your current security posture, you can take steps to strengthen it.

One important step is to implement strong password policies and ensure that all employees are trained in proper password management. This can include using complex passwords, multi-factor authentication, and regularly changing passwords. You should also ensure that all software and systems are updated regularly with the latest security patches.

Another important aspect of cybersecurity is protecting sensitive data. You should identify all sensitive data within your business and ensure that it is stored securely, such as through encryption or password protection. It’s also important to limit access to sensitive data to only those who need it for their job responsibilities.

Training employees on cybersecurity best practices is also crucial. This includes educating them on how to identify and report potential threats, such as phishing emails or suspicious activity on the network. Regular training and refresher courses can help ensure that employees remain vigilant and aware of potential threats.

In the event of a security breach, it’s important to have a response plan in place. This should include steps to contain the breach, assess the damage, and notify affected parties. Regularly testing and updating your response plan can help ensure that you are prepared to respond quickly and effectively in the event of a cybersecurity incident.

In Conclusion

The digital economy presents both challenges and opportunities for businesses. To succeed in the digital economy, businesses need to adapt to new technologies and changing consumer behaviors.

By embracing digital transformation, focusing on customer experience, leveraging social media, building partnerships, and prioritizing cybersecurity, businesses can thrive in the rapidly evolving digital landscape.

These strategies are essential for businesses that want to stay competitive and grow in the digital economy.

Do you want to expand your knowledge and gain more insights on how to do business in the digital economy?

Download our ebook to learn about EZAdvisory’s 10 Ultimate Steps To Driving Business Growth In The New Normal


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Business Strategy & Planning, Sales and Customer Management Skills, Sales Strategy

The Art of Negotiation: Tips and Strategies for Successful Business Negotiations

Negotiation is an art that is essential for business success. It involves the exchange of offers, counteroffers, and concessions in order to arrive at a mutually beneficial agreement. A successful negotiation requires preparation, communication skills, and a willingness to compromise. In this blog post, we will discuss some tips and strategies for successful business negotiations.

Tips for Successful Business Negotiations

  1. Prepare thoroughly: Before entering into a negotiation, it is important to do your homework. Research the other party’s needs, interests, and goals, as well as your own. Identify your strengths and weaknesses, and determine your best alternative to a negotiated agreement (BATNA).
  1. Build rapport: Establishing a good relationship with the other party can make negotiations smoother and more successful. Take the time to get to know them, listen actively, and show empathy.
  1. Aim for a win-win outcome: The goal of a negotiation should be to find a solution that benefits both parties. Focus on mutual interests and brainstorm creative solutions that meet both your needs.
  1. Be assertive, not aggressive: Assertiveness is a key negotiation skill that involves stating your position clearly and firmly while still being respectful of the other party. Avoid being aggressive or hostile, as this can damage the relationship and impede progress.
  1. Use active listening: Listening actively is essential to understanding the other party’s perspective and building rapport. Paraphrase their points to show you have understood and ask open-ended questions to gather more information.
  1. Don’t rush the process: Negotiations take time and require patience. Avoid the temptation to rush to a quick agreement and take the time to explore all options and alternatives.
  1. Be willing to compromise: Negotiation is a give-and-take process. Be open to making concessions and finding a middle ground that satisfies both parties.

In conclusion, successful negotiation requires preparation, communication, and a willingness to compromise. By following these tips and strategies, you can increase your chances of achieving a mutually beneficial agreement and building stronger business relationships.

Business Strategy, Customer Insight

Why Networking Matters: How to Build Valuable Business Relationships

Networking is an important part of building successful business relationships. It allows individuals to connect with potential partners, investors, and customers, as well as finding mentors and employees. Networking also provides valuable opportunities to learn from and share ideas with other professionals.

How to Build a Strong Business Network

  1. Creating a strong network starts with building trust. This can be done by consistently providing value to the people in your network, listening to and understanding the needs of others, and maintaining honest communication. 
  1. Building strong relationships also requires putting in the time and effort to connect with people in person. Meeting in person and building genuine connections will help to establish trust with the people in your network.
  1. Networking events are a great way to meet people in your industry and make valuable connections. Events can provide valuable opportunities to meet potential partners and investors, learn from other professionals, and share your ideas with a larger audience. 
  1. Social media and online platforms can also be used to build relationships and connect with potential partners and customers.
  1. Joining a founders community can be a great way to connect with other founders and entrepreneurs. Communities like these provide valuable opportunities to connect with like-minded individuals, share experiences, and collaborate on projects. EZAdvisory Founders Community is a good example.

In conclusion, networking is an invaluable tool for building valuable business relationships. Developing relationships will require dedication and effort, but it can lead to great rewards for both businesses and individuals.

Business Operations & Structure, Business Strategy & Planning

The Benefits of Outsourcing for your Business

Outsourcing has become an increasingly popular business strategy for companies of all sizes. By outsourcing certain tasks, businesses can save time and money, while also increasing efficiency and productivity. In this blog post, we will explore the benefits of outsourcing.

Benefits of Outsourcing:

  1. Cost savings – 

Outsourcing can be more cost-effective than hiring full-time employees, as you only pay for the work that is completed. 

It helps companies reduce costs as against in-house employees by providing access to cheaper labor and materials. Additional costs such as salaries and benefits are not incurred. This gives businesses the flexibility to add resources whenever needed, without having to pay for idle time.

Businesses can outsource to countries with lower labor rates, or to companies that can provide the same services or products at a lower cost

  1. Access to specialized expertise –

Outsourcing can provide access to specialized expertise and resources that may not be available in-house. 


  1. Increased efficiency and productivity – 

By outsourcing non-core tasks, businesses can focus on their core competencies and increase efficiency and productivity. outsourcing can also help businesses to improve their efficiency and productivity. This can help businesses to streamline their operations, reduce waste, and become more productive and profitable 

  1. Scalability  

Outsourcing allows businesses to easily scale up or down as needed, without the overhead costs associated with hiring and training new employees.

The benefits of outsourcing are numerous, oil should not bear the burden all alone in the name of saving costs. Get the right experts and see your business scale in all aspects.

At EZAdvisory, we understand the challenges that businesses face when it comes to outsourcing. That’s why we offer a range of outsourcing services to help businesses save time and money, while also increasing efficiency and productivity. Our team of experienced professionals can handle a wide range of tasks.

Business Strategy & Planning, Uncategorised


Businesses today are facing increasingly complex and rapidly changing environments. This is no longer news, and as a result, it is more important than ever for businesses to be strategic and flexible. 

Why does my business need to be strategic?

There are several reasons but here are a few: 

1.    Remain competitive: 

If your business is proactive, it’s better equipped to stay ahead of the curve, anticipate and respond to market changes, and stay ahead of its competitors.

2.    Foster innovation: 

It encourages your business to continuously evaluate and adjust its processes, products, and services. This, in turn, fosters a culture of innovation and creativity, leading to the development of new and better products and services.

3.    Respond to market demands: 

By being flexible, your business can respond quickly and effectively to changing market demands and customer needs, leading to increased customer satisfaction and loyalty which I believe is one of your goals.

4.    Enhance decision-making: 

Having a clear strategy in place provides a framework for decision-making, helping you to prioritize initiatives and allocate resources more effectively. This can lead to increased efficiency, improved financial performance, and better overall results.

5.    Build resilience: 

Your business will be better positioned to withstand and recover from unexpected disruptions and challenges. This is because you already have a scenario plan in place for dealing with such events, and you can quickly pivot to a new course of action if necessary.

Your business should be strategic and flexible to stay relevant and compete in today’s rapidly changing marketplace. You will respond favorably to innovation and market demands. 

With the right strategy put in place, be ready to achieve your long-term success and sustainability.

At EZAdvisory, we build unique strategic plans for businesses like yours to scale in the digital economy.

We assist businesses to navigate through the process of creating a result-driven strategy that suits each business focus.

Business Strategy & Planning

What is a Scalable Business?


Success in business doesn’t end in profit making and returns, it extends into scalability. A business can only be scalable if it is successful, and it can only be considered successful because it is scalable.

Scalability As A Concept

Scalability can be propagated by financial activities, business strategy or even both simultaneously. 

Business strategy allows a business to structure itself in a way that it is ready to withstand pressure, crisis or unforeseen threats that may come its way. it facilitates growth and allows the company to stay top of mind in its market no matter the operational demands.

As a business owner, you need to perfect agility, to be able to transform, abate contingencies, and maintain success no matter what stage of growth your product/service is at. 

Traits of a Scalable Business

  1. A vision: More than knowing the day to day factors to put in place for business to happen, business owners need to visualise where they want their business to be. 

Without a future plan, you’re setting up your business to exist only in the present, and whilst that may work short-term, in the long-run (which is the main core of a scalable business, you may notice your business starts to fail because it wasn’t well planned for).

  1. A Tech enabled Business: A business that is digitally transformed and uses technological tools to enhance productivity is scalable. 

With the aid of technology, there is profitability and major upsurge in sales. It provides  a more reliable and accurate modus operandi for daily business tasks; for example, using a bookkeeping app like kippaAfrica saves the stress and trial of heavy manual bookkeeping duties, using hubspot to keep track of marketing activities helps with targeting and achieving goals.

  1. A  business that is scalable is always well structured. It has an organised workflow that  allows for assessment and management of operations, it also has a strategic distribution of duties to its employees. It must have an organisational structure; Be it horizontal, vertical, or cross functional etc.
  2. A scalable business is very data-packed, stakeholders of a business that is scalable know the importance of data and use it to determine what needs constant attention, and what needs to be discontinued.
  3. It has a solid marketing plan: There are a lot of fallacies surrounding marketing, especially one that states that marketing is not necessary when an organisation is already making profit. 

This is false because a business can start to decline if it’s growth isn’t maintained, and maintenance of growth takes skills, expertise and the eyes and assessment of a professional; visit our website if you want an assessment of your business from one of our consultants.

Benefits of Having a Scalable Business

  1. Business Growth: This benefit is a no brainer and it is the main reason entrepreneurs actually consider building their business for scale. 

Optimization, monitoring and management of all available resources with a vision in mind provides exponential growth for a business for sure!

  1. It is way easier to secure funding: A major challenge with Small to Medium Businesses is that securing funding or capital can be a hassle, it can require ridiculous amounts of paperwork and queues before funding can be approved, Actually, without proper guidance it could even never be greenlit. 

The structure that scalability affords a system is that it makes it standardised and more “legit” in the eyes of the public. 

  1. It attracts investors and partners: Private Investors and Business Leaders are interested in businesses that can bring them returns, and not just immediate but in the future. 

The business model of an organisation has to be scalable for an investor to look at the business with promise.

  1. It allows businesses to enjoy the full benefits from economies of scale: This includes diversification, innovation, brand equity, talents, revenue, and competitive advantage. A smooth interaction and usage of these elements promotes a stable, healthy, and even rapid growth for a business.

 With economies of scale, business owners are able to increase profit and cut down expenses. As long as you improve the technological process, the efficiency increases, and the costs go down too, and isn’t that the entrepreneur dream? To produce more with less resources 

That is an aim to be working for when scaling your  business, the great thing is, it doesn’t just work for big businesses.

Scalability Quiz

Having learnt these benefits, kindly answer these few questions to test your scalability potential; 

Take Quiz!

Your business can be scalable; whether small, medium or large. Follow us @EZ Advisory on ig for more business updates, or join our founder’s community for notable updates, one-on-one assessment and consultation on everything business.

A scalable business is a healthy business ready for true business growth and success.

Business Strategy & Planning

Winning Business Strategies- Key Takeaways

It is no secret that having a winning business strategy is the key to success and growth. No matter how big or small your business is, getting the upper hand on the market can be challenging. In this article, we will be exploring some of the most effective strategies, tips, and tricks when it comes to winning business strategies. So let’s get started – buckle up and get ready to walk away with some key takeaways!

In today’s ever-changing business landscape, staying competitive is more important than ever. To remain successful, you need to develop effective strategies that help your company remain competitive while meeting its goal. This article will provide an overview of the key principles and tips for building a winning business strategy. Also, examine different approaches to formulating an overall plan and discuss the importance of identifying core goals and objectives… 

By understanding these key principles, businesses can gain invaluable insights into developing a successful strategy that works for them. With that said, let’s dive into understanding what goes into creating a winning business strategy.

For help and consultancy on business strategy, experts are available @EZAdvisory. . Book a free call with us today.

Benefits of a Winning Business Strategies 

Winning business strategies can have a multitude of benefits for an organization, ranging from increased market share and competitive advantage to increased efficiency and cost savings. By implementing a winning business strategy, companies can achieve long-term success by focusing on the market needs, developing corporate objectives, and strengthening the relationship between employees and management.

Companies often undertake strategic projects to outperform their competitors. Strategic planning allows organizations to identify opportunities in their industry or target markets that may be difficult for competitors to capitalize on. Additionally, defining long-term objectives allows companies to create plans that are tailored to achieving those objectives. In addition, the successful implementation of a strategic plan may lead to increased profits and ROI for the organization in the future.

The implementation of a winning strategy helps organizations build stronger relationships between employees and management so that ideas can be collaboratively created and implemented. A successful collaborative culture can increase motivation among staff members while encouraging innovation, creativity, responsibility sharing, and problem-solving within the organization. By building trust among staff members through an effective strategy, an organization is more likely to remain profitable in its industry over time.

Finally, a business that practices successful strategies often benefits from increased efficiency as well as cost savings due to being able to better utilize resources while remaining competitive in their industry or target markets. A winning business strategy can also improve customer satisfaction levels by improving customer service initiatives as well as product quality through developing approaches that match customer preferences better than those of competitors.

Identifying Opportunities

To identify potential opportunities for your business, it is important to do in-depth market research and actively seek out new information that may provide insights into your market, customers, and competitors. Knowing what competition you face—direct and indirect—is essential when trying to find the right mix of strategic positioning, marketing tactics, and pricing decisions. Questions to consider in identifying opportunities include:

  • What customer needs are not being met?
  • What current trends may create possibilities? 
  • Are there any technological advancements or changes that could be leveraged? 
  • What competitive moves have been successful or unsuccessful?
  • Are there local/regional regulatory changes impacting the industry? 
  • Do any new products or services need to be created? 
  • Can any current products be improved upon for better performance or cost savings? 

Additionally, in scouting out new opportunities there are several techniques useful such as brainstorming, analysis of customer buying records, focus groups, surveys, trend analysis, and competitor benchmarking. Taking advantage of these strategies will help you understand existing customer markets better as well as identify ideal customer targets. With the proper approach, you can assess which areas have the best potential fit for developing a sustainable competitive advantage.

Defining Goals

Establishing clear goals and objectives is an essential component in the creation of any successful business strategy. The process of defining these goals requires careful consideration, as they serve as the foundation for all the decisions that will be made about the direction of the business. Goals should be both achievable and measurable, as this provides a measure of success or failure for both your stakeholders and company personnel. Effective goal setting and establishment require a thorough understanding of the business, its mission, and its objectives. Companies should set short-term goals which directly relate to achieving long-term strategic objectives. For example, an apparel company could set a goal to increase brand awareness by 10% over two years; however, establishing action plans with smaller achievable increments is essential in driving success during this timeline. 

A further key takeaway to consider when identifying goals and objectives is that targets must align with a particular timeline or schedule. There is no point in setting unbounded standards as they lack focus and fail to provide any sense of urgency when trying to achieve them. Therefore, it is prudent to identify reasonable timescales that are necessary for each element of your business strategy; this ensures that progress can be monitored regularly using key performance indicators (KPIs). 

Implementing Strategies

The process of implementing strategies involves setting out goals, which are achievable and measurable. It also involves establishing a timeline and timeframe for completion, as well as assigning resources to ensure successful implementation. All these elements must work in tandem to develop effective strategies and ensure their success.

Additionally, business leaders need to consider the impact of external factors when devising a strategy. These include economic conditions, political divisions, and technological developments as well as changes in social values or customer preferences.

Stakeholders must be identified early on in the process so that feedback can be solicited at various intervals during implementation. Such feedback should provide data not only on progress made but also on areas that may need improvement or further thought.  

Leadership is crucial during strategy implementation – senior figures should take an active role, demonstrating that they believe the strategy will bring success by backing it up with authority and commitment. Employees at different levels within an organization should be informed of changes and allowed to contribute ideas toward achieving the desired outcomes.

Monitoring Progress 

Monitoring progress is a key component of successful business strategies. Being able to track how you are meeting your goals and objectives allows you to adjust your strategy to ensure that you are making the most effective use of resources and tackling the right areas for the business’ success. 

Creating metrics for KPIs (key performance indicators) will help to quantify progress against your targets. Be sure to choose metrics that can be easily tracked and updated regularly. Examples of KPIs include customer satisfaction, product quality, staff morale, revenue growth, and cost reduction. By keeping track of how these factors are evolving, you will be able to take corrective action when needed or identify areas where additional investment may be required.

It is also important to closely examine any successes or failures to replicate better outcomes in future projects. This will involve monitoring tasks such as project completion speed, customer feedback scores, and product reviews. All this data should then be measured against performance benchmarks or goals set at the beginning of the project and reviewed regularly against previous iterations to ensure that improvements or cost savings have been achieved over time.

Overcoming Challenges 

No matter how experienced or innovative a business is, it still faces challenges that can be incredibly difficult to overcome. For startups, the greatest of these are often related to a lack of resources and funding. Managing a business also requires knowledge, skill, and hard work, which can present its own set of obstacles. Fortunately, any company large or small can overcome these hurdles by using these key takeaways for success:

  • Get organized and stay organized: Structuring your business clearly and consistently makes tasks easier to complete and helps you stay on top of all looming deadlines. Having an organized approach is the foundation for any successful venture. 
  • Create standard operating procedures: Create standard operating procedures (SOP) for every task your team needs to accomplish to ensure each process is completed correctly and promptly. Establishing an effective SOP will save you time, money, and energy! 
  •  Recognize talent: Find talented individuals who understand the market you are operating in; do not underestimate their importance as they can bring invaluable expertise to your team. Executives should build strong relationships with both employees and customers that establish trust in the future growth of the company.  
  •  Utilize technology: Leverage new technologies such as artificial intelligence (AI), machine learning (ML), and data sifting tools or cloud computing platforms, etc., as they have never been more available than they are today! Incorporating cutting-edge technology into your operations allows you to increase efficiency while reducing costs significantly and at the same time while creating an ideal scenario for any startup looking for quick success! 

With these tips in mind, businesses can tackle any challenge that stands in their path with confidence and ease, making success ultimately come that much closer within reach! The above strategies demonstrate that success does not come from one panacea, but from an approach that considers the full range of potential solutions. Whether it be brand value, greater customer engagement, or improved efficiency, each strategy has its unique benefits and drawbacks. 

Ultimately, the key to winning business strategies is a commitment to assessing your organization’s needs and responding with specific, targeted initiatives. By taking stock of your performance metrics and how they stand with those of other companies in the market; studying trends in customer sentiment; strategically collaborating with partners, and leveraging digital technology when appropriate you can build dynamic strategies that best position you for success in today’s competitive business climate. Visit us at:

Business Strategy & Planning

What Is Business Strategy And Why Do You Need It?

 If you are running or own a business, you need a business strategy. It’s that simple. Without a strategy, your business is just flailing around aimlessly, trying to survive day-to-day.

 So what is business strategy? A business strategy is a plan for how you are going to achieve yo

ur business goals. It sets out the steps you need to take and the resources you need to deploy to make your goals a reality.

Why do you need a business strategy? Because it gives you focus and direction, and without it, your business is likely to fail. It is the roadmap that will take your business from where it is now, to where you want it to be. So what are you waiting for? Get started on developing your business strategy today!

At EZAdvisory, we provide a guide on setting the right strategy for your business. Book a free call with us today!

What is Business Strategy? 

A business strategy is a long-term plan of action designed to achieve a particular goal or set of goals. The development of a business strategy usually begins with an analysis of the current situation, including an evaluation of the business’s strengths, weaknesses, opportunities, and threats (SWOT analysis). From there, the company’s goals are identified and a plan is created to achieve them.

There are many different types of business strategies that companies can use, but not all of them will be right for every business. The best way to choose a strategy is to select one that aligns with the company’s strengths and helps to address its weaknesses.

A business strategy should be revisited and revised regularly to make sure it remains relevant and effective.

What Are The Benefits of Having a Business Strategy? 

There are many benefits of having a business strategy. A business strategy provides a roadmap for your business and can help you to make decisions about where to allocate resources. It can also help you to measure progress and identify areas of improvement.

A good business strategy can help you to:

·     Identify your goals and objectives

·     Research your market and customers

·     Determine the most effective way to reach your target market

·     Set pricing strategies

·     Develop an advertising and marketing plan

·     Allocate resources effectively

·     Measure progress and identify areas for improvement.

 How can you Develop a Business Strategy?   

There are several different ways that you can develop a business strategy. The most important thing is to make sure that your strategy is aligned with your overall business goals. Here are some tips on how to develop a business strategy:

·     Define your business goals. What are you trying to achieve with your business? Are you looking to grow your company, enter new markets, or improve efficiency? Once you have defined your goals, you can start to develop a strategy that will help you achieve them.

·     Research your industry and competition. It is important to have a good understanding of the industry landscape before you start developing your strategy. This will allow you to identify opportunities and threats, and make sure that your strategy is differentiated from your competition.

·     Write a mission statement. A mission statement should be a concise description of what your company does and what its values are. This will help to guide the development of your strategy and ensure that it is aligned with your company’s core purpose.

·     Develop actionable objectives and key performance indicators (KPIs). Objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). They should also be linked to your overall business goals. KPIs can help you track progress toward your objectives and measure whether or not your strategy is successful.

·     Create an implementation plan. Once you have developed your strategy, it is important to create a plan for how it will be implemented. This should include assigning responsibilities, setting timelines, and budgeting for resources.

Why is it Important to Review and Update your bBusiness Strategy?

Your business strategy outlines your company’s game plan for achieving its goals and is therefore important for several reasons:

·     It keeps you focused on your goals

·     It helps you allocate resources effectively

·     It dynasty provides a roadmap for decision making

·     It helps you respond to opportunities and threats

Therefore, it is important to review and update your business strategy regularly to ensure that it remains relevant and effective.

What are some Common Mistakes made when Developing a Business Strategy?

·     Failing to Define Your Target Customer

One of the most common mistakes businesses make is failing to define their target customer. If you don’t know who your target customer is, you won’t be able to develop a marketing or sales strategy that will reach them.

·     Not Conducting Market Research

Another common mistake businesses make is not conducting enough market research. Market research will give you insights into your industry, your competition, and your target market that you can use to develop a more effective business strategy.

·     Failing to Set Measurable Goals

A third mistake businesses make is failing to set measurable goals. Without measurable goals, you won’t be able to track your progress or determine whether or not your business strategy is successful.

·     Not Adjusting Your Strategy Based on Results

Finally, many businesses fail to adjust their strategy based on results. If you are not seeing the results you want, don’t be afraid to make changes to your strategy. The only way to improve your results is to experiment and learn from your mistakes.

How can you Ensure your Business Strategy is Successful?

The development of a business strategy is an essential part of any business, regardless of size or industry. A successful business strategy will allow you to identify your strengths and weaknesses, set clear goals and objectives, and make informed decisions about the direction of your business.

Creating a business strategy is not a one-time event; it is a continuous process that should be reviewed and updated regularly. There are many different factors to consider when developing a business strategy, but there are three key elements that should be included in all successful strategies:

·     A clear understanding of your customers and your target market. What needs do your customers have that you can address? How can you reach them? What are your competitors doing?

·     A clearly defined value proposition. What makes your products or services unique? What benefit do they offer to your customers?

·     A detailed plan for how you will achieve your goals. This should include specific actions and milestones that you need to reach, as well as who will be responsible for each task.

There is no single formula for success, but these three elements are essential for any effective business strategy. By taking the time to develop a comprehensive and well-thought-out strategy, you can give your business the best chance for success.

 What are the Key Components of a Successful Business Strategy?

The term “strategy” can be used to refer to the big-picture plans of a company or the specific tactics employed by individual managers.

In general, though, a successful business strategy should have three key components:

·     A clear vision and goals: Without a clear sense of what you want to achieve, it will be difficult to develop an effective plan to get there. Your vision should be inspiring and specific enough to guide your day-to-day decisions; it should also be achievable within the timeframe you set.

·     A focus on customers and competitors: Your strategy should take into account the needs and wants of your target market, as well as the plans and actions of your major competitors. This analysis will help you identify opportunities and threats that could impact your business.

·     An execution plan: Even the best-laid plans will fail if they’re not properly executed. Your strategy should include a detailed roadmap for implementation, along with specific metrics for measuring progress. It’s also important to ensure that your team is aligned with your strategy and has buy-in from top to bottom.

What are some Common Challenges you may Face when Implementing a Business Strategy?

There are many common challenges you may face when implementing a business strategy. These can include:

·     Lack of clarity about the overall strategy

·     Lack of buy-in from key stakeholders

·     Lack of resources (time, money, people)

·     Unrealistic expectations

·     Inability to measure success

·     Not knowing when to course correct

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Analysis & Insights, Business Strategy & Planning

Managing Business Opportunities

In today’s business world, opportunities are everywhere, but it takes more than just recognizing an opportunity to be successful. You have to know how to manage it. There are many ups and downs to running a business, but it can be an immensely rewarding experience. Defining your business goals, clarifying what you want to achieve with your business will help you make informed decisions about the best way to move forward.  If you’re not sure where to start, think about where you want your business to be in the next 10 years. What would you have achieved? What size would your business have grown to? Once you have a clearer idea of your long-term vision, you can start setting more specific goals.

Your goals should also be realistic and achievable. You need to work out a plan of how you’re going to get there. Equally, if your goal is too small, it might not be motivating enough to help drive your business forward.

When you are starting a business, you can’t just jump in blind and hope for the best – you need to do your research first. This means investigating your industry and target market, this helps to make informed decisions about everything: what product or service to offer, how to price it, where your business should be located etc 

Do you need advice on managing business opportunities and how do you know if an opportunity is worth pursuing? Book a free call with us today

 Here are a few of the most important things to research when starting a business:

·       Your industry: Look into things like industry trends, major players, average profitability, etc. This will give you a good overview of the landscape you are entering into.

·       Your target market: Who are you selling to? What are their needs and wants? What are their buying habits? This information will help you craft your marketing strategy and determine where to focus your efforts.

·       Your competitors: It’s important to know who your competition is, what they’re offering, and how they’re positioning themselves in the market. This will help you find your own niche and ensure that your business stands out from the crowd.

There are many other factors to consider when starting a business, but these are some of the most important things to research. By taking the time to do your homework upfront, you’ll be in a much better position to succeed in the long run.

Developing your business plan

A business plan is a document that will outline your business goals, strategies, and how you plan on achieving them. It should also include financial projections for at least the first year of operation. You can use online resources or hire a consultant to help you create a professional business plan. Once your business plan is complete, you can begin seeking financing. This may involve applying for loans or investment capital from venture capitalists or angel investors. If you are seeking financing from traditional sources such as banks, be sure to bring your business plan with you when meeting with loan officers.

Registering your business

Before you can register your company, you need to determine what kind of legal structure it will be. Do you want to operate as a sole proprietor, partnership, limited liability company (LLC), corporation, or non-profit organization? Each has advantages and disadvantages.

After you have decided on your legal structure, you need to obtain the necessary licenses and permits.

You will need to register your business with the government in order to obtain a business license. The process of registering your business can vary, but there are some general steps that you will need to follow.

·       Choose a business structure. The type of business structure you choose will determine what kind of legal protections you have, how much tax you will pay, and other important factors. You can choose from a sole proprietorship, partnership, limited liability company (LLC), or corporation.

·       Obtain a business license. In most countries, you will need to obtain a business license in order to operate your business legally.

·       Register your business name. In order to operate under a particular name, you will need to register it with the government. This process typically involves filling out some paperwork and paying a fee.

·       Obtain any necessary permits or licenses. Depending on the nature of your business, you may need to obtain special permits or licenses in order to operate legally.

·       Keep your records up-to-date and compliant with the law. Once your business is registered and operating, it is important to keep your records up-to-date and compliant with any applicable laws and regulations. This includes filing annual reports and taxes, as well as keeping accurate financial records.

Securing funding for your business

One of the most important aspects of starting a business is securing the funding necessary to get your venture off the ground. There are a number of ways to do this, and the method you choose will depend on a number of factors, including the type of business you plan to start, your personal financial situation, and your goals for the future.

·       Take out a loan from a bank or other financial institution. This can be a good option if you have good credit and a solid business plan, but it can be difficult to qualify for a loan if you don’t have collateral or a proven track record.

·       Seek out investors or venture capitalists. This can be a good option if you have an innovative or high-growth business idea, but it can be difficult to find investors who are willing to take on the risk of investing in a new business.

·       You could self-finance your business by using personal savings or by taking out a home equity loan. This can be a good option if you don’t want to give up equity in your company or if you don’t qualify for other types of financing. However, it’s important to make sure that you have enough personal financial resources to cover the costs of starting and growing your business before you choose this option.

For guidance on how to getting started in business or how to setup your business for growth, click on the link below to book a free consultation callVisit us at

Business Strategy

The Best Way To Create A Growth Strategy Plan

Ideas are fantastic, and amazing ideas are indeed greatly needed in business, but the execution of these fantastic ideas is what counts.

No big organization,firm, business or even startup attain great heights today by having great ideas rather than by strategically implementing these ideas.

Growth strategies, when done correctly, lead to more effective use of your marketing budget and more effective/impactful marketing campaigns

In this article, you will see ways to create a strategic growth plan that will upscale your business drastically for growth.

Creating a growth marketing plan will give you a trip itinerary that puts you on the most direct route to achieving brand growth

Let’s dive in fully

Growth strategy arrangement may be a long-term, key strategy that works to assist brands accomplish feasible, quantifiable growth. It may be an all encompassing and data-driven approach that leverages end-to-end pipe optimization to discover, pull in, change over, hold, and develop buyers into faithful brand advocates and evangelists.

Growth can be a moderate, difficult trudge, particularly for SaaS, fintech, and startups businesses whose deal cycles are broad. A few brands will spend noteworthy time on a single strategy, and when it doesn’t work, they discover themselves back at square one. That’s where growth strategy comes in. Once you construct a growth strategy guide, you account for the time it takes to attain your objectives — presently, tomorrow, and within the future.

The following steps should be considered in creating a strategic growth plan;

Market penetration.
This tactic’s goal is to boost sales of currently offered goods and services on active markets, which will raise your market share.

Market development.
This entails boosting sales of currently offered goods or services in untapped markets. Market expansion entails analyzing how to expand an existing market or how to sell a company’s current offer on new markets. This can be done by several client segments.

Product development.
Launching new goods or services on already-existing markets is the goal. Product development can be used to expand the offer given to current clients in an effort to boost sales.

This entails the introduction of fresh goods or services on untapped marketplaces. The riskiest tactic is diversification. It entails the corporation offering brand-new goods and services on a fully untapped market.

At EZAdvisory, we pride ourselves in helping companies explore strategic ways to drive growth for their businesses. To better reach more organizations we will be hosting a premium city to city Bootcamp with its first edition to take place in Ibadan City on the 6th September, 2022.

An intensive training for business to retool and restrategize their business for growth, click the link below to know more about this

Hurry as seats are filling up!

EZAdvisory's Business Growth Management Service has launched. We do all the work (from strategy to marketing and sales), you focus on serving customers and developing your product/operations. Curious to know if this would work for your business/startup?

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