Business Strategy And The Management Of Firms

business strategiesThere is ongoing and unprecedented interest in home based business or at least in making money from home in the spare time. That all changed with the Internet, and consumers now get the same free services that they once received from travel agents anytime, anyplace, at the swipe of a finger—not to mention recommendations for hotels and destinations that bubble up from the crowd” rather than experts.business strategies

Each of these can individually drive value for the business, but without a view of the big picture—the business engine and all its gears—these companies may be missing the opportunity to prioritize and weave together ad hoc technology-driven initiatives to deliver sustainable value.

And fostering customer participation in these forums, you find out the exact kind of topics your target audience is interested in. This provides an continual source of updated, rich content that touches the very nerves of your industry from every possible direction.

While there is usually a reason for this setup — for example, the founders are still in charge and find it hard to let go, or the product people lack the right skills and experience — I find that it risks turning the leadership team into a bottleneck thereby limiting the company’s growth opportunities.

Placement of a specific service business along the spectrum may be difficult, but two general observations may ease the difficulty: (1) as service businesses evolve, they often move along the spectrum from people-based to equipment-based or vice versa, and (2) many companies are in more than one type of service business.