There are a lot of military strategies that you can leverage as an entrepreneur. Combat and business have one thing in common: the need to win.
Thinking like the military will strategically position you to win in business. Here’s how:
Have a detailed plan
No military personnel dares go to war without a well-thought plan and a backup strategies. The same thing applies to everyday life activities and businesses. Therefore to be a millionaire, you need to plan your way.
Before renowned business individuals and top business companies attained their present success, they made plans aligned with their goals. They don’t plan but ensure they consider all the factors such as survival planning, and scenario analysis, among others.
The strategy must be based on data
For your business to have the edge over other companies and yield millions of revenue, you need to understand how your product or service differentiates from those existing already in the market.
To achieve this, conduct comprehensive market research to get your needed data. It will strategically put your business in the market to appeal to your customers.
Choose the road your opponents overlook
Daring for the impossible is one of the tactics used by military personnel. It is a dreaded path for others, but it is filled with untapped possibilities for you.
This technique can mine millions of revenue if applied to your business. Instead of following the usual trend of doing business, question the status quo and explore the path others dread to take.
You can never tell if you will find your opportunity there. At times, where you are not looking is where treasures lie.
For instance, DHL, a German Logistics Company, noticed the untapped Asia market. It joined the industry and established a strong reputation and market share with this opportunity.
On the other hand, FedEx and UPS were too preoccupied with competing in the US market.
Actively protect your business and self
While starting a new market with no competitors is good, it is also practical and wise to protect your business and self forcefully.
To keep competition at bay, you must continually update, develop, and reinvent in all aspects of the business.
This includes continuous innovation and refinement, increased productivity through automation and application of information technology; changes in packaging, design, colours, logo, and so on; exploring new ways of doing business, such as Internet sales and warehouse sales; brand extension to other products; among others.
Pursue the benefit of being the first to market
One of the advantages of being the first on the battleground is choosing the best spot. It is also evident in business.
Being the first in a particular business niche gives you the time and opportunity to create market share and brand identity, establish entry hurdles, and influence industry standards.
With less competition, the market is more forgiving of mistakes, and the firm may generate more money and build up its resources to take on latecomers.