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Business Strategy

The latest business strategy articles, advice and insights from the ProfileTree team.

Unlocking Media Literacy: Key Stats for Informed Consumption

Panseih GharibPanseih Gharib // 13th March 2024

In an age of information from various media sources, the ability to critically analyse and understand the content we consume has become more crucial than ever. Media literacy, the competence to navigate, evaluate, and create media effectively, is a shield against misinformation and a tool for empowering individuals in today’s digital society. This article delves […]

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Compelling Multi-Channel Marketing Statistics for Success

Miral NassarMiral Nassar // 13th March 2024

In today’s fast-paced digital landscape, multi-channel marketing is imperative for businesses looking to reach and engage with their target audience effectively. Companies can create a cohesive and personalised customer experience that drives conversions and builds brand loyalty by utilising multiple communication channels simultaneously. This article will explore compelling statistics highlighting the importance of implementing a […]

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The State of Performance Management: Statistics on Current Practices and Emerging Trends

Miral NassarMiral Nassar // 15th March 2024

Performance management is critical to any organisation’s success, as it helps employees understand expectations, receive feedback, and improve their skills. In a rapidly dynamic business landscape, companies must stay current on current practices and emerging trends in performance management. In this article, we will explore the state of performance management today, including statistics on current […]

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Stats That Show Why Online Reputation Management Matters

Miral NassarMiral Nassar // 11th March 2024

In today’s digital age, an organisation’s online reputation can make or break its success. With the internet giving consumers endless options and instant access to information, a positive online reputation is essential for attracting and retaining customers.  In this article, we will show the importance of online reputation management by highlighting key statistics that illustrate […]

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Unlocking Growth: Business Mentoring Statistics that Prove its Value

Miral NassarMiral Nassar // 13th March 2024

Are you struggling? Need help to hold on to your star performers, ignite enthusiasm and boost productivity within your business? Rest assured, you’re not in this alone. A recent study has shed light on how common these issues are – apparently, 92% of all U.S. Fortune 500 companies have turned to mentorship programs as their secret weapon […]

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Business Demography Statistics: A Comprehensive Look

Maha YassinMaha Yassin // 6th March 2024

Imagine a world where businesses are born, grow, and die like living things. Welcome to the fascinating realm of business demographics, where statistics paint a picture of the rise and fall of companies, revealing hidden trends that shape our economy. Buckle up because we’re about to delve into the data jungle and uncover the secrets […]

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Business Management Statistics for Informed Decision-Making

Miral NassarMiral Nassar // 6th March 2024

Navigating the world of business management can often feel like cracking a complex enigma. It’s an experience many share. Yet, given that 85% of pertinent roles in this realm call for a bachelor’s degree, a firm grasp of the role of statistics in inefficient decision-making processes is critical. This article reviews various statistical tools and […]

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The Ultimate Guide to Business Marketing Statistics

Miral NassarMiral Nassar // 5th March 2024

Tangoing with the quick tempo of business marketing can often feel like a fast-paced jive. We understand that having often been trapped in boundless data streams; we fervently seek out valuable titbits – such as discovering that 81% of our shopping comrades carry out online research before purchasing. In this article, we’re embarking on a […]

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Navigating the Affiliate Marketing Landscape: Finding the Perfect Partnership for Your Business

Miral NassarMiral Nassar // 5th March 2024

Affiliate marketing is a dynamic and widely adopted online marketing strategy where businesses collaborate with individuals or other companies (affiliates) to promote their products or services. This approach is based on a performance-driven model where affiliates are rewarded, typically through commissions, for directing traffic or sales to the business they are promoting. It is another […]

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Business Partnerships: The Data Behind the Success

Miral NassarMiral Nassar // 5th March 2024

Navigating the complex maze of a sterling business partnership can be akin to discovering the proverbial needle in a haystack. As someone who’s trod this path before and witnessed its twists and turns, according to statistics, roughly 70% of business partnerships need to live up to their potential. This article unfurls a tapestry of essential […]

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Insights from Business Owner Statistics

Miral NassarMiral Nassar // 5th March 2024

Like many promising entrepreneurs, you’ve often yearned for a steadfast compass, reliable and ready to guide your decisions in even the stormiest conditions. This is precisely why we’ve decided to plunge headfirst into the vast ocean of data surrounding business owners and their operations. This article seeks to serve as your lighthouse amidst uncertainty, illuminating […]

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Active and Passive Management Statistics: Which One Performs Better?

Miral NassarMiral Nassar // 5th March 2024

When managing investments, there is a constant debate between active and passive management strategies. Active management constantly buys and sells securities to outperform the market, while passive management tracks a market index. Proponents of active management argue that it allows for greater potential returns, while advocates of passive management point to lower fees and often […]

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Boosting Productivity with Management by Statistics

Miral NassarMiral Nassar // 5th March 2024

In today’s competitive business environment, productivity is a major factor in determining the success of an organisation. One method that has been gaining popularity in recent years for improving productivity is Management by Statistics. This approach includes using data and analytics to monitor performance, determine areas for improvement, and make informed decisions that can drive […]

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Unlocking Insights from Management Accounting Statistics

Miral NassarMiral Nassar // 6th March 2024

Management accounting statistics are a critical component of decision-making for businesses of all sizes. From tracking expenses to analysing profitability, these statistics provide valuable information that can help drive strategic planning and performance improvement. This article will explore the importance of unlocking insights from management accounting statistics and how businesses can use this data to […]

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Measure, Analyse, Improve: A Practical Guide to Management Statistics

Miral NassarMiral Nassar // 8th March 2024

As businesses become more data-driven and competitive, the ability to analyse data to make well-oriented decisions is essential. Management statistics allows leaders to gather insights, track performance, identify trends, and make predictions to improve business operations. By leveraging management statistics, organisations can make more accurate forecasts, optimise resource allocation, identify weak areas for improvement, and […]

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Change Management Statistics: Demystifying the Challenging Journey of Transformation

Maha YassinMaha Yassin // 6th March 2024

Forget gut feelings and blind leaps of faith. Successful transformations hinge on cold, hard facts in today’s volatile business landscape. Welcome to the world of change management statistics, where numbers illuminate the path to organisational triumph or expose the pitfalls that sink initiatives. A staggering 66% of change efforts fail. Why? Let’s dissect the data. […]

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Reputation Management Statistics: How Reviews Impact Your Business

Miral NassarMiral Nassar // 27th February 2024

Online reviews are crucial to a business’s reputation in today’s digital age. With the proliferation of review platforms such as Yelp, Google, and Facebook, consumers now have more power than ever to shape the perception of a company through their feedback. In this article, we will explore key reputation management statistics highlighting the impact reviews […]

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9.2% of Revenue Drained: Contract Management Statistics

Maha YassinMaha Yassin // 26th February 2024

Contracts are the lifeblood of business. From the most minor purchase order to the multi-million dollar enterprise agreement, they underpin every transaction and collaboration. Yet, despite their ubiquity, contracts often go overlooked, relegated to dusty filing cabinets or forgotten corners of digital servers. This neglect, however, comes at a steep price. Ineffective contract management can […]

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Project Management Statistics: Decoding the Numbers Behind Project Success

Maha YassinMaha Yassin // 26th February 2024

In the relentless pursuit of progress, projects form the lifeblood of every industry. Whether launching a groundbreaking tech product, constructing a towering skyscraper, or orchestrating a captivating marketing campaign, each project represents a carefully orchestrated dance of resources, timelines, and objectives. Amidst the chaos and complexity lies a hidden language—the language of statistics. Understanding these […]

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A Deep Dive into Business Closure Statistics

Maha YassinMaha Yassin // 26th February 2024

Have you ever walked past a vacant storefront, its dusty windows reflecting the empty promises of a bygone dream? Business closures, like tumbleweeds rolling through our economic landscape, are a reality silently shaping our world. In the blink of an eye, shops disappear, restaurants fade into memory, and companies vanish, leaving behind echoes of ambition […]

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Valuable Small Business Statistics UK 2023

Eman SamehEman Sameh // 26th February 2024

For countless individuals across the UK, 2023 has been a year defined by the hustle and heart of small business ownership. From bustling city streets to quaint village squares, these ventures drive the local economy and enrich the fabric of communities. But as we turn the page towards 2024, it’s time to take a closer […]

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Business Data Statistics: How Numbers Drive Profits

Maha YassinMaha Yassin // 26th February 2024

Navigating the business world in our data-dominated age can often feel like winding your way through a bewildering labyrinth. We have found ourselves wrestling with mounds of raw data, seemingly devoid of any identifiable pattern or purpose. However, would it astound you to learn that the global Big Data and Analytics market is worth an […]

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Global Small Business Statistics

Miral NassarMiral Nassar // 24th February 2024

Global small businesses play a crucial role in the global economy, with millions of entrepreneurs worldwide driving innovation, creating jobs, and fueling economic growth. Delving into the latest global small business statistics is essential to understand this vital sector better. This comprehensive overview will explore key trends, challenges, and opportunities facing global small businesses, shedding […]

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US Businesses: The Story Behind its Statistics

Miral NassarMiral Nassar // 24th February 2024

America’s economic powerhouse roars with statistics: millions of US businesses, trillions in revenue, and countless jobs created. But behind these cold figures lies a vibrant tapestry woven from individuals’ dreams, struggles, and triumphs. This article embarks on a journey beyond the numbers, delving into the human stories that shape the US business landscape. We’ll meet […]

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Efficient and Easy Ways To Start An Accounting Business From Home

Sara LynchSara Lynch // 23rd February 2024

Starting an accounting business from home has never been more feasible. Thanks to advancements in technology and a growing acceptance of remote work, launching your own home-based accounting firm can be both a rewarding and profitable venture. 

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Social Media Sales Stats: Explode Your Sales & Outsmart the Curve!

Esraa MahmoudEsraa Mahmoud // 23rd February 2024

Feeling frustrated that your social media presence isn’t lighting up the sales leaderboard? You’re pouring your heart and soul into crafting stunning posts, running captivating ads, and engaging with your audience, but the numbers just aren’t singing the sweet melody of success. Sound familiar? You’re not alone. Countless businesses are drowning in a sea of […]

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Understanding The Minority-Owned Business Statistics in the UK!

Esraa MahmoudEsraa Mahmoud // 22nd February 2024

While the UK boasts a diverse population, representation in the entrepreneurial landscape hasn’t always reflected this. However, recent years have seen growth in the number of minority-owned businesses, contributing significantly to the economy and showcasing their potential. In recent years, there has been a growing emphasis on diversity, equity, and inclusion (DEI) within the business […]

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Golf Business Statistics and Impact on Business

Miral NassarMiral Nassar // 25th February 2024

The golf business is experiencing a significant boom, with statistics revealing impressive growth in recent years. This phenomenon has been fueled by various factors, including changing demographics and an increased interest in recreational activities. This article will explore the latest statistics showcasing the industry’s growth, its impact on businesses, and the demographics driving this trend. […]

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Sustainable Psychological Contract and Organisational Life

Panseih GharibPanseih Gharib // 18th February 2024

As organisations aim to understand and improve the dynamics of the employment relationship, the concept of psychological contract plays a crucial role. The psychological contract is based on the mutual expectations and obligations between employees and the organisation, shaping their working relationship. In this article, we will explore the effect of the psychological contract on […]

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A Data-Driven Guide to Knowledge Management Statistics

Maha YassinMaha Yassin // 23rd February 2024

In today’s dynamic business landscape, knowledge is power. Organisations are increasingly recognising the strategic importance of effectively capturing, sharing, and utilising the collective expertise of their workforce. This is where knowledge management (KM) comes into play. KM encompasses a range of practices and technologies aimed at creating, disseminating, and leveraging organisational knowledge to achieve strategic […]

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Copyright vs Trademark: The Crucial Differences Every Creator Needs to Know in 2024

ProfileTreeProfileTree // 18th February 2024

Copyright covers intellectual property and artistic works. Image credit: AmazonAWS

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The Complete Guide to Product Management: Roles, Responsibilities, Skills and Methodologies for 2024

ProfileTreeProfileTree // 18th February 2024

Product management is managing people and resources to achieve the best possible results. Image credit: Miro.medium.com

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How Government Business Statistics Can Help Your Business Thrive in 2024?

Esraa MahmoudEsraa Mahmoud // 24th February 2024

In today’s fast-paced business world, access to reliable information is crucial. While news headlines scream opinions and pundits spin narratives, there’s often a silent majority: government business statistics. These data gems, collected and published by official agencies, hold the key to valuable insights that can empower your business decisions. These meticulously collected and analysed datasets […]

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Beyond the Charts: Unveiling the Power of Business Intelligence Statistics

Esraa MahmoudEsraa Mahmoud // 18th February 2024

Every world has its hero, and in the business world, that hero is Business Intelligence (BI)! Think of it as your personal data decoder, transforming raw numbers into actionable insights that illuminate your path forward. Forget feeling overwhelmed—imagine wielding data as a strategic weapon, transforming numbers into actionable insights that propel your business forward. This […]

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Product Placement – The Essential Guide to Embedding Brands in Entertainment in 2024

ProfileTreeProfileTree // 4th March 2024

Years and years of direct advertising and sales pitches have deterred viewers from anything labelled “Ad.” In the skip-ad era, marketers have devised non-traditional ways of promoting products and brands. Product placement can be the answer to this. Ways that viewers will not want to run away from. One popular way is, of course, content […]

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Free Product Testing – The Essential Guide to Test Your Way to Success in 2024

ProfileTreeProfileTree // 15th February 2024

Product testing can happen at several different stages. Image credit: Twentify

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Business Strategy Insight

To be able to set up, develop and grow a successful business, regardless of the industry ─ a good business strategy is vital. Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy. Most businesses start small and stay there.

But if that’s not good enough for you — or if you recognize that staying small doesn’t necessarily guarantee your business’s survival — there are examples of companies out there that have successfully made the transition from start-up to small business to fully-thriving large business. Coming to the realisation that your organisation needs one is easy. However, creating an actual strategy is a little trickier.

While it may sound a bit daunting, iterating like this actually makes strategy easier. It will save you from endless visioning exercises, misdirected SWOT (the Strengths, Weaknesses, Opportunities, and Threats) analyses, and lots of heroically uninformed big thinking. Crafting your strategy in relatively small and concrete chunks and honing the answers to the five questions through iteration will get you a better strategy, with much less pain and wasted time.

Questions to ask when building a business strategy:

  • Why are you here?
  • What is your USP (Unique Selling Proposition)?
  • Who is your perfect customer?
  • Why buy from you?
  • What is your go-to marketing strategy?
  • Who are you focusing on?
  • What is your pricing?

In follow-up meetings to discuss your progress, it’s also important to revisit your action plan regularly and to continually update it. Allowing your action plan to be surpassed by developments in your company is a sure way for it to go above and beyond.