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    Business Strategy with Hirav Shah                                        JUNE 27, 2025     |  The Indian Eye 42

                WHAT IS BUSINESS STRATEGY?

                        A COMPLETE GUIDE FOR ENTREPRENEURS

                       HIRAV SHAH

                  t its core, business strategy is
                  a blueprint for success. It de-
            Afines your long-term goals, how
            you’ll compete in the market, and what
            actions you need to take to get there
                Think of it this way: If your busi-  A strategy that worked five years ago may not work today. Many businesses fail because they ignore market shifts and emerging technologies
            ness were a car, your strategy would be
            the GPS navigation system—guiding   sources on things that don’t matter.
            you from where you are now to where   You constantly change directions,   2. Trying to Serve Everyone  How to Develop a Winning Business
            you want to be.                                                                                       Strategy
                                                confusing your team and customers.   ot everyone is your customer.   Now that you understand the fundamen-
            Key Components of Business Strategy:  You struggle to differentiate your- NBusinesses that fail to niche down   tals, let’s build your strategy step by step:
                                                self from competitors.
            • Vision & Mission: Where do you see   But with the right strategy:   and define their ideal audience end up   Step 1: Define Your Vision & Goals
                                                                                stretching themselves too thin.
              your business in the next 5–10 years?   • You  make  smarter  deci-   Example: If a luxury brand sud-  • Write down where you see your
              What  problem  are  you  solving?                                                                     business in 3, 5, and 10 years.
            • Competitive  Advantage:  What     sions  and  prioritize  effectively.  denly starts selling cheap, mass-mar-  Step 2: Research Your Market & Compe-
                                                                                ket products, it loses its exclusivity
                                                You attract the right custom-
              makes your business unique? Why   ers  who  align  with  your  brand.  and confuses its customers.  tition
              should customers choose you over   You build a scalable business model   My Advice: “You can’t please ev-  • Conduct competitor analysis and
              competitors?                                                                                          identify gaps in the market.
                                                that grows predictably.
                                                                                eryone—focus on the right customers
            • Market Positioning: Who is your   • My Advice: “Success in business  and serve them better than anyone else.”  Step 3: Identify Your Competitive Advantage
              target audience? What’s your pric-  isn’t  about  working  harder—it’s                              • Find what makes your business
              ing strategy?                                                     3. Ignoring Market Trends           unique and irreplaceable.
            • Execution Plan: What steps will you   about working smarter. A solid   strategy that worked five years ago   Step 4: Develop an Execution Plan
                                                strategy helps you do just that.”
              take  to  achieve  growth?  How  will                             A  may not work today. Many busi-  • Outline specific steps, from market-
              you measure success?            Common Business Strategy Mistakes  nesses fail because they ignore mar-  ing to product development.
            • Example: Apple’s business strate-  to Avoid                       ket shifts and emerging technologies.  Step 5: Measure & Adjust as You Grow
              gy focuses on innovation, premium   Entrepreneurs  often  make  avoidable  • Example: Blockbuster stuck to its   • Track key performance indicators
              branding, and seamless user expe-  mistakes when developing a business   traditional rental model, while Net-  (KPIs) and optimize your strategy.
              rience. Every decision—from prod-  strategy. Here  are  the  most  common   flix adapted to streaming and domi-  • My Advice: “A great business strat-
              uct design to marketing—is aligned   ones:                          nated the industry.               egy isn’t about predicting the fu-
              with this core strategy.                                                                              ture—it’s about preparing for it.”
            • My Advice: “A business without   1. Lack of Clear Direction       • My Advice: “Business is like surf-
                                                                                  ing—you need to ride the waves of
              strategy is like a ship without a com-  f you don’t know where you’re go-  change or risk sinking.”  Conclusion: Strategy is the Key to
              pass—it may move, but it will never   Iing, how will you get there? A vague                         Long-Term Success
              reach its true destination.”                                      4. Failing to Measure Performance  • If you want to thrive, not just survive,
                                              or undefined strategy leads to confu-                                 invest in a well-thought-out strategy.
            Why is Business Strategy Crucial for   sion and wasted resources.       strategy without performance   • Every decision, from marketing to
            Entrepreneurs?                    • Ask Yourself: Can I define my busi- A  tracking  is  like  flying  blind.  You   hiring, should align with your long-
                                                ness’s long-term vision in one sen-  need clear KPIs (Key Performance In-
              magine building a house without a   tence?                        dicators) to measure success.       term vision.
            Iblueprint. You lay bricks randomly,  • Do my employees and stakeholders  • Ask Yourself: Do I have a way to   • Your  strategy  should  be  flexible,
                                                                                                                    adaptable, and backed by data.
            hoping they’ll form a solid structure.   understand our strategy?     measure my business’s progress?
            The  result?  A  weak  foundation  that  • My Advice: “A clear vision  • Am I making data-driven decisions?  The writer is a well known Business
            collapses under pressure.           eliminates  confusion.  When    • My Advice: “What gets measured   Turnaround Specialist, Astro Strategist,
            • Business is the same. Without a   you   know   your   ‘why,’  ev-   gets improved. Track, analyze, and     and BestSelling Author.
              strategy:  You waste time and re-  ery  decision  becomes  easier.”  optimize—success is a process.”     Business@hiravshah.com

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