For any business, and particularly in technological based companies, there are many challenges it has to negotiate. More specifically, there are five core forces that threaten the business itself; threat of new entrants, and substitutes, the power of the buyers, of suppliers and competition from other businesses. It’s very important that any business takes these threats seriously as they can greatly affect the performance of the business. In this paper, I analyze the core focus of my business strategy.
As a technological company, the challenges are very many. This is because all the above forces will put a lot of pressure on my business. The world is experiencing a very fast technological shift. To keep up with this pace and to ensure that the business is protected against the forces, I’ll employ a technology savvy staff. This simply means that my business will strive to stay up to date with the latest technological advancements. The business will subscribe to technological newsletters and all forms of media and the internet to be aware of the latest trends. We will then analyze any advancement and research how we can incorporate it into the business. This will enable my business to keep up with technology. In many cases, a new technology makes work easier. This suggests that the business will be efficient. As a result, customers will be retained, we’ll be ahead of the competitors and new entrants won’t bother us. Keeping up with technology and incorporating the same will be my primary focus.
There are many external factors that affect business yet they cannot be controlled. These factors may be political, social and economical. Therefore, there’s nothing much my business will do with regard to those factors; they are outside our control. However, we can control the effect of technology, being a technology based business ourselves. Building a niche in the market as perennial trend setters in the business world will be the ultimate goal of my business.