Starting a business and flourishing is a tough task. Many tips and tricks need to be mastered to get profits. Let us first understand the difference between tactics and strategies. The major one is a strategy which defines what is to be done, but tactics explain how to do it. Tactics are formulated by middle-level management and strategy by top level management. A strategy is a bigger picture and tactics are used to deal with present situations. Tactics generally support the strategy. The goal can be achieved by tactics while strategy paves the way towards the goal.
The most important and useful bullet points that form the tactics to achieve strategic goals are:
With ever-growing technology, industry demands more user-friendly and easy to use products. The scenario keeps changing as there is a stiff competition between the companies. Let us take the example of Microsoft and Apple companies. Both are in neck to neck competition but have achieved their goals through excellent tactics and strategies. Apple owns its own software, and it is licensed. Apple manufactures its own phones and computers. Microsoft manufactures its software and then puts it for sale so that people can use the software on their personal computers. So, even though their fields are same, due to their different tactics and strategies, they are corporate giants.
Many people have a wrong opinion that if the prices are low, then the quality is also low and vice versa. Even going for low priced goods during discount sales is not a good option. Reduction of prices by the companies to attract buyers is not definitely a safe and good option as it might hamper the reputation of the companies. Apple Company always maintains its high prices as they have a firm belief in their products and they also get sold like hot cakes. The techniques depend on the class of the people, region, the value of the currency, etc. Nowadays many companies offer low EMI rates, reduce late payment fee and introduce various financing offers.
Let us again consider the companies Apple and Microsoft. Let us see what products they are reputed for.
iPods and pads
Certain people have certain tastes, and companies need to focus on them. Advertising in a creative way which plays a significant role in drawing customers. Acquiring other companies or collaborating with them always increases brand value. Promotional drives or events lure the consumers in a good way as there is a benefit for them as well as the companies.
The basic aim of operations is to reduce the costs for production and so, obviously, profits will be increased. Let us see some of the tactical strategies below.
Resorting to less expensive means.
Monitoring working hours.
Purchasing reliable and latest technological machinery.
Establishing factories/ outlets closer to the people.
Using enterprise resource planning software.
Spending more on automation rather than people.
Using leased employees and machinery.
In running and maintaining huge companies, funds may have to be mobilized suddenly without prior notice. This is when reputation comes into play. One must always be prepared for emergency situations. Companies can be made public; investors can be invited, borrowing without extra payments for assets, payroll financing, etc. can be done in inevitable circumstances.