Bilal Basrai and 4 Common Business Strategies

As Bilal Basrai can tell his clients, a business is only as profitable as the strategy that it uses to build and maintain customers. Here he explains the four most common business strategies that are employed today.

• Product differentiation is one of the most successful strategic keys to business profitability. When a business offers products and services that are unique, they have a better chance of creating their own niche market that is not hampered by the doings of their competitors. Even in industries where many competitors already exist, it is possible to become unique and therefore more desirable. A business that strives to differentiate themselves from all others uses marketing, product development, and research strategies that are meant to meet those ends.
• Pricing strategies are important when seeking to become successful in any market. There are two specific pricing strategies that a business may employ, depending upon their type of product and target audience. The first strategy is to price their product very high, thus creating a greater demand and an air of exclusivity. High priced items become fashionable and consumers wish to own these products as a way of keeping up appearances. The alternative is for a business to price their product competitively low. This often leads to a price war between many suppliers which benefits the consumer.
• Many businesses find the strategy of market cornering to be highly productive. In these scenarios, mergers and acquisitions are common, as well as corporate takeovers. This strategy finds one business buying out or taking over a complete market, which lessens the number of competitors in their industry. Cornering a market is especially wise when starting a business in a fledgling field. A business that can set the standards for a monopoly in one arena at the onset of production fares well.
• The final business strategy that is possibly the most important in this century is that of building a technological advantage. Any business that can outpace competitors in the technological realm has a greater chance of maintaining and building further wealth. Creating a technological advantage includes actual physical technology as well as employees who are suited to advancing the company and its goals. Those workers and their ideas, the intellectual potential they offer, is an area that is more than worth growing and nurturing. Bilal Basrai teaches these business strategies to his many clients in Chicago.

Bilal Basrai on Surviving a Merger

Bilal Basrai and his fellow advisers in Chicago know that a downturn in the economy is the first sign of an uptick in corporate mergers. During a merger and/or acquisition, the company which is doing the buying or taking over stands to profit, while the lesser or smaller business is poised to suffer from the fallout. Unfortunately, that company being bought and restructured into the greater fold has an untold number of employees who will also have to contend with the aftermath of the positional changes. Employees who are anticipating having to deal with a merger or acquisition can weather the storm by following these tips.

• Employees should make a point to hope for the best but expect the worst. Of course, the worst case scenario in these situations is that the employee is deemed unnecessary and terminated without any form of severance pay. This termination can also come with very little warning. While this scenario is not as common as one would think, it should still be planned for to prevent future financial stress.
• It is important during a corporate merger that employees maintain their confidence and continue to show their value. The new business owner will be more likely to promote from within if they see that their newly acquired staff adds value to the company. Show an interest in the direction the new conglomerate will take and ask questions that are appropriate. This is also a good time for the employee to gather any and all documentation that proves their ability to cut costs or improve productivity.
• The employee of an acquired company should prepare an elevator pitch, a task that professional Bilal Basrai is able to help with in Chicago. This pitch will give the new employer the incentive to retain their services.