Complexity theory – theory in which complex systems operate based on a hidden order of behavior.
When applied to business, the complexity theory focuses on the company resembling an ecosystem or market rather than a mechanical system with planned parts and functions.
Business owners apply the complexity theory to business strategy to cover all the bases when it comes to a successful venture into a new start-up or growing a small company. Since this can be a daunting task, it is important to understand that creating and following a complexity theory will help you achieve success. When it comes to strategy, high-performance companies dominate the industry segment they’re in by adhering to the following ideals.
1. Experimentation
Knowing what works as well as what doesn’t work is exceedingly vital. Taking measured risks to collect data in regards to what works and what doesn’t is a great way to create an ever-changing business plan that evolves with the given customer base.
2. Consistency
Having a consistent product or service is a great way to create a loyal customer base. Focus on a specific product people respond well to and see the possibility for growth in that designated area.
3. Standardization/Purpose
Having a Code of Conduct for both employees and employers will inherently create a standardized purpose. Your purpose will then become visible to customers which increases the likelihood of their return.
4. Protecting Intellectual Property
Any and all original trade secrets must be registered, patented, or copyrighted to protect your intellectual property. These rights result in you being the sole distributor of a trademark or original idea.
5. Diverse Marketing Plan
Don’t underestimate the power of telemarketing/cold calling. This can be a real cost-cutter when it comes to creating a customer base as all it requires is a working phone, and access to the internet. Offer incentives for people to purchase your product or service by giving them a discount promo code that they can use at the time of their visit. Standard marketing options are vital; however, it is important to consider non-conventional options as well as social media.
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