Businesses are encouraged to adopt the Blue Ocean Strategy at an early age to minimise competition and achieve continuous success, a top executive at a global consultancy firm said recently.
The Blue Ocean Strategy is a business strategy which involves creating a new market space and demand to move away from competition – a useful tool for companies to increase efficiency and profitability.
“It is a very demand-based strategy that allows businesses to think systematically through (the business). It is useful and relevant till today as competition is getting stiffer due to technology and know-how,” said Chief Executive Officer (CEO) of UCSI Consulting Group Raj Kumar told The Bruneian.
The strategy helps give entrepreneurs effective business directions to stay on the right track, he said.
“So why not be successful from the start instead of going through hassle,” said Raj.
The business strategist, who facilitated a workshop at the recent Asia Inc Forum’s Local Business Development Program 2018, said such strategy is an inclusive process that should be practiced across an organisation regardless the business size.
“It is not just for CEOs or leaders but we typically recommend from senior to middle management as well as front liners. Most of the time strategies are not executed properly because people are not involved in the formulation,” he added.
He said it is essential for young companies to adopt the strategy as it would help them understand their existing positions and consider their potentials before creating and implementing a strategy.
“Many of us just want to jump the gun and come up with solutions and ideas. Don’t be afraid to analyze a little bit more and give some thoughts to minimize risk and not jeopardize the opportunity of providing something that is better for the market,” said Raj.
The Bruneian | BANDAR SERI BEGAWAN