Written by: Stefanie Magness, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
As an entrepreneur, you need to understand the difference between offense and defense. Offense moves your business forward by growing your market share and increasing revenue. Defense is focused on maintaining your present position in the market and keeping potential threats at bay.
So, which strategy is better for entrepreneurs? The answer is it depends on the circumstances of your business. If your business is in a growth phase and you have the resources to expand, then an offensive strategy may be the right choice. However, if your business is facing financial difficulties or market saturation, a defensive strategy may be more appropriate.
One strategy that can be useful for entrepreneurs is to have both offensive and defensive strategies in place. By implementing a balanced approach, entrepreneurs can take advantage of new opportunities while also protecting their current assets. This can include investing in new products or services while also cutting costs or expanding into new markets while also maintaining relationships with existing customers.
Entrepreneurs also need to be aware of the external environment and adapt their strategies accordingly. For example, during an economic downturn, a defensive strategy may be more appropriate, while during an economic boom, an offensive strategy may be more appropriate.
It is critical to be alert to opportunities on the offensive, but that doesn't mean you can abandon a defensive strategy. By having a good sense of the parameters in place around your current business and having a way to respond effectively, you can achieve long-term success. This requires that we always be aware of our surroundings, for no one ever stops playing offense or defense in business.
Stefanie Magness, Executive Contributor Brainz Magazine
Stefanie Magness is a Legal & Tax Analyst and Business Consultant, Author of Business Hacks…60 Tools for Success, and the LLC Owner’s Manual. Her passion is to help entrepreneurs launch their businesses from the ground up with an emphasis on protection and planning. Stefanie inspires business owners to take action and cover all the bases. She is here to help you succeed, 100% legit, without cutting corners, and without skimping on what's needed! Stefanie will help you go from dreaming to doing. With her business Legit My Biz and television network, LegitTV™, she helps entrepreneurs learn what they need to know to protect themselves from the IRS, State, and other Government Agencies without getting burned by their questions and paper trail.
