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  • Writer's picturePatricia Peprah

Joseph's Strategy for Business Success

Joseph is an interesting Bible character, known for being able to think strategically and handle challenging situations. Jacob describes him as his favorite son, yet his brothers sold him into slavery in Egypt. He did not yield to temptation but instead built trust, identified opportunities even in prison, and rose to power in Egypt through the relationships he established to become Pharaoh's top advisor. Through strategic thinking, he saves many lives and cements his place in history as one of the most brilliant strategists in the Bible. (Details of this story can be found in Genesis 37-47).

Applying Joseph's Strategy to business operations, particularly in identifying opportunities, building strong relationships, and managing business risk, can lead to success.

Identifying Business Opportunities

Joseph quickly saw the opportunities around him, even as an enslaved person. In business, spotting opportunities and moving swiftly on them will give you an advantage over your competitors. Changes in the market, technological improvements, or a shift in customer behaviour can bring about new opportunities. To help your business spot opportunities, create a system that will help you keep up with industry trends, generate customer feedback, and analyze your competitors.

Make it a habit to read industry publications, attend conferences and events, and network with experts in your field. Watch for new technologies that could help you improve your business processes. You can see opportunities that others might have missed by staying ahead of the game.

Building Strong Business Relationships

Joseph was good at building relationships with the people around him, even in prison. Building solid relationships with your business stakeholders is crucial to running a successful business in the 21st century. Strong relationships can help you gain trust, build your reputation, and create a support network that can help you reach your goals. To do this, be clear and concise in your dealings with people, talk to them in a manner that will project the image of your business and listen when they have to speak to you. Also, ensure you always respond to emails, phone calls, and other forms of communication. When there is the need to do follow-ups, do so promptly. Make sure you keep your promises, meet your deadlines, and do what you said you would do. If you can't keep a promise, be up-front and honest about it and try to find a solution. This will make you trustworthy and help you build trust with the people who matter to your business. Take the time to thank people for their help. Small things like sending a thank-you note or a small gift can go a long way toward building strong business relationships. Look for ways to collaborate and be transparent in your dealings. Be polite, kind, and professional with everyone you meet. By focusing on these critical areas, you can build trust, establish credibility, and create a network of support that can help you reach your business goals.

Managing Risk

Risk is inherent in every business, and how we handle that is essential to success. Joseph knew there would be seven years of abundance, then seven years of famine, so he saved grain during those years of abundance to prepare for the famine. Knowing the risks that come with a business, a project, or an investment and putting plans in place to mitigate those risks can lead to business success.

The first step in reducing risks is to identify the potential risk areas. Analyze your business's processes, operations, and resources to find places where risks could happen, analyze how each could affect your business, and then plan how to deal with it. This plan should have preventive steps and corrective measures.

Consider diversifying your investments. Don't depend too much on a single product, service, or customer. The higher the returns, the higher the risk, so balance this with lower-risk investments, products and services. That way, you can easily survive on the other when something happens. Insurance policies are also great cushioning businesses; consider buying covers for potential risks, like Liability insurance or Business Interruption cover.

Strengthen your internal processes with control systems to reduce risks like fraud, theft, and other internal threats. Internal control systems like inventory tracking and financial reporting are a great way to start. Keep financial reserves for unexpected situations. This will help you keep your business going even when things are hard.

The effectiveness of a strategy depends on factors such as the type of industry you operate in, market conditions, competition and the resources available; however, Joseph's Strategy is essential for every business because it hinges on sound relationship management. By consistently applying them, you will develop competencies to position your business for sustainable competitive advantage.


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