Operations are one of the most critical tasks in a business. If done accurately, you're looking at a thriving business. However, if done incorrectly, your company could suffer.
Businesses that once required storefronts and extensive capital investments can now function from a bedroom, all thanks to the internet.
The internet has allowed thousands of companies to operate successfully by connecting to various online resources.
Do you want to learn a new skill and take care of business operations yourself (DIY)? No worries. There are plenty of resources, both free and paid, available online. Perhaps you wish to outsource (DFY) or consult (DWY)? Again, no worries. It is possible to connect with many experienced professionals online to assist you with your work or consult with them.
This article aims to examine various strategies used by business owners to run their companies. We will discuss DIY, DWY, and DFY strategies and determine which is best for your business.
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Before we do that, let's look at a few factors to determine which of these strategies is the best.
Factors affecting Business Strategies
- Time required to complete the assigned tasks.
- The complexity involved in the process.
- The money you can afford for the functions.
- Willingness to learn how to accomplish the tasks
- Importance of a task to the overall operation
Considering these factors, you might determine which strategy will work best for your business: DIY, DFY, or DWY. Now, let's jump right to it and look at all these strategies.
Do It Yourself (DIY)
Doing things yourself is one of the most cost-effective and challenging methods of accomplishing tasks.
The idea behind the DIY strategy is about taking control of your business operations by doing it yourself.
For instance, if you're looking to create a content marketing strategy for your business all by yourself, you'll look into all the aspects of content marketing, from planning to designing to publishing the content.
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Using the DIY method involves trading time for money, and it requires a significant time commitment since it requires extensive research. However, the good thing about DIY is that rather than paying professionals, businesses can create customized messages that match their business objectives.
Using the DIY strategy, you demonstrate that you're a quick learner willing to learn the complexities of a task to save money.
The DIY strategy works best for businesses just starting and looking to save money.
The done-for-you (DFY) strategy involves the exchange of a service for money.
In a DFY strategy, you exchange time for money as a business owner. Consequently, this strategy frees up your time so that you can concentrate on other essential business functions. It involves outsourcing or delegating a project or task to a third party- an agency or a freelancer. For instance, if we're talking about content marketing for business, you can completely outsource things like content strategy, search engine optimization, content distribution, and more.
The internet has made it easier than ever to outsource operations to experts. There are so many platforms on which you can find experts after seeing their work. These experienced professionals can provide customized services to meet the specific needs of each business.
While the DFY strategy saves business owners time, it is one of the most expensive options. Still, the done for you strategy is beneficial because, as a business, you don't want to waste time on tasks that you can easily outsource. And when we say that time saved is equivalent to money earned, outsourcing helps you achieve that objective.
The DFY strategy is most effective for businesses looking to save time on specific functions and not mind spending money on expert services.
Done With You (DWY)
DWY strategy involves you working with an expert to develop the best plan for your company. Instead of having to do everything yourself, you receive help from an experienced professional in the form of consultations and mentorship. It is an upgrade to DIY strategy and lies between DIY and DFY strategies.
DWY allows you to learn from the experience and insights of a professional. It is like having someone walk you through your business while holding your hand.
A DWY strategy is a pretty standard practice for businesses to follow. An experienced professional, such as a content marketer, can work with you to design a system that will best fit your business.
Although the DWY strategy is expensive, it is cheaper than the DFY strategy. Furthermore, when using the DWY approach, you save more time than the DIY approach. But as a business owner, you still have to put in lots of effort.
Businesses that want to take advantage of the expertise of professionals to scale their business are best suited to the DWY strategy.
Businesses use these three strategies to run their operations. As we have progressed through the three strategies, we aim to optimize the systems to save time and money.
The earlier strategies involved investment in either time or money from the business. But those strategies weren't quite optimal if you're looking to put your business in an auto-drive state. If you wish to scale your business further, you need to create a digital ecosystem for doing things passively.
The following strategy helps business owners achieve time freedom and save money on all fronts.
Creating a Digital Ecosystem
It involves creating a system in which all the tasks are automated and don't require you to be present all the time.
The key to establishing a digital ecosystem is to automate business operations, including email marketing systems, funnels for generating and converting leads, content generation & publishing, etc.
There are so many online tools at your disposal that can help you automate your business tasks. You can, for instance, create a system where you can nurture prospects with emails while you sleep.
While this phase is one of the most challenging, it is also one of the most rewarding. But all companies cannot build a digital ecosystem for their business.
Unless you are already doing the other tasks yourself, you may want to look at automating possible tasks or simply outsourcing them. It all depends on the time and money you're looking to invest.
Every business goes through different phases as it grows. Due to a lack of funds, new startups often employ a DIY (Do it Yourself) strategy for their business operations. Companies can use AI writers to create relevant content with a button click for their businesses.
As the business grows, the owner begins to examine tradeoffs and realizes that hiring an expert is the best option. Using a consultant or outsourcing specific tasks is one way to achieve this. When we talk about tradeoffs, our goal is to optimize our resources, time, and money.
Businesses gain maximum profits when they put in the slightest effort to earn the most money. Creating an ecosystem that automates business operations can help achieve this.