How would you define the strategy of your business?
What is your competitive advantage? How do you create a sustainable, differentiated business that can provide more value to your customers in a dynamic and constantly changing market? How do you attract and retain key talent and customers? How do you leverage technology? What are your growth opportunities? What are your risks?
Strategy is frequently discussed and often misunderstood.
Strategy defined: it’s the intentional focus and alignment of your resources (time, people, money, energy, culture, reputation, relationships) to provide optimal value to your ideal customers.
Strategy takes courage and focus to ignore the low level opportunities and pursue the ideal future state of your business.
Mindset and Strategy
Questions to analyze and optimize your strategy:
- How would you describe your ideal future business position (no constraints!), in terms of markets served, products/services offered, locations, revenues, management structure, and business model?
- What results do you provide for your clients and customers and how can you quantify these results? Ask them. Their answers will surprise and fascinate you. Examples include: increased revenue, decreased cost, stronger customer loyalty, higher customer acquisition at lower cost, more operational uptime, etc. Your customers have the answers!
- How can you use this information to create a sustainable, differentiated, competitive advantage?
- How do you continually strengthen your business strategy and competitive position in order to maximize your value to your customers and shareholders?
Strategy is about courage and focus. It’s about being proactive. It’s about asserting your expertise and significant economic value so your customers and prospects seek you out over your competitors. It’s about becoming more valuable to your customers, your employees, and your shareholders.
If you remember anything from this newsletter, I hope it’s this:
Strategy = Courage X Focus
How courageous and focused are you?
If you’d like to discuss how I can help you to dramatically improve your business results by formalizing and implementing powerful strategies, please call me at 1-306-992-6177 or send me an email at [email protected].
Yes, you can achieve dramatic results by being proactive, courageous, and focused.
Next week, we’ll continue on to the second M: Marketing.
Thanks for reading!