What exactly is a business strategy and how can you create a winning strategy for your business?
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Today’s question? How can you create a winning strategy for your business? This is SUCH a relevant topic today because the term “Business Strategy” has become such a buzzword. People throw it around without even having a strategy let alone knowing what one is. If that’s you, you are not alone. According to a 2011 study by Price Waterhouse Coopers, 49%, that’s nearly half of executives, reported that their company had no list of strategic priorities. ALSO, 43% said their company’s strategy didn’t help them stand out from their competitors.
Well, defining a winning business strategy is completely doable for any business of any size in any segment, and if you want to become more competitive, more performant, and increase market share, capturing a winning business strategy is a key step to success. [Re-Hook] Quick reality check: You’re at a networking event meeting new people and in the course of getting to know you, someone asks, “Tell me about your business. What’s your strategy?” Could you answer their question in a powerful, succinct way? Chances are, if the answer is “No,” you have work to do.
So, what is a business strategy? A business strategy can be defined as “a clear understanding of an organization’s unique skills and know-how, its plan to leverage and develop them, and a plan to access a market that wants them.”
So, the first element is the unique skills and know-how of the organization. These are called capabilities. It’s what you do better than anyone else. What is your distinct way of providing value? What is your secret sauce? Second is the plan to leverage and develop these skills. If your business is at the very top of the market, what are you doing to continually sharpen the saw to stay at the top? And if you’re not there, where does your company need to grow in order to take first place? Third comes the plan to access the market that wants what you have by targeting the right audience, communicating the right message, and hitting a high enough volume of sales interactions. Fourth is the decision about what your business will NOT do. Companies that do everything often end up doing nothing well. Being the best usually requires specialization.
So, if you have a business, you owe it to yourself to capture a clear description of your unique value offering, how you’re going to leverage and develop your secret sauce, and how you’re going to access a market that wants what you have. Define your strategy this way so that, when you face a decision, you can ask yourself, “Does this align with our strategy?” And if it doesn’t, you say no and focus on things that do.
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Here’s a quick tweetable to keep these ideas in your head:#BusinessStrategy is knowing key skills and know-how, how to leverage and develop them and access the market that wants them. #swattagefiles
How about you? Can you articulate your business strategy? Take a shot at it and share in the comments below.
Hang tough, keep going, see you next time on “The Swattage Files.” Until then, get work done.