“Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.” Michael Porter
What is your strategy for sustainable success?
Back to Basics #1 “Start with Why” (Simon Sinek)
Back to Basics #2 “Get the right people on the bus” (Jim Collins)
Back to Basics #3 “Determine your strategy” (Michael Porter)
Do you know your “Why”, the mission and vision of your company? If you don’t how will you know who to get on the bus with you? If you don’t know your “Why” how can you determine your strategy for success? If you haven’t taken time to discover your “Why” we need to talk. AND there’s a book you need to get, “Find Your Why”
Determining your strategy comes after “Why”. For those who have their mission and vision in place the next business basic is “Strategy”.
Strategy consists of 3 component parts:
- Knowing what you will do
- Knowing what you will not do
- How you will establish competitive advantage over your competition
Your strategy is how you use your available resources in the most efficient way to serve your customer in a way that exceeds their expectations and surpasses what your competition does. Have you taken time to think through your strategy?
A friend purchased a franchise only to discover to his horror that the entire marketing plan was based on the owner going door to door handing out samples. Now the problem wasn’t that this was ineffective. The problem was he hated having people interrupt his day with their samples. There was no way he was going to become someone else’s interruption. He tried hiring someone part-time, but by then it was too late to turn the business into a profit making venture.
Likewise, someone else I met was “too busy” to determine her strategy. She got caught up in trying to be all things to all people. A solopreneur, she disintegrated into the proverbial “chicken with its head cut off”, running all over scattering her energies until she had none left.
Another business owner I know has gotten very clear on what his competitive advantage is. He is about teaching, consulting, and working with small business owners who own restaurants. He is honing his practice, focusing his energy, and making a profit. Another in his field wants to be expert in every area, offering to service anyone who will buy his time. Problem is what he offers requires industry specific knowledge….knowledge he don’t have.
So, if you haven’t determined your strategy here are some questions to ponder:
- Who do you want to serve?
- What are you going to provide them?
- Who are you not going to go after as clientele?
- What are you not going to provide?
- How are you going to make what you offer stand out from the crowd?
Don’t know? Let’s talk. You can reach me at firstname.lastname@example.org and remember the first coaching session is complimentary – just to make sure we are a good fit; that what I offer is what you’re looking for.
FYI: Michael Porter, born May 23, 1947, American author and professor at Harvard Business School. Author of 18 books, his first “Competitive Strategy…” has been printed over 50 times and translated into 9 languages. In 2000 he was appointed Bishop William Lawrence University Professor at Harvard, the highest honor awarded to Harvard faculty. He also founded three large charities.