Strategy in Business

Want to improve the quality of your business strategy?

Optimizing strategy requires engagement of the right people, focused on the right areas going through the right process to achieve the business outcome desired.

How does a team go about optimizing strategy in business?

Regardless of executive/management teams or even a team of employees, the right process transforms the results produced. You can approach from your customers’ perspective. Which requires deep understanding of what is important to each customer segment. Then you can compare your organization’s value propositions to your competitors’ value propositions.

Strategy In BusinessYour insights become valuable when the strategies are considered from your customers’ perspective. From here, you can consider additional target segments that match well with your value propositions and extend your customer base. Or find new product variations to out wit your competitors.

Another way to improve strategy in business focuses on your business model. Business model innovation drives the most profit to the bottom line. For this, your team assembled wants to understand the current business model and explore additional business models. A half cent fee per ton transformed an association into a powerhouse of marketing and learning causing an industry transformation.

Business model optimization considers factors like agreement terms, shipping frequency, access to customized solutions, unique market segmentations, alternative pricing models, and a myriad of opportunities to innovate. Your team assembled must be willing to challenge deeply-entrenched approaches inside your organization. So be prepared to manage some resistance.

Another opportunity to improve your strategy in business focuses on implementation. Too often, the most brilliant business strategies end up wasted by lack of implementation and follow-through. Tracking an agile implementation and updating the leading indicators that shape the implementation can transform your business results.

As always, ideas are great and actions are better. With the pace of change accelerating and entire industries being digitized and demonetized frequently, you want a business strategist and facilitator who can engage your leaders. Engage your leaders in a deep dive discussion of how your organization can lead your industry’s transformation and force your competitors to adapt to your strategy.

Strategy in business is like a bucket of marbles. As the operating strategy of one business changes, the other marbles in the bucket get impacted. Some adapt and some do not. Those who fail to intentionally adapt their strategy lose their competitive position in the industry. You want your team to lead the change and force others to adapt. In other words, you want to force disruption in the industry that drives a competitive advantage for you. Remember to focus your competitive advantage on your most critical customer segments.

Strategy in business can be improved continually by tracking progress. Too often executives set and forget. These leaders reflect once a year or once every few years when recreating their strategic plans. The life of a business strategy has shortened dramatically for the most successful companies. You want to an extremely clear Purpose then be constantly refining your strategies on a monthly or quarterly basis to lead the competitors in your industry.

Competitive advantage can be sustained by unique positions through digital strategy, dominating a supply, embedding links or eliminating competition. All effective strategy development requires attention. This strategy-level attention requires ongoing conversations guided by a committed strategist and facilitator. External facilitators provide a unique set of eyes who have not drunk the same Kool-Aid as your leaders. These strategy facilitators bring insights from other business models and approaches which create counter-points to internal, well-known approaches.

Choose wisely. Your strategy in business determines your results. And everyone is keeping score!

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