What is a strategy?
When I ask this question, I often hear something along the lines of it being a plan to get from point A to point B.
However, this definition falls short on a number of levels.
A strategy is so much more than a plan. It is about differentiation, and about how you position yourself in the market.
It resonates from the very core of what your business is and what it really stands for.
A more fitting definition I came across recently is that a strategy is what you are trying to win at to fulfil your purpose.
A good strategy answers 5 basic yet fundamental questions about your business.
What do you offer?
What is your product, service, etc.
Who do you offer it to?
Who are your customers?
Where do you offer it?
I.e which geographic locations, markets, etc.
How do you meet the needs and wants of your customers?
Think about logistics. How will you actually deliver your products or services?
How does your offering differentiate itself from your competitors?
What can you offer that your competitors can’t, but is of value to your customers?
As you can see, they are quite simple questions.
But, they are questions that a lot of businesses never take the time to sit down and really answer.
The thing is, once you do, you’ll soon find that each one can open up a whole Pandora’s box of further questions and opportunities – which is a good thing – because this means that as you drill down further and work through everything, you are refining your strategy further and further.
It’s a well-known fact that a solid, clear and well thought out strategy has formed the backbone of many a successful business.
So, ask yourself honestly is your current strategy really fulfilling your purpose in every way? Is it creating a unique and winning position in the market?
If your answer is no, maybe or even not sure, then you know what you need to be doing.
I always love to receive feedback (positive or constructive) on this or any of my posts. Feel free to contact me at any time.