Over 50% of the small business CEO’s that we surveyed in our most recent Growth Strategies Survey have used the “opportunity” posed by the aftermath of the recession to re-evaluate their strategies and their business models – not a surprising finding I imagine for many of you.
Many CEO’s also shared that they now recognize that to truly grow a sustainable business, creating and maintaining a Great Strategy is critical…which is the thinking behind the 4 REASONS that I actively promote “Scaling Up” in the businesses with whom we work.
#1 A Solid Strategy has you saying “NO” more than “YES”
A famous phrase attributed to Jack Welch – it’s the underlying belief that is the foundation for the Rockefeller Habits approach to doing business. (Think about what that might mean to your strategy…what opportunities are you now saying “YES” to that should probably be a “NO”? Which of your prospects should be takenoff of your list?)
#2 – Great Strategy “tools” are embedded in the One Page Plan
Tools like the Hedgehog Concept and Catalytic Mechanisms from Jim Collins’work AND the power of the Inside Advantage from Bob Bloom who helped SouthWest, BMW and Juicy Juice achieve greatness.
#3 – Great Strategy development “processes” help you to determine your differentiators
Processes like the Three Questions that we encourage all companies to ask of their customers, their competitors’ customers and people and businesses not using their services at all –
- What do you value most about what we do (or what we make) and why?
- What’s one thing that you would change about our product and/ or service? How would that help you or what pain would that solve?
- We’re thinking about doing….fill in the blank. What do you think about that?
Take the opportunity in the next 30 days to ask five of your customers those questions. I guarantee you’ll be surprised by some of the answers you get.
#4 – Great Strategy “stories” that illustrate the power of a comprehensive and well thought-through strategy
Stories such as how BuildDirect used the Seven Strata of Strategy to create a game plan that will take them into the Fortune 500 by 2023.
Great stuff for businesses working to achieve excellence – and profits!
With over 30 years of experience, Cheryl Beth partners with small and mid-market CEO’s and C-level executives to create more valuable and sustainable companies. She has led strategic change initiatives, provided business advisory and coaching services to hundreds of small and mid-market companies and focused on providing a return on investment to every CEO with whom she has worked. Questions about how you can scale your business? Connect with Cheryl Beth on LinkedIn and drop her a message, she’s happy to offer some guidance.