What is Your Strategy?
I recently came across a great article in the Harvard Business Review entitled, ‘Can You Say What Your Strategy Is?’ by David Collins and Michael Rukstad. Not only can’t most of us say what our strategy is, most would struggle to define the word. The authors discuss three elements of strategy: Objectives, Scope, and Means.
Your sweet spot is where your capabilities overlap with your customer needs in a way that your competitors cannot meet them.
Can you state your strategy in terms of objectives, scope, and means?
Use the following questions to help clarify your strategy:
- What and where do you want to be in 2 - 3 years?
- What does success look like?
- What are the characteristics of your best customers?
- What do you deliver that is hardest for your competitors to match?
- What are the boundaries of your business?
- What is your value proposition?
- What unique combination of activities allows your firm alone to deliver your value proposition?
- What are your best at?
Then write down your strategy on a single page and leave it on your desk so that it can influence every decision you make.