MY HOT TAKE: Avoid mediocrity with a good strategy to guide your business.
The majority of business owners believe they have a good company, this is the ‘owner’s dilemma’ as few will acknowledge their business has flaws, some serious.
The irony is that is these ‘flawed’ companies have more potential than good ones!
As a business owner are you confident enough to acknowledge areas where you know your business is weak and address these, then actively seek out the areas that are hidden from you? The reality is very few companies function flawlessly as few business owners know what ‘good’ looks like.
Most business owners believe their company is in good shape overall. They have a product that sells, a team of experts within the business, and are working to a plan ‘of sorts’. Yet this was the attitude within the boards of Kodak, Blockbusters Video, Borders Books, Woolworths, Blackberry, Arcadia Group and, more recently, practically every global airline!
There is a disconnect between having a deep relationship with your company and having a deep understanding of it and the market in which you sit. To uncover the vulnerabilities in a company, especially the unseen deeper issues that could prove to be fatal, owners need to work from a strategy that is fit for purpose and relevant to the current time frame. The single biggest flaw that companies make is a failure to map out (in terms of a customer journey) the strengths and weaknesses of their products and markets, and also an in-depth analysis of their competitors’ strengths and weaknesses. This is also the single factor that makes the great companies even greater.
The simple fact is – you don’t know what good looks like in the absence of a strategy guiding you. To say otherwise is to admit you are happy with mediocrity.
A strategy can be simple and de-risk your decision making, it can be comprehensive and take you into new markets or territories, or it can make a success of a new product launch.
Now look at your company and ask yourself this. “Where can we get better”.