How can business strategy mentors help you avoid common pitfalls?

From my experience, I've noticed that CEOs in startups and mid-sized companies often take on multiple roles without considering their capacity. Conducting SWOT analysis and implementing RACI matrices can provide clarity. Lack of execution can lead to wasted opportunities and frustrated stakeholders. A mentor can help set clear action plans, maintain accountability, overcome procrastination, adapt to changes, allocate resources effectively, and celebrate wins. Execution is the bridge between ideas and results. Don't let your business become a graveyard of unfulfilled dreams

In my experience, every CEO and every strategy management team needs learning and un-learning all the time. Teams should have mentors on board, having deep domain expertise and having atleast 10 years experience in any particular industry.

On the aforementioned: As a Business Owner, we frequently recognize the significance of valuing progress over perfection. While crafting a strategy is crucial, dedicating resources, investing in knowledge dissemination, or even hiring can sometimes be sidelined in a fast-paced setting, hindering systematic business growth. Mentors with firsthand experience in the stages you're navigating can offer more lucid insights and direction due to their direct understanding of those phases.

En mi experiencia y opinión, el rol del mentor de estrategia en negocios, debe consolidar 3 dimensiones de abordaje (sea por conocimiento adquirido o bien por la práctica en campo de casos que haya transitado), el conocimiento depurado y claro para acortar el camino en la toma de la decisión correcta en el momento adecuado, el nivel profesional del mentor, consolidando su conocimiento en base a su experiencia, y en tercer lugar contar con aquellas habilidades blandas que permiten la comunicación adecuada, a partir de una escucha activa asertiva. Estos 3 elementos, confluyen para que, delante de cada equipo emprendedor, nos posicionemos como pares, dado que ellos son los empresarios y líderes de sus propios desafíos empresariales.

Often times the strategy fails because it’s not easy to understand and reuse and own. A simple sentence that captures a complex strategy that can easily be retained and repeated is critical. However before jumping into communication mode it’s important to test at all levels if the strategy is endorsed and makes sense to the organization and its key enablers.

Leaders often fall in the trap of Shiny Object Syndrome. A business strategy mentor can keep the leaders accountable and stay focused. If there is shift of focus they can point that out.

Lack of focus can be a death knell for your business. It leads to unfinished projects, missed deadlines, and confusion among your team and customers. To conquer this perilous pitfall, you need a mentor who can help you: 1?? Identify Priorities 2?? Create a Roadmap 3?? Say "No" with Confidence 4?? Delegate Wisely 5?? Regularly Assess Progress 6?? Practice Mindfulness Remember, focus is like a magnifying glass for your efforts – it turns scattered sunlight into a laser beam of productivity. Don't let Pitfall #2 sabotage your journey to success.

One of my clients put this in perspective. He said, "Time was invented so that everything doesn't have to happen at once." I tell this to all of my clients

O primeiro ponto que o mentor pode influenciar é a clareza de se a falta de foco é intencional (múltiplos testes de conceito) ou n?o, e ai sim direcionar seja o líder ou empresa a delimitar com base nos seus objetivos. Cada estágio e momento do mercado pode sim, necessitar de níveis de foco diferentes.

In the startup journey, defining an MVP and hitting the market is make or break. For product startups, especially those not bogged down by heavy regulations, the key is simple: define a go-to-market feature and stick to it. Don't rely solely on friendly feedback; real-life users, unconnected to you, are the true litmus test. Run giveaways for consumer products—the ultimate low-hanging fruit. But here's the truth: Building endless iterations with similar user value only muddles your focus. Avoid the allure of unnecessary complexity. Stay sharp. Stay focused. ???? #StartupWisdom #MVPFocus #MarketReady #SassyStartups

Flexibility in business strategy is akin to the difference between resilience and obsolescence. It means making decisions that prioritize long-term benefits over quick gains. Quantitative data, like a Harvard Business Review study, shows a 20% higher profitability over a decade for companies embracing flexibility. This approach allows adaptation to shifting markets, increases customer satisfaction and is a priority for top-performing firms. In essence, flexibility is a strategic imperative for long-term success, based on my experience.

In a business environment where uncertainties and ambiguities are redefining the parameters of success on daily basis, business strategies should be designed in the most dynamic and adaptive way. I always invite people to look at their strategies as a living organism. A crucial element to that, is being extremely flexible in reformulating the strategy even when you are at full implementation mode. If you feel you are so much invested in a specific part of your plan, to the extent that there is a risk of neglecting evolving signals and shifting trends, seeking help from a strategy mentor can help. A seasoned strategy mentor can help you identify your areas of rigidity, help you overcome them and develop adaptive strategies.

Lack of flexibility can stifle innovation, hinder problem-solving, and alienate your team and customers. It's a one-way ticket to stagnation. To navigate this tricky pitfall, a mentor can be your lifesaver, helping you: 1?? Embrace Change 2?? Stay Informed 3?? Encourage Innovation 4?? Learn from Failure 5?? Seek Feedback 6?? Develop Agile Strategies Flexibility isn't a sign of weakness; it's a sign of resilience and adaptability.

Flexibility doesn't mean change in plan, it is the acceptance of what is right for the growth of your business. No matter where the suggestion coming from. Whenever you realize that something is not going in the right direction, stop that then & there, say NO to move ahead, & accept the fact. Take a step back and look into a broader perspective. Be Flexible to take a step back, Be Flexible to say NO, Be Flexible to accept the fact that you are going wrong. You are a human being you could be wrong even in running your business. Rectify your mistakes no matter when you realize, sometimes you feel that there is no time left to rectify. Remember, it's never too late to rectify any mistake. Be Flexible to do that

The plan never survives contact with the enemy. Many bite-size goals working to a bigger objective allows easier response to change. With a business mentor, they will help you to: - better define objectives - prioritise them - keep you on track

In my experience as a business marketing strategist, I've observed that businesses often know what they want – sales growth, brand positioning, or strategic alignment. The challenge typically lies in the 'how' and the needed resources. This is where collaboration and leveraging others' expertise come into play bridging the gap between intention and effective execution. It's about making your vision a tangible reality.

I have seen in my career how some people are very risk averse and prefer to remain in their comfort zone. When you feel you are not in the right place and your work does not motivate you, it is time for a change. This change won′t be immediate, and will take time and effort to materialize, but when you see an opportunity that is good enough, you should act with courage and try it if you feel your cycle is over. Change is good, you can bring new ideas to another place and your learning curve will be very steep.

Lack of execution can result in wasted opportunities, missed deadlines, and frustrated stakeholders. It's a dream-killer. To escape this perilous pitfall, a mentor can be your driving force, helping you: 1?? Set Clear Action Plans 2?? Accountability 3?? Overcome Procrastination 4?? Adaptability 5?? Resource Allocation 6?? Celebrate Wins - They'll remind you to celebrate milestones and victories along the way, fueling motivation. Execution is the bridge between ideas and results. Don't let your business become a graveyard of unfulfilled dreams.

In my experience of 100's of companies, this is the most common pitfall. Everything looks good on paper. The mission goals and objectives are generally well defined but the execution is dependent on people. Quite off the people who have to deliver are either not totally engaged in the process and/or are potentially out of their depth. Lesson learnt- "the earlier staff are engaged in the strategy development process -the higher the probability of success in the implementation".

Lack of execution leads to lack of results, which is, in fact, one of the biggest impact on employee engagement. Without clear, measurable and achievable KPIS, companies tend not only to move away from their business plan and results, but also to lose their best employees. This is exactly where a business mentor and corporate leaders can play a major role … prioritizing strategic initiatives and allowing the different teams to have the necessary flexibility to make adjustments to keep on track. They may recommend a shift in timing or resources in order to ensure the results.

For the first 9 years of running my business I thought that having a coach/mentor was silly. I figured it's not that complicated I can figure it out by doing and reading. Man, do I regret that line of thinking. There are so many people who have been there before. So many contracts I messed up. People I mistakenly hired or didn't hire. Initiatives I waisted time on. This would not all have been solved with mentor ship, but after having gotten a dedicated coach, it sure has gotten better.

It is clear that one needs the right tools and metrics to measure this aspect. In addition, feedback that is unstructured and provided through dialogue that doesn’t show up on a dashboard is also important. Sometimes intangible feedback in how the leader is perceived and/or the body language and the manner in which certain milestones are communicated can make all the difference. One must find informal means to gather feedback that probes the requisite audiences to be sure to have a clear picture. I have seen green scorecards that fail because of the intangibles we’re not adequately adressed!

Lack of feedback can lead to poor decision-making, subpar products or services, and a disengaged team. It's a recipe for mediocrity. To escape this perilous pitfall, a mentor can be your guiding light, helping you: 1?? Cultivate a Feedback Culture 2?? Actively Seek Input 3?? Listen Actively 4?? Analyze and Adapt 5?? Feedback Loops: Your mentor will help you create feedback loops to ensure continuous improvement. 6?? Feedback as a Gift: They'll instill the mindset that feedback is a gift, not criticism, and is essential for growth. Feedback is the compass that keeps your business heading in the right direction. Don't let your business become an echo chamber.

In my view, a strategy plan implementation which cannot be measured is a waste of resources. Businesses must keep check on the success of implemented plans for an honest evaluation of what works and what should be changed for new plans where necessary. Lack of measurement is like driving without an end destination in mind.

Sometimes managers are so focused on prioritizing their results (completing their own work and putting out fires) that they simple don't have time to give feedback. This is a common yet very important mistake, as without feedback, employees do not have a clear understanding of what they are doing right or wrong, and may continue making the same mistakes over and over again. A business strategy mentor can help not only in the way in which feedback is given (which is also extremely important for the employee’s understanding and engagement), but also to ensure that appropriate process is in place and that meetings on a regularly basis for this type of exchange will happen.

This Prompt lists “5 big pitfalls”, but it omits one of the most important benefits—access to the tested and successful experience of a proven CEO who has already walked the path you’re on. There are aspects of being a CEO that are heavy and lonely. It’s part of the job. There is tremendous benefit to having a trusted, trustworthy thought-partner who has already grappled successfully with the same challenges in the same role. Some of the data might differ, but the fundamental challenges and processes recur. Experience, familiarity, pattern recognition can help you accelerate your growth, reduce your risk, and avoid many painful setbacks.

Successful businesses constantly seek to shed light on future paths by constantly asking (and answering) three questions: Where are we? Where can/should we go? How do we get there? These questions are answered with three time periods in mind: short term, intermediate term, and long term. And periodically, data and information from experiences in the market combined with market intelligence should be brought back as input to answer all three questions, to improve assumptions and possible outcomes. Ignoring this feedback loop creates blind spots that can spell disaster!

In the disruptive world, business strategies need the wisdom of Mentors to navigate through the volatility, uncertainty, complexity, and ambiguity posed by Black Swan Events and Perfect Storms. Mentors can help you build organizational resilience to navigate through turbulence.

Business strategy mentors play a crucial role in helping individuals avoid common pitfalls by providing guidance based on their experience and expertise. They offer insights, share real-world examples, and provide constructive feedback. By learning from mentors' successes and mistakes, mentees can navigate complex business challenges with greater confidence and make informed decisions, ultimately reducing the risk of falling into common pitfalls in various entrepreneurial ventures.

Agree with Sara Almeida, Feedback and having right indicators/ KPI's is important. As Peter Drucker says " If you can't measure it, you can't improve it". Also seek feedback from your own employees and their buy-in through formal and informal channels as they play a key role in your startegy execution