What's your strategy for staying ahead in a fast-paced business world?

Put in the hard work and the strategic path forward will reveal itself. It requires a blend of continuous learning & adaptive thinking. Embrace emerging trends and technologies, listen to diverse perspectives, and build relationships that foster innovation and collaboration.

As someone that has spent their entire career in growth stage businesses, my strategy for staying ahead is ensuring I have a strategy in the first place. Once that is established, connecting strategy to execution is how you actually stay ahead of competitors and ultimately win a market. A framework like OKRs ensures you’re connecting strategy to execution and bringing the entire company along for the ride in a flexible, transparent fashion. So whether you need a small adjustment or a complete pivot, you’re already organized to adapt. Final piece (and this is important) your strategy should be flexible as well and I find iterating quarterly on core strategy pillars as well as your North Star (Vision OKR) are fundamentals that keep you ahead.

In my experience, when delving into the importance of "purpose" in strategic planning, it's vital to highlight three key aspects. Firstly, emphasize how a well-defined purpose empowers and engages employees, fostering a sense of meaning and commitment. Secondly, underscore the social responsibility embedded in the purpose, showcasing the business's commitment to making a positive societal or environmental impact. Lastly, emphasize the long-term vision associated with the purpose, elucidating its contribution to the organization's legacy and providing a guiding direction for sustained success. These dimensions enrich the understanding of purpose, covering employee motivation, societal impact, and the enduring legacy of the business.

One of the goals to get to is being able to describe the purpose in the fewest words possible while still conveying the meaning. The technique is trying to get yourself or a team to descibe essence of the value proposition and "boil" it down to three words. This can help us focus on what is most substancial on what is trying to be achieved.

If by purpose you mean direction or ambition, I 100% agree with this. You need to know what you are aiming to achieve. That's the first step. The way I frame it for my clients is through the question: "What does success look like?"

Scanning the environment is not a simple task. Monitoring all the things that affect your business such as market trends, customer preferences, technological innovations, regulatory changes, and competitive threats, would not only be a daily ongoing task but would be a full time job in it self if you were to try and take this on by yourself. Sometimes the best thing to do is rely on a 3rd party that would define all things relevant to you and collect and organize that data for you. In some cases, these 3rd party companies actually cost less than if you were to hire someone internally to do this for you. Companies like Industry Intelligence do this and deliver it to you on a daily basis in a digestible format.

In my opinion, an old and time-tested strategy hinges on SMART goals: - Specific: Clearly define objectives. Example: Increase online sales by 20% in Q3 by enhancing website user experience - Measurable: Use metrics to track progress. Example: Implement Google Analytics to measure website traffic and conversions - Achievable: Set realistic targets. Example: Expand to two new markets within a year, focusing on neighboring regions. - Relevant: Align goals with the market. Example: Develop a mobile app to meet the growing demand for on-the-go solutions. - Time-bound: Establish clear deadlines. Example: Launch the app and marketing campaign by the end of Q1. Adherence to SMART goals ensures we stay competitive in the fast-paced business world.

Setting SMART goals involves more than adhering to a framework; it requires a holistic approach. Align goals with organizational strategy, fostering coherence. Encourage employee involvement for ownership. Monitor progress regularly with flexibility. Communicate goals, promoting interconnectedness. Celebrate milestones to reinforce positive behavior. Integrate risk management for prompt challenge resolution. Emphasize continuous learning and improvement. Strategically prioritize goals for efficient resource allocation. Link SMART goals to employee development. Acknowledge that, while SMART is valuable, a wider range of variables, including strategic alignment and employee development, should be considered for effective goal setting.

It's absolutely crucial to understand what your customers want, what they like, and what's currently trending. Think of it as your business compass – ongoing market research helps you ensure your strategies are in sync with the ever-changing demands of the market. For instance, we once conducted market research and found a rising demand for sustainable advertising campaigns. This led us to focus on developing eco-friendly and socially responsible advertising strategies, resulting in higher customer satisfaction and market share. By assessing your organization's internal strengths and weaknesses alongside external opportunities and threats, you can gain valuable insights into which strategies are most suitable for your unique situation.

I do caution on relying on these frameworks too much. You can use them, but be careful to not allow them to become handcuffs that limit your thinking. Remember, your strategy shows up in your actions and your actions may change depending on the context. That's not likely to show up in a framework.

Developing a clear strategy is foundational in the success of any business. Execution of strategy needs to be flexible and measurable. I connect strategy to execution through OKRs with a Vision (North Star) OKR to shape the 5 year view and then cascade annual & quarterly OKRs executed by cross-functional teams. Developing quarterly OKRs, in my experience, is the right balance of focus (in a 3 month sprint) and agility, offering the opportunity to course correct in certain areas of the business as needed.

Agility in executing a strategic plan is crucial. It enables companies to quickly adapt to market changes, shifting technologies, and evolving customer preferences. This approach is not just about responding to changes; it's about proactively capitalizing on new opportunities and minimizing risks. An agile execution strategy involves continuous adaptation and learning. It ensures that businesses stay competitive by allowing them to pivot strategies and redirect resources efficiently. Moreover, it fosters a culture of innovation and resilience, empowering teams to make swift decisions, experiment, and learn from outcomes. In a nutshell, agility is essential for maintaining relevance and achieving success in the dynamic business world.

In my experience, cross-functional teams foster quick decision-making, agile project management ensures adaptability and data-driven insights guide our strategies. Embrace change and learning, remaining nimble to seize opportunities and navigate challenges effectively. Now, that is easier said than done! :) I fight every day to try and operate a business following these principles.

Agility is enabled by having a plan that is flexible around the ‘how’ and focused longer-term on the what (vision/mission/long-term goals). To be fully agile, a business must stay in partnership with their customers. They must give customers a seat at the table. Doing so will allow them to have more clarity around the shift in expectations as the industry or economy takes a turn.

This is just the best point for me, staying informed about the major trend and being flexible enough (agile) to move with the it as it aligns into the company goals. Agility is the life wire of any organization that will scale ahead of it competitors in this season.

The theory is that continuous review and revision keep us ahead. That's true. But also very hard to do in this crazy fast-changing world. Regularly assess market dynamics, competition, and customer feedback. Adapt product/service offerings swiftly, fine-tune strategies, and innovate. Flexibility is a strength in this business environment.

Quite often we talk about supply chain resilience but just as important is distribution/customer resilience. Don’t put all your eggs in one basket: diversify your supply and distribution chain, especially, while investing in long term relationships.

Brand personality, bringing the people factor to the forefront. The business owner or key staff to be front and centre on socials letting their ICA get to know them, not just business wise but as people. This way your clients can find common ground and want to support you.

Follow the Pareto principle and prioritize strategy, tasks, actions, decisions, and customers (among other things) that have the biggest impact on your success. Knowing what not to today is at least as important as knowing what to do.

Feed your curiosity. It's a catalyst for continuous learning, keeping you in tune with the latest trends and skills. It fosters innovation and creative solutions, as you explore new ideas and perspectives. It develops problem-solving skills, encouraging you to question established methods and seek alternative approaches. It improves adaptability, helping you effectively handle changes and new challenges. It strengthens relationships with colleagues and clients through deeper engagement and collaboration. It drives proactive learning, motivating you to actively seek new knowledge and opportunities. It makes engaging in business more fulfilling, turning routine tasks into chances for growth and discovery. It’s needed for staying ahead.