Strategy Leaders: So, You’ve Got Another Strategy Playbook, But Can You Implement It?
Eric Strafel
CEO Molecular Testing Labs | Founder SUMMi7 | CEO and Fortune 50 Executive | Previous Vice President, BGS Strategy, Boeing | Growing SMBs $5M+ | Award-Winning Author, The Frontline CEO | Creator Business Scaling Method
The longer you are in business the more problem patterns you start to see, especially when it comes to getting the leaders on the same page to achieve growth. You want to maximize growth for your company, and to do this you need to align growth plans as well as financial plans so that you know where and how to best spend money. However, the strategies that you have may not align across the leadership team and alignment at the top creates large divides deeper in the organization. This has the potential to cause slowdowns, stagnation and a host of other issues.
I’ve been there and I understand what you are going through. It’s happened multiple times. Let’s look at an example.
I was helping to get a small but promising company to move past its current growth plateau and was developing strategies that could be implemented to facilitate that growth. Various people in the company wanted a playbook that would help them to facilitate growth over the next few years. They wanted something that would be simple, effective and repeatable. However, they weren’t sure how they would implement the playbook and they weren’t even sure if it was right for them.
Through a facilitated process where we evaluate growth options, weigh pros and cons of each, and outline supporting actions to implement, we were able to narrow in on the five most promising strategic initiatives with supporting data behind it. This was then delivered in a playbook that tells the story of where the company is going, why choices were made and how everyone can engage to support the plan.
With the playbook in hand, the process of engaging the organization at all levels begins with the expectation that others refine and shape the path with their unique insights so everyone has a chance to contribute. That process typically takes 30 to 90 days depending on the size of the organization but is critical to build collective ownership for the plan.
It’s often hard to evaluate growth moves for your own company, as it can seem as though there are so many paths to take. It can be confusing and overwhelming at the same time as you’re trying to run the day-to-day business while also thinking longer term. Let’s examine a few of the breakthrough points that can help to give you a better understanding of how to better evaluate and implement strategies to move your business forward.
Addressable Market – Where to Play?
Here’s the first and most important point that you need to keep in mind when you are doing just about anything for your business. You have to know your market and understand your customers if you hope to grow. This means that you need to understand their needs, how, when, where and why they buy, and you need to think about how you can better position your business to meet their needs.
Here’s an example of why you might not be able to scale. Let’s say you are selling high-end financial services. If you don’t know the needs and wants of the demographic you are chasing, how could you possibly provide them with the help they need or the services/products that are right for them? If you don’t know your audience and have an addressable market that narrows in on the customer segment you’re going to focus on, there is no way your company will grow. It just won’t happen. Learning your market should be the starting point of any strategy.
Product Differentiation – How to Win
Do you have any idea why customers would choose your product over the products offered by your competitors? What is it that makes your product unique and worth their money and time? Taking the time to learn and truly understand what it is that differentiates your products and your business from the massive number of competitors in the world can be what makes or breaks your ability to grow your business. Then use those insights to improve your products or how you deliver them to better meet customer needs.
Organizational Effectiveness – Leading and Building Your Team
Developing a strong team and aligning leaders to create a culture that’s representative of your brand is essential, but difficult. When you do it right, it can be one of the most effective means of helping your company to sustain growth over the long run. You need to be sure that you have a team that’s capable of maintaining the same level of agility and alignment as your company grows.
Too often, growing companies bring in new leaders who don’t share the same values, are less transparent, and don’t have the tools or know-how to effectively inspire and engage their team. It dilutes the leadership effectiveness of your team and you lose engagement across the company. Worse yet, the lack of transparency in some areas creates the perceptions of hidden agendas and a culture of mistrust starts to take root. Lack of trust is a show stopper when it comes to growing and transforming your company, so the result is the stagnation mentioned earlier.
Companies today have to be intentional about hiring for shared values, setting clear expectations for transparency and inclusion, and investing in the development of new leaders to provide the skills and resources to succeed.
Operational Capability – Scaling Your Infrastructure
When it comes to scaling and growing, you need to be sure that you have enough capacity to meet demand without overburdening the operations of your business. If you are constantly expediting orders to meet delivery dates, then it might mean that you can’t meet the current or future needs of your customers. You might not be able to use all of the assets that you have to your advantage, and this could be causing delays and other inefficiencies that put pressure on your profit margins.
The only way you can grow to the point where you can continue to meet the increased demands of your customers is by planning for and investing in new capacity. A process such as Sales, Inventory and Operations Planning (SIOP) allows you to connect your forecasted demand with the operational needs to meet that demand. This can help you to better keep pace with growth in your business.
Company Culture – Keeping Everyone Aligned
What about the company culture you are trying to create for your brand? Creating a culture that is representative of who you are as a company and brand is essential, but it can also be difficult. Everyone who is working in the company regardless of their position needs to understand, accept, and help to perpetuate the company culture.
In today’s age of technology and information sharing online, your culture and brand become one and the same. It’s critical that you manage them so they represent what you stand for, and they both can create a positive influence in society beyond the four walls of your company.
Growth Is Difficult and So Is Implementing the Right Strategy Playbook
All companies are different, which means that the strategies that work for one might not work for another. The concepts might be the same, but the scale and the features of the playbook may need to be different. Trying to handle it all on your own can be a nightmare. It’s often better to work with specialists who can look at your business from an outside perspective. This point of view can provide you with new options and better ways to scale your business that all leaders can get behind.
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Eric Strafel is the founder of SUMMi7, focused on improving business and society by creating opportunities for underrepresented communities. For more than 25 years, the former corporate CEO and Fortune 500 executive has dedicated himself to building forward-thinking teams and scaling innovation to create transformational organizations that thrive in an increasingly entrepreneurial and purpose-driven world.
His recent leadership roles include Vice President of Strategy and Market Development for Boeing Global Services and President/CEO of Aviall, where he led the creation of the framework for Aviall’s 20/20 vision for future growth. Prior to joining Aviall, Eric was Vice President of Supply Chain Management for L3 Communications, one of the largest defense companies in the U.S. He is also a certified Six Sigma Black Belt, certified Project Management Professional (PMP) and APICS Certified in Production and Inventory Management (CPIM).
With years of experience as a leader in enterprise businesses, Eric is passionate about helping small and midsize companies grow profits and scale with purpose while leveraging their strengths, maintaining their values and harmonizing all of life’s pursuits. He is on a mission to share collaborative leadership strategies and create opportunities for a more human-centric and inclusive planet.
Eric has an upcoming book release in fall 2021 entitled The Frontline CEO to assist leaders in transforming their businesses to embrace and manage change while empowering their teams to fulfill their purpose. He holds an MBA from Carnegie Mellon University and a Bachelor of Science in Mechanical Engineering from Binghamton University. Eric sits on the Board of Directors of the Texas Diversity Council and the Irving Chamber of Commerce. He is an active and engaged father and husband living in Texas with his wife and three children. Eric enjoys the outdoors, staying fit and maintaining a wellness mindset. A world traveler with a global perspective, he has travelled across six continents both personally and professionally.
SUMMi7 supports small and midsize businesses to grow and scale with purpose. Learn more about the Business Scaling Method and Join a Cohort.
Eric's book, The Frontline CEO, Turn Employees into Decision Makers Who Innovate Solutions, Win Customers, and Boost Profits launches Sept. 7, 2021 and is available for pre-order.
Strategy and Contracting Professional
3 年Great article. You need tradeoffs to clarify the path, good governance to hold yourself/others accountable, and the ppl with the talent to execute. If you lack any of those three, it will be a rocky road to achieving the vision.
Modern Leadership Theorist | Blending Practical Leadership with Academic Research | Founder of Hindsight | 3x Best-Selling Author
3 年Great thoughts. Implementation and ensuring that leadership strategies are actionable is key to actually seeing improvements. Having a strategy in place is meaningless if no one takes action.
Global Growth Champion, Market Data Maven & Strategic Leader
3 年Giving me flashbacks. ??