Archive for the ‘Strategy’ Category
Monday, May 14th, 2012
You embark down a strategic planning process, bring in a consultant and discuss the matter with your senior management team. Everyone comes to the same conclusion: your existing strategy will not work for the future. So you decide on a new strategy. It requires new core competencies, significant financial investment and possibly some leadership changes.
The strategic change scenario is pretty common. What is uncommon is a company’s success in implementing it. Unfortunately, the typical outcome is that change does not occur, and the company clings to its stale strategy.
Change requires commitment. Making a decision does not equal commitment to that decision. We all know that change is much easier to talk about than it is to execute. When a new strategy is introduced, the team seems to understand the reasons and is excited about a bold new future. Then reality kicks in. Inevitably, problems arise. Big problems. Little problems. Ultimately, when these problems occur, we are more willing to rethink the decision rather than address the problems.
As a strategic development coach, I have seen companies take years to come to consensus on a new strategy only to break their commitment a few months later.
The following are some of the common reasons why strategic change fails to occur:
- Overconfidence: Executive leadership overestimates their readiness to take the team forward.
- False consensus: Executive management fails to gain consensus among the leadership team. Everyone gives the nod and then maintains status quo.
- Shortsighted shortcuts: Relying inappropriately on “rules of thumb,” implicitly trusting the most readily available information, or anchoring too much on “facts” that support preconceived notions.
- Shooting from the hip: The plan to execute does not take into consideration all of the obstacles to success and/or all the necessary steps to achieve the desired outcomes.
- Poor communication: The mistaken belief that a group of smart people presented with exactly the same information will draw the same conclusions.
- Staffing: Inability to embrace and support new people, or lack of understanding of the behaviors, skills and values required of each position to take the company forward.
- Fooling yourself with feedback: Failing to interpret the evidence from outcomes for what it really says, either because you are protecting your ego or because you are tricked by hindsight.
The bottom line is that change is hard and requires focus, a detailed and disciplined process, people development, and mental toughness. However, the most important key to your change initiative is your commitment to your decision.
Howard Shore is a strategic development coach who works with companies that need leadership development and strategic business coaching. Based in Miami, Florida, Howard’s firm, Activate Group, Inc. provides strategic development coaching to businesses across the country. To learn more about coaching through AGI, please visit www.activategroupinc.com, contact Howard at (305) 722-7216 or email him.
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Tags:Activate Group Inc, change is hard, Change requires commitment, change requires focus, coaching, Executive Coach, financial investment, Howard Shore, leadership changes, making a decision, steps to achieve the desired outcomes, strategic change, strategic development coach, strategic planning process, why strategic change fails
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Wednesday, March 28th, 2012
Writing a business strategy can be daunting for anyone, even a seasoned business strategy consultant like yours truly. There are so many formats and so much information you could include, and you always end up questioning whether you’ve included too much or not enough. Admittedly, I have used multiple formats and metrics, and my style has evolved over the years, but today I can say there are six strategic planning communication “tools” that must be included in your plan.
1. Business Purpose. State the sole mission, or purpose of the company…in one word. I know, I know. This is a huge challenge, but it is an exercise that forces company leadership to get specific, visionary and inspired. It has amazing effects on the theme of the business strategy and unites the entire team behind one concept or idea. This one-word purpose will not change every year. Like the mission statement, it should only be revisited every 5 to 10 years, if it is written well.
2. One-sentence Strategy. What are you trying to achieve in the business right now, in one sentence? Like the “purpose” exercise, this exercise will help you get to the core of what your business aims to do, and communicate it in a concise and memorable way.
3. Brand Promise. What kind of relationship do you want to have with your customers? What problem do you want to solve for them? How will you make their lives better? This is what you want to describe in your brand promise, which will begin something like this: To be the best____ by _______. Or like this: To enhance our customers’ _______by _________.
4. Main Target Audience. Please don’t tell me “anyone is a customer”. Even if anyone could use your product it doesn’t mean they are the primary decision-makers. You need to identify one main target audience. You must do this in order to strategize which decision-maker pain points you will address, and how you will market and sell to them. In this regard, all audiences are certainly not created equal.
5. “Big Hairy Audacious Goal”. Business leadership is not for the faint of heart. It commands us to be bold and set our sights high for the future. What is the ultimate destination for your company? What does your Mount Everest summit look like? State it in a way that is inspiring—if Denzel Washington were describing it in the climax of a film, what would he say?
6. X Factor. What truly makes your product or service different? Be ruthlessly honest. What is the one thing you do that none of your competitors can claim?
When was the last time you revisited your business strategy? Does it include any of these tools?
Howard Shore is an executive leadership coach who works with companies that need leadership development and business management coaching. Based in Miami, Florida, Howard’s firm, Activate Group, Inc. provides strategic planning tools and management coaching to businesses across the country. To learn more about strategic planning and development through AGI, please visit www.activategroupinc.com, contact Howard at (305) 722-7216 or email him.
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Tags:Activate Group Inc, Brand Promise, Business Coach, business leadership, Business Strategy Tools, Coaching South Florida, communication tools, core of what your business aims to do, Executive Coach, executive leadership coach, Howard Shore, management coaching, mission statement, planning tools, purpose of the company, sole mission, strategic planning tools miami, target audience, Writing a business strategy
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Monday, March 26th, 2012
I have been a business owner and business management coach for a long time—since the times when there was no Internet. I have to say that being a business owner today is much easier than during the pre-Internet days.
The Internet has made entrepreneurship attainable for anyone by providing strategic planning tools and business information that previously could only be obtained from decades of mentorship and experience.
I’m always on the lookout for great business leader resources, so be sure to send me your favorites to add to my list. Here’s my list of favorites right now:
Entrepreneur.com: The magazine’s site is jam-packed with blogs, articles, videos and infographics that teach and inform on just about any business topic you can think of.
Harvard Business Review Online: I religiously read the research-driven articles on this site because they cover high-level topics and discussions that are revolutionary, thought-provoking topics you cannot find anywhere else.
StartUp Nation: This site is really geared toward the new business owner and has fantastic strategic tools, informative videos and a huge community of new entrepreneurs.
LinkedIn: This is the best social media platform for anyone looking to expand their professional network, but it is also a giant treasure trove of knowledge. Joining targeted groups and checking in on the group discussions as little as once a week might be the equivalent to sitting through hundreds of webinars.
American Express OPEN Forum: This is one of the biggest online libraries for business knowledge and advice out there. This site is always putting out great articles on how to handle the latest and greatest business trends and technology.
Dave Kurlan’s Blog: Being a business owner or business leader means having an expert-level of understanding of sales, and at bigger companies, sales development. There’s no one better than Dave Kurlan at tackling the issues of sales force development…I’m a little biased though; I’ve worked with him for years.
What are your favorite business-related sites and resources? Add them below!
Howard Shore is a business management coach who works with companies that need strategic planning and leadership development. Based in Miami, Florida, Howard’s firm, Activate Group, Inc. provides strategic planning tools and coaching to businesses across the country. To learn more about business development through AGI, please visit www.activategroupinc.com, contact Howard at (305) 722-7216 or email him.
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Tags:Activate Group Inc, American Express OPEN Forum, business leader, business management coach, Coaching in South Florida, community of new entrepreneurs, Dave Kurlan’s Blog, Entrepreneur.com, Entrepreneurship, Executive Coach, expert-level of understanding of sales, great business leader resources, greatest business trends, Harvard Business Review Online, Howard Shore, issues of sales force development, LinkedIn, New Business Owners, Sites for New Business Owners, StartUp Nation, strategic planning tools, technology trends
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Tuesday, February 21st, 2012
Take our quick poll and tell us which of these five areas of your business strategy is the one you feel will have the biggest impact on your company’s success this year.
- Talent Acquisition and Retention
- Marketing/Communications
- Sales
- Technology
- New Products/Innovation
TAKE THE POLL
Howard Shore is a business growth expert who provides business strategy and consultation services. To learn more about how an executive coach, management consultant, leadership training, or business coach can help your team, please visit his website at www.activategroupinc.com or contact Howard Shore at (305) 722-7216 or email him.
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Tags:Activate Group Inc, business growth expert, Business strategy, Howard Shore, Poll, Strategy, What is the most important part of your business strategy?
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Friday, February 17th, 2012
Could your competition have a cost structure that gives their business strategy a competitive edge over you? If you are operating inefficiently the pricing you offer customers will reflect it. There are three main areas where inefficiency could be directly hampering your ability offer competitive pricing.
New technology. Are you still doing things manually that you could do more efficiently through technology? If not, you are passing the extra labor costs on to your clients. Your competitors know that and are capitalizing on it.
High labor costs. Are you using any proven systems to evaluate employee performance or are you allowing non-performers to keep their jobs for life? If you used a system like Topgrading you would ensure more “A” players on your team and would be able to get more done with fewer people. Leaner and meaner companies can charge less and compete on price.
Process Failure. Inefficient processes and communications systems coupled with redundancy, unnecessary meetings, ill-timed reviews, and other workflow issues significantly increase cost to each position. Usually this inefficiency is passed on to the client.
These three factors can easily add 40-50% to your overhead costs. Your competitors are paying close attention and address these issues. Then they go to market offering the same services at 40% less and create larger profits and market share.
Have you looked at your competitors’ pricing lately? Are you beating them? If not, it could be because they are beating you with a better business strategy.
Howard Shore is a business growth expert who provides business strategy and consultation services. To learn more about how an executive coach, management consultant, leadership training, or business coach can help your team with employee engagement, please visit his website at www.activategroupinc.com or contact Howard Shore at (305) 722-7216 or email him
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Tags:Activate Group Inc, Business strategy, coaching, communications systems, competitive edge over you, Competitors, competitors’ pricing, ensure more “A” players on your team, Executive Coach, extra labor costs, High labor costs, Howard Shore, New technology, Pricing Advantage, pricing you offer customers, Process Failure, Strategy, systems to evaluate employee performance, Topgrading
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Wednesday, February 15th, 2012
Customer service is the new luxury. I’m convinced that the company that owns the voice of the customer and uses it to build an organizational culture that focuses on delighting the customer through uncommon service strategy will own the marketplace. Unfortunately far too few businesses think like their customers, which affects their ability to deliver superior customer service and win a major competitive advantage.
What is does enlightened customer service look like? Here are a few examples:
- The family restaurant that has bathrooms cleaner than yours at home; with fresh flowers, lotion and mints.
- The lawn-care company that leaves a lovely bouquet of fresh flowers from your yard after they finish.
- The drycleaner who automatically sews on missing buttons.
- The downtown business that offers to “feed the meter” while you shop.
- The bank that hosts a dinner for their top 30 clients to have an open discussion about how they can serve them better.
- Any store that empowers their frontline people to find a way to say “yes” and solve problems before they escalate.
The list goes on and on with a million different ways to delight, surprise and entertain your customers. Sadly though, I see very few companies that understand how important (and easy) it is to stand out in a crowded world of me-too products and average service.
So how do you find ways to delight your customers with uncommon attention to service? Here are two quick ways:
- Ask your customers. They will be your best source of ideas. Never stop asking and listening to what your customers identify as important to them.
- Borrow ideas from other industries. Basically steal and use ideas that worked for others. Look at other companies you see doing amazing things to service their customers and ask: What can I do with this? How can I make this work for my business? What can I do right away?
What can you do right away?
Howard Shore is a business growth expert who provides business strategy and customer service consultation services. To learn more about how an executive coach, management consultant, leadership training, or business coach can help your team with employee engagement, please visit his website at www.activategroupinc.com or contact Howard Shore at (305) 722-7216 or email him.
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Tags:Activate Group Inc, ask your customers, Borrow ideas from other industries, coaching, Customer Service, customer service strategy, Customer Service Sucks, delight your customers, entertain your customers, Executive Coach, Howard Shore, own the marketplace, service strategy, service your customers, Strategy, surprise your customers, win a major competitive advantage
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Friday, February 10th, 2012
I think sometimes we focus so hard on getting new business that we lose sight of how crucial it is to keep existing customers coming back for more. Customer loyalty is one of the strongest indicators of how healthy your business is and it should be a big part of your business strategy. The percentage of customers who continually come back for more of your products or services is proof of business goals set and achieved.
Retaining customers is vital to your business development efforts, and is far more impactful to your bottom line than getting new ones. Companies with a great new business funnel don’t necessarily outperform those who keep clients long-term. I’ve seen companies that effectively use marketing materials to tout how different they are from the competition. They focus on how they add value to justify their price point and close a lot of new business. But these companies tend to turn over their clients every 2 to 3 years and they are forced to keep filling the pipeline over and over. It’s clear that a business strategy focused on retaining customers by delivering on promises creates consistent revenue and a healthier bottom line.
One of my clients was constantly turning over their client base. As quickly as they brought in new clients, the old ones would jump ship. What we learned was that their operational strategy needed work. They had the wrong type of employees and processes in customer service, which was directly affecting satisfaction of their customers who were already was under constant siege by competitors. We made some minor tweaks and one personnel change to set the example, and now customer retention is way up and each account is growing steadily.
How many existing customers have you sacrificed for new ones and how much has it cost your business?
Howard Shore is a business growth expert who provides business strategy and consultation services. To learn more about how an executive coach, management consultant, leadership training, or business coach can help your team with employee engagement, please visit his website at www.activategroupinc.com or contact Howard Shore at (305) 722-7216 or email him.
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Tags:Activate Group Inc, Business Coach, business goals achieved, business goals set, Business strategy, client base, coaching, come back for more of your products or services, consultation services, create consistent revenue, Customer Retention, customer retention strategy, Customer Service, employee engagement, Executive Coach, Howard Shore, keep existing customers coming back, leadership training, management consultant, Retaining customers is vital to your business, siege by competitors
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Wednesday, January 25th, 2012
More importantly, what is a Blue Ocean? That is the main focus of our upcoming strategic planning workshop called Keys to Forming an Awesome Strategy Workshop on Feb. 2. In it, we examine some of the principles from the book Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne. In order to teach students how to build a business strategy that works, we look at how to dissect the various differentiating aspects of a service or product and create a refreshed strategic model around it.
Think about the different dimensions of your business. What decisions can you make about your product or service that will help you break boundaries? What choices do you have in terms of positioning your company in the marketplace?
This workshop gives you the model you need to reposition and strategize for exponential growth and success using some of the tactics of Blue Ocean Strategy, Good to Great (by Jim Collins), and our years of business strategy consultation experience.
This strategic planning workshop will help you answer:
- What is the purpose of your business in one word?
- What is your one-sentence strategy?
- What is your brand promise?
- What is your one main target audience?
- What is your “big hairy audacious goal?”
- What can you be great at?
- What is your “X Factor?”
- What is your ‘Profit per X’?
- How does culture affect your business strategy and success?
- How do you attract and hire the best talent?
Hurry! Spots are for our strategic planning working are limited so REGISTER TODAY.
Howard Shore is a business growth expert who works with companies that want to maximize their growth potential. To learn more about how an executive coach, management consultant, leadership training, or business coach can help your team, please visit his website at www.activategroupinc.com or contact Howard Shore at (305) 722-7216 or email him.
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Tags:Activate Group Inc, Blue Ocean, Blue Ocean Strategy, business strategy consultation experience, dimensions of your business, Goal, Good to Great, Howard Shore, Jim Collins, Keys to Forming an Awesome Strategy Workshop, positioning your company, Renee Mauborgne, strategic model, strategic planning, strategic planning workshop, target audience, upcoming strategic planning workshop, W. Chan Kim, What is the purpose of your business
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Tuesday, August 30th, 2011
By Howard Shore
One of the most important topics that I discuss with C-level leadership is strategic planning for business growth. It doesn’t matter how good or how bad the economy is, all companies want and need growth. (more…)
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Tags:Activate Group Inc, Apple, Blue Ocean Strategy, Brainstorm, budget dollars, business cycle, business growth expert, business plan, Business Planning, C-level leadership, coaching, cutting costs, Executive Coaching, failed strategy, Failing to plan, Google, Howard Shore, Innovation creates growth, innovative new idea, lack of growth, Renee Mauborgne, smart phone marketplace, Stop peddling products, strategic planning for business growth, Think about solving problems, thinking like problem-solvers, W. Chan Kim, What is your biggest challenge to planning for innovation?
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Thursday, May 5th, 2011
By Howard Shore
If a company is not meeting its growth potential, is growing slower than the competition, or worse, not growing, it is likely that it has a strategy problem. (more…)
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Tags:Activate Group Inc, Blockbuster, business growth expert, business model, companies ignore, company is not meeting its growth potential, company’s offering, current paradigm, failed to have a strategic plan, financial strength, good strategy, Harvard Business Review, help with their sales force, higher-ticket items, Howard Shore, improving motivation, industry was moving in a different direction, Leaders get complacent, need to change, Netflix, new journey, Pricing, sales structure, Sarah Cliffe, Strategy, Strategy issues, strategy problem, various changes, wrong initiatives, your business model
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