In today’s globally connected and competitive business climate, it’s no longer enough to look at strategy on an annual basis. Nowadays, every single month executive teams need to integrate strategy development within the business planning rhythm.
The key to unlocking strategy is answering a powerful question that gets the team thinking in unique ways. But a common “stuck” in strategy development is figuring out the right question to achieve your Breakaway Move to crush your competition. Answers are easy; getting the question right can be harder. Here are 6 questions to ask your team during strategy brainstorming sessions that can unlock hidden value inside your business.
1. Where is the next battle going to be in your business?
A good example is Facebook’s massive focus on mobile after they went public. Facebook CEO Mark Zuckerburg’s daily question, “how are we going to leverage mobile,” became his, and his company’s, daily question. Clearly, it’s working.
2. What has been tried before, either by your company or by your competitors, but did not work?
There are so many variables that can make an initiative really stick vs. flat-out fail. Failure does not always mean the idea was not good. For example, it could have been the wrong person leading the charge, market conditions might be different, technology could streamline the process, global platforms like LinkedIn and Facebook could accelerate growth.
3. What two or three existing things in your business, things you are already doing, can you combine?
This is one of my favorites. Take two existing things and create something original. What product and service can you combine and create a unique new product, service or program?
4. When your company wins, what other companies are impacted in a positive way?
Think about what relationships you can create – or what product offerings could you integrate with – to expand your market faster by leveraging other people’s trust relationships? I looked at office space this week to handle our expansion. I could not help but think about all the other things signing a lease would trigger, things like construction, IT, phones, furniture, etc. Building relationships with those companies can result in more referrals to your business.
5. What is fragmented in your market, and how could you coordinate it?
Think about what Uber did for taxi services and what Airbnb did for housing rentals. What is messy, hard to do, clunky, expensive or frustrating in your market, and how could you fix it? What product, service or platform could you create?
6. What can you be the only option for in your space?
Think about what parts of your business operations are hard for someone else to reproduce or copy. For example, there are several business coaches in the Charlotte metro area. But only Insight CXO has a team in place that can help execute the business plan in three areas. The Promise – what makes your firm unique and what is the sales engine to generate revenue? The People – is your team healthy and aligned and do you have systems in place to hire and keep A Players? The Process – do you have core processes documented and measured to make them better, faster and cheaper… with less drama?
Remember that your competition is not asleep behind the wheel, so your team has to be looking through the windshield and down the road as far as possible. Try asking these 6 questions in your next monthly executive planning meeting, and see if you can figure out the strategy – the one that will give your business the boost to crush the competition.