The ABs shed light on your Business Strategy

by Sean Foster | November 2, 2023 | Newsletter

CHRIS HYDE / GETTY IMAGES

As unexpected and disappointing it was to have the ABs first reach the finals, and then to lose by one point, within this journey lies an important learning.

• • • A loss is a loss, a one-point difference only makes the loss seem less ‘lossy’. In business, the same applies. A lost sale is a lost sale and a good employee leaving is a good employee leaving. The critical question is what did you do to contribute to the loss?
    • If you know the rules including the enforcing of them, then break them at your peril. In business what rules are you breaking at your peril? Here we are thinking about how you lead your team and manage your time. How disciplined are you about your productivity?
    • Consistency, not moments of geniuses is what counts, especially when the going gets tough. In fact, in both sport and business, you are defined by the decisions and actions you take when the going gets tough.

One may argue what is the most important element in running a business, for me it’s your business strategy. And of course the indispensable role of the key metrics that ensure you are delivering on your strategy. And guess what? Just about every single business strategy has NO Key Metrics!!

Redefining Your Differentiator

In the business I started nearly two decades ago, we recently had a revelation: our true differentiator was design and marketing. That may seem odd at first glance, considering we sell ‘widgets in boxes.’ Many would say our differentiator should be things like quality, service, pricing etc. This article will hopefully illustrate why.

The Significance of Key Metrics

Effective strategy management hinges on tracking key metrics. Nearly every business tracks metrics that are related to business performance such as revenue, profits etc. What metrics are you tracking that specifically track your business strategy?

Creating an Impactful Business Strategy

Every business, including yours, requires a well-thought-through strategy. Maybe not required for survival, but definitely required if you wish to excel.

Our latest article delves into creating an impactful business strategy.

Your business strategy should set you apart while also being value-adding. Setting up the right Key Metrics is your best bet in ensuring that your strategy is beyond just being an exercise you did on one inspiring morning 🙂. Time for the ABs to go back to basics to redefine their strategy and most importantly to establish what their Key Metrics are. Time for you to …..