Questions for That Strategic Edge

Every business, every organisation, every leader, needs a strategic road map.  Part of that strategic road map is ensuring that the team has the right capabilities, at every level, to advance the business strategy.  The team must also have the capability to execute their part of the strategic plan at every level below them.  To arrive at this, there are questions we need to consider, and ask ourselves, at every level, and at regular intervals. 

Is our business model relevant?

The business model frames the parameters of the market, and how we approach it.  A proper business model defines the demographics we serve, it define the problems and issues we address, and how we generate revenue from it.  That being said, we must recognise that the market evolves, and consumer habits change.  The business model mist adapt.  As such, every now and then, it is important to relook the business model, and ask ourselves if it is still relevant?  Does it need to change?  In what manner can we offer a better unique selling proposition? 

How do we go beyond the unique selling proposition?

There are, generally, three kinds of market leadership: greatest overall innovation, lowest overall cost, and best customer intimacy.  Depending on the area of market leadership we choose, that is the foundation of our unique selling proposition.  In the sole focus on the generation of revenue, businesses often forget about the intermediate and supporting processes, which lead to this.  That is part of our branding and goodwill.  To go beyond the unique selling proposition is to consider how these attendant processes add or detract from our market leadership.  This is especially important in an age of activist consumerism. 

How do we encapsulate the company ethos?

In this context, the ethos is the characteristic culture and values of the company, which we manifest in our vision and mission, our attitudes, our interactions with stakeholders, and our strategic direction.  As a business grows and expands, we sometimes lose sight of this, the spirit that brought founders together, that kept key personnel invested in the vision, and customers and clients identified with.  It is important to take periodic stock, and ensure we have not moved away from this.  This annual reflection is important to the continued existence of the business. 

Who do we take as role models?

We are, inevitably, influenced by others around us.  However, we must be careful about who we take as our role models.  We look at values and philosophy, and they must be congruent with what we believe in before we consider following them in anything.  There has to be a balance from learning and imitating, and adherence to our core values.  We then look at processes, actions, and outcomes we can imitate and assimilate. 

What are economic and political developments we can take advantage of?

A business should always remember that the world is dynamic.  It would be foolish to assume the market will be the same as it was.  Part of management is to keep an eye on economic and political developments, and project how these developments would affect the market, and to position ourselves to take advantage of that before the rest of the market has moved.  This also requires investing into a business intelligence network.  We should regularly ask these questions, and not be sucked into the here and now at the expense of the future. 

These are fundamental questions every business should have a habit of asking themselves, at regular intervals to sharpen competitive edge.