Pick a fight you can win
(or why strategy is critical for business success)
Very few businesses have unlimited resources – time, money or for that matter patience of the owner.
Most market segments in today’s economy are highly competitive. It’s rare to find markets with only a few competitors. And for most businesses that mean you have to be very smart and good at what you do to survive.
You may have heard the term BLUE OCEAN strategy in the past. This describes a market opportunity that you identify and can take advantage of, where competition is currently minimal. As opposed to RED OCEAN where competition is so fierce it often gets bloody.
But the real point I want to make in this short post is that the secret to survival, competing well, or finding market opportunities is STRATEGY – or more specifically STRATEGIC THINKING.
We’ve surveyed literally ten’s of thousands of businesses over the past few years, and done extensive benchmarking of more than 1000 business owners in Australia in regards to strategy, and the unavoidable fact is that most businesses are CRAP at strategy.
Too often, business is drowning in the day to day. Under-resourced, business owners run around just trying to get the basics done, they are stressed, not as profitable as they like, and often being outcompeted by a bigger, better-resourced competitor.
The answer to being more strategic may not be simple but it is certainly straightforward in terms of process. First, you HAVE to cut some time in your schedule to work on it. Second, you have to have a process for examining your market, your competition. You need to understand your customers, and also the needs of prospects that fit your idea of an IDEAL CUSTOMER.
If you don’t take time to be and think strategically, you will NEVER get out of the day to day. And you’ll never work out for yourself which fights you can win.
There is a sweet spot for good businesses – a place in the market where you can compete. But you have to spend time looking for it, and working out how you can take advantage of the opportunities that sweet spot presents. And in today’s fast-paced environment, you may not have a long time to take advantage, before you have to reset, look at your market, competition and business again to find the next BLUE OCEAN opportunity.
If you’re lazy, fixed in your ideas, stuck in the day to day you are on the road to business failure.
But the good news if you’re willing to take these steps, you’ll find the fights you can win.
At Blue Frog Marketing, we’ve specialised in helping clients find their strategic sweet spot since 2001. And I’m now building a national network of strategic advisors who will be able to do the same for your business. So let me know if you’d like to join our team at Silver & Wise, or if you need help with finding your strategic sweet spot. We’d be only too happy to help on either front.
Enjoy your day.