Execute! Review, Adjust, Execute! | Extraordinary Business
Signals of the best time to visit or revisit your company’s strategy.
Samsung Galaxy S III launched a new television commercial right at the time that Apple’s iPhone 5 came out. This commercial could not be more strategic. They recognized that Apple is a very powerful brand that would hurt the Galaxy III’s sales. Their marketing team created an approach to address this head on.
As you can see from the commercial, things change in the business environment all of the time. Some will be incremental, such as an increase in vendor pricing or losing an employee. Some are major, such as a new, bigger competitor, changes in technology or market interests that could potentially make your product or service obsolete. In both cases, in order to stay in business and remain competitive, you are going to need to act. But you need to act appropriately.
In order to get better at business – to grow, expand or even prepare the business to sell, you are going to need to invest time, plan and additional resources in order to do so. In order to get the greatest benefit from the resources you will invest, you are going to need to plan strategically.
This doesn’t necessarily mean putting together the 3-5 year growth plan for the company, but it could mean planning incrementally, as Samsung did. It doesn’t necessarily mean planning for the whole company; it could be developing a sales or marketing strategy – which typically impacts the rest of the organization – in order to increase sales to hit the sales goals you have for the company.
Typically, I recommend working on your strategic plan during the third quarter of every fiscal year. This gives you the ability to look at what you have done for the year, projecting what you will do for the year you are working in, and make plans for growth during the following year. However, for specific events, or approaching events, the time is now!!
Keep in mind, this isn’t simply a matter of checking your tea leaves or throwing out some wild uh guess about what the future will look like. This is stating specific goals that you would like to hit by a certain timeframe and determining how you will hit them.
If you recognize a new competitor, what specific steps will you take to maintain or grow your position in the marketplace?
If you want new product offerings, how many do you want per month, quarter or by the end of the year?
If you want to open a new store, by when do you want it?
If you want to increase your staff, what positions and by when do you want them employed?
As you can see, these are threats and opportunities that could happen at any time. If you wait until the end of the year, your company could be put at risk and you could potentially lose market share or be put out of business.
Always think strategically and act aggressively. Samsung has absolutely set the bar. Separate from the pack of just existing; build your company into an extraordinary business.
Aepiphanni Business Consulting: The Business Strategy People is an Atlanta, Georgia based Operations Management and Business Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders. We help business leaders DESIGN| CREATE | BUILD extraordinary businesses. We support our clients with financial management, product and service production and delivery, outsourced services management, sales & marketing and business growth. We provide them with a number of flexible solutions to help them reach their goals.
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