Nail Your Strategy to Increase Focus and Reduce Fear (Video)
Better planning from the outset will steer founders clear of many problems that can plague them later on.
I’m here today to talk to you about the importance of really nailing your strategy from the outset. I see problems with bad strategy all the time.
Companies that haven’t thought through their retail presence and find themselves in too many doors with not enough marketing money to drive velocity.
Companies that didn’t look at their competition deeply enough to see a new product coming that’s now knocking them off their new product development or innovation game.
Founders who are spread so thin dealing with the day to day that they can’t get to what Stephen Covey called the “important, not urgent work” of deciding what really matters, and what does not.
First of all, I totally get it. I understand the fear that comes from having to hit payroll or make enough money to keep the company going. And that fear can be very justified. But I would submit that nailing your strategy early on is crucial to overcoming common business obstacles.
Findaway Adventures Strategy Map: It’s all about simplifying
It boils down to simplicity, a lesson I first learned from Patrick Lencioni’s book, The Advantage, which distilled strategic planning down to six questions. At Findaway Adventures, we encourage companies to add a few important inputs into the mix. We’ll start with those.
Know thyself. What do you and your co-founders (if any) care about? Are you and your co-founders aligned on what your company stands for and what you want out of the company? Do you want to sell it sooner rather than later or hand it over to the kids? Do I want to retain control or grow big enough to hire a CEO? These are all critical questions to answer early on in your strategy development.
Know thy consumer. A lot of people think they know their consumer and build their pitch decks around trying to show just how many of those consumers there are. I would submit that the better approach is to adopt Kevin Kelly’s approach to 1000 true fans and start out small. Spend as much time as you need there before broadening out.
Know thy marketplace. Who’s your competition? What’s going on with the trends in the market? Are you on trend? Are you missing a trend? And also, I would say if you’re selling to retailers, in particular, which retailers are best for your product?
After these inputs, we move into Lencioni territory and ask questions like “why do we exist,” “how do we behave,” “what is most important right now” and “who does what?” Answering these questions allows you to develop the core values and processes you’ll put in place to work effectively together. It allows you to prioritize everything that comes your way — establishing clear and sensible criteria for deciding whether to say “yea” or “nay” to opportunities.
These inputs and answers furnish your strategic playbook, and it’s everything you really need to deliver on your brand’s promises. As you grow and gather more data, you can come back every quarter to spend a day or two with your team and refresh your playbook. Armed with your playbook, you’ll feel confidence rather than fear because you’ll know who you are and what you’re supposed to do.
This may sound simple but it’s often overlooked. It’s also what investors want to see in a prospective investment: big-time confidence tempered by discipline and focus. At Findaway Adventures, we believe in this so much that we’ve launched an online course called “Nail Your Strategy” to help new change-the-world brands startup on the right foot.
If this sounds like an invitation, so be it. Here is a link to learn more. Let us know how you nail your strategy. I’m open to all kinds of learning and best practices.
Sincerely,
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All credit to my ghostwriting partner, Dave Moore, who is instrumental in getting my thoughts out in a coherent manner & into these blogs. Thanks Dave!