This is week five of the business strategy bootcamp and this week we are writing your strategy statement. This statement is the heart of your one page strategic plan, and it will answer the question how your business is unique. How are you different from everyone else in the market. Everything in your strategic plan should revolve around this statement, and I am going to be giving you a template that makes this process really easy. Watch now!
PDF worksheet download: https://wolvesandfinance.com/wp-content/uploads/2019/11/Ep-5-Worksheet.pdf
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Let us start by explaining what we are doing here. Why are we talking about business strategy? Is it really all that important? If you are already selling a good or service, why don’t you just focus on sales? Why waste your time on strategy?
Here is what is going on. If you are a business leader, you are constantly surveying the business landscape around you. You are looking for opportunities your business can go after. If you study strategy, and go through the exercises I am giving you, you are forming in your mind a crystal clear understanding of your strengths and weaknesses. That will give you perspective. Then when you survey the landscape around you, you are looking for specific things. So opportunities in your unique area of competitive advantage will pop out at you. If you don’t study strategy and you don’t put in the work, all the opportunities will look the same.
To put this in context, these do not have to be huge major changes in your business. They can be little decisions. A lot of businesses do not need to change that much. Changing little things to move your organization towards an area of competitive advantage can have a huge impact. For example, what type of software upgrades do you install? What type of employee policies do you put in place? How do you organize your schedule so you are focusing your day on the most important things? This statement helps you make all these small decisions that add up to success.
So the goal of this video, is to come up with a simple, clear strategy statement that describes your area of competitive advantage.
Last week we performed a VRIO analysis on your business. If you have not watched last week’s video, go back and watch it. You cannot do this week without it. You should be starting this week with a table of your unique company attributes that are ranked by competitive advantage. You have already done all the hard work. This week we are taking that table and turning it into a compelling strategy statement.
All your strategy statements are going to answer three basic questions.
- Who are you?
- What unique product do you provide?
- How does it benefit the customer?
Start with all the worksheets you have completed over the last month. What you are doing now, is you are taking your definition of your organization, and focusing it on generating value in those areas of competitive advantage.
I am going to ask you to write this statement in a very specific way. You should write this statement as if you are pitching your company to a room of potential investors. So imagine you are in a board room, and you have a row of investment bankers sitting across the table from you. You need to describe for them your area of competitive advantage. They are going to decide, based on your explanation, whether or not to invest in your business. They want to hear from you, how your business is unique. Why should they invest their money in you and not someone else?
What you are really coming up with is your 30 second elevator pitch for your business. You should be able to explain to someone what makes your business special. It should be clear, concise and it should only take you 30 seconds. So how do you write this? You are in luck, because I have a worksheet for you.
I have made a worksheet to help you through this. There is a link in the description box down below that will download a PDF document. Go ahead and answer the questions and fill it out. This should only take you about 30 minutes. By the end you will have a 30 second elevator pitch for your company that is based on a compelling strategy.
Leave a comment down below letting me know what you think!
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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.