On this episode, James Woosley and Megan Burns continue the series about Strategy and talk about definition of strategy, why it may be scary for some, and that big plans don’t have to be complex.
Why is a solid foundation so important?
- You need to take time to understand where you are before going forward. A map is pretty much useless without the “You Are Here” dot.
- Proper perspective means you know the truth. If you build your strategy on a delusion or lie, it probably won’t work out very well. Don’t lie to yourself or believe lies from others.
What does a solid foundation look like?
- The principle is the same as construction…don’t build on shifting sands, but find bedrock. Make it wide and strong enough to carry the weight of the structure.
- Think about a pyramid. The base is wider than the top, making it almost impossible to topple over. At the same time, the top can be replaced without even touching the foundation.
How do you get started?
- Gain perspective – What are your strengths and weaknesses?
- What’s working to your advantage or working against you?
- The SWOT exercise is a great place to start and is Step 1 of the Simple Strategic Plan (SSP). Fill it out based on your experiences and inputs from assessments, reviews, testimonials, and family/friends/teammates.
- Know your mission – What do you want to get paid to do?
- Passion in business is fine if there’s a monetary reward. Otherwise it’s a hobby.
- Find the intersection of passion and payment.
- It should be unchanging, so build it in a way that is steady no matter what changes around it (technology changes industries, but the core mission may be the same).
- Worry less about wording and more about capturing thoughts and ideas. Refine it over time.
- It should excite you enough to get out of bed in the morning raring to go!
- Know your values – What does your business stand for?
- Understanding this will allow you to weather the storms that are sure to come.
- Core values are a filter for making decisions more easily.
- Core values are “no matter what” foundational statements.
- Should be reflected in everything you want to do.
- Can help connect you with your target market (if you remain true).
- Critical to helping build your business culture. This stuff matters to your team and impacts who makes the team and stays on it.
- Download the SSP Template
- Complete Step 1 – SWOT Analysis
- Complete Step 2 – Mission Statement
- Complete Step 3 – Core Values