One of the most important business strategy questions to ask yourself is this: Am I in the right business?If you are producing the revenue you want, your strategy is working. You might not be happy, you might not be making a profit, you might be stressed, but if you are hitting your revenue numbers, then your issue isn't strategy.Otherwise, study both of these books written by Jim Collins: Good to Great and Great by Choice. As you read these books, you'll be able to get some ideas that will provide you with clarity about what it takes to move your business forward.Understanding the importance of what makes a company great is often overlooked. The following example may be helpful:In 2008, I was doing some work at Lehman Brothers. They were looking to improve sales and services, so I introduced them to Jim Collins' Hedgehog concept.The concept is deceptively simple. All you have to do is imagine three overlapping circles. In each circle, you will fill in specific information.Circle 1: What am I passionate about?Circle 2: What am I (or could I become) best in the world at?Circle 3: What can I make money at? NOTE: Adapted from Jim Collins' Hedgehog conceptThe essence of business strategy is to discover what, for you, is simultaneously in all three circles. As you can imagine, filling in the three circles will help to reveal your strategy.So, I'm doing this exercise at Lehman Brothers and we're making progress. Lots of Circle 1 ideas. Lots of Circle 3 ideas. Nothing for Circle 2. I pressed. I asked in different ways. I probed. Nothing. They didn't see themselves as best at anything!You know the ending. Four months later they were bankrupt. Not really cause and effect here, but eerie.Take a few moments to write down what your answers are for each circle. With the exception of the Lehman Brothers group, every other time I've taken businesses through this process they got a spark of clarity and were able to move forward. This is my hope for you.Are you currently facing business challenges? The first step to addressing your issue is to create a crystal clear description of your specific situation. Then you'll be able to see your options and involve others in solving the problem. My Discovery Guide will help you create your crystal clear description. Download your free copy now.If you have a specific question or need an outside viewpoint, contact Jeff for one-on-one help today.
