009 | Business Strategy = Life Strategy
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009 | Business Strategy = Life Strategy
Welcome back!
Minute of Transparency: COVID-19 is the new normal…
Today’s Topic: Business Strategy = Life Strategy
In this episode:
A Solid Business Strategy
A Solid Life Strategy
Plan Today For a Successful Tomorrow
// 1. A SOLID BUSINESS STRATEGY
I’ve had to think through this whole Business Plan thing a number of times recently:
First, for my freelance web business called Outsourced Strategy (2018): https://outsourcedstrategy.com/
And then, more recently for Transcend Human (2019): https://transcendhuman.com/
In the article, "Strategy Development: The 6 Key Strategies Every Company Needs" by Bernard Marr (https://www.bernardmarr.com/default.asp?contentID=1342 ) He suggests that the following elements should be included in a solid Business Strategy:
Now I know it says 6 Key Strategies - and if you look there are 10. That’s because I added the first 4 just to round things out 😉
Branding/logo:
Your brand is WAY more than a logo. It is the touch-points, the social interaction and the way people experience your product or service
A logo typically says something about the business - either literally or subliminally
At the end of the day people want something that stands for them, is easily recognizable, and will stand the test of time
Mission Statement:
Every good business has (or should have) a mission statement
A simple, one word, one phrase or one sentence mantra that states why they exist
The Mission Statement is almost as recognizable as the logo
It should give people an immediate idea why you exist
Vision:
A good leader constantly brings you back to the vision
It’s their job! They aren’t the doer, the organized person, the one with a good understanding of what’s possible and what isn’t
The leader needs to be casting vision over and over - so the team stays inspired and knows where they are headed, and why they’re doing what they’re doing
Values:
This list can be small, or it can be long
You can refer to them as your value statements, belief statements, what we value, what we believe, etc.
But basically they are a list of things that answer the question: “What are the hills we’re willing to die on?"
If you tell someone your mission statement and they looked confused - you should be able to tell them what you value to help clarify it for them
Customers:
A good company needs customers, someone to buy the product or service you’re putting out there
Simply put - if people aren’t asking for your product or service - you aren’t going to be around for long
Important elements:
Do your research ahead of time - find out what people are asking for and fill that need
Or - if you’re already miles down the road with your company, move your current product or service toward the thing people are asking for
This may actually mean reinventing your product or service completely - but that’s ok - it’s called being innovative…
Partnering:
A good business can only be as good as it’s partnerships...
Examples:
A top restaurant needs vendors that can get them the best cuts of meat
Apple needs vendors the can get them the latest/greatest glass for the next iPhone screen
Automobile companies need a tire vendor that can work with them to develop the next level racing tire for a concept car they’re working on
Very rarely will a company be a silo - where they produce their product or service in a bubble with zero outside influence
So network, and form partnerships that are mutually beneficial to both parties
Operational Improvements:
Another important piece of that puzzle is the ability to make small, and sometimes large course corrections along the way
The word “operational” suggests the processes you have in place, the org chart, the systems that keep things moving
All the little things that can be tweaked and fine tuned in order to keep making progress
This is an ongoing process - but very necessary
New Product Development (Innovation):
Don’t rest on your laurels
Always be looking for the next big thing
Maybe this is a simple change to a product in order to make it function better
Maybe it is adjusting a service you provide because culture has shifted
But the important thing here is NOT to coast. NOT to just ride on the coattails of previous success
Always be innovating. Always be reinventing
Technology:
Use what is out there to make you better, leaner, faster
In the early days, this looked like a caveman finding a sharp rock and realizing it helped him cut through animal hide
For us today this means harnessing the power of the microchip - using computers and even AI to refine processes, and create better products
It’s using the latest project management tool to stay organized
People/Talent:
The ability to get the right people on the freeway, and make sure they’re all going the same direction
This is probably one of the biggest challenges a business faces
Sure you have a team of rock stars at the top - mainly because they’ve all been around for a while, proven themselves, and you trust them
But below them is a sea of workers - many of whom you hired based on a resume. Some who have only been at the company two weeks!
But you desperately need these people to be on the same page as you
You need them to be awesome at their craft AND be bought into the vision you’re casting for the company
When someone is just a little off - they have the potential to do some serious damage - damage to the brand, and potential damage by infecting other employees with their slightly different viewpoint
// 2. A SOLID LIFE STRATEGY
So that’s it - The 6 Key Strategies Every Company Needs - along with my 4 additions at the top…
Now let’s walk through that same list - but instead of looking at them as “business” or “company” strategies - let’s look to see if they can also be life strategies:
Branding/Logo:
Each of us develops a “brand” - or what’s more commonly referred to as a a “reputation”
For some, it is a good reputation. For others, not so good. And for many more, it’s just somewhere in between
Most of the time, we don’t even know what our reputation is, or how we’re perceived by others
But the following are true about our reputation:
Different people will view us differently
You can’t please all of the people all of time - right?
Our reputation isn’t something we have 100% control over
We could live the perfect life, and someone would still view us in a negative light - and probably talk badly about us behind our backs
And most important to understand: “A good reputation takes a long time to build - but only one bad decision to destroy”
Mission Statement:
While most of us walk around with a reputation, we don’t typically have a mission statement
If someone asked you, “Who are you and what do you stand for?"
You would probably stop in your tracks with that deer in the headlights look - trying to come up with something profound...
But if you wanted to create one - you could start by asking yourself the following:
Who am I?
What do I stand for?
What’s important to me?
How do I want to live?
What legacy do I want to leave behind when I’m gone?
By answering some of those questions you would probably start to see your mission statement come into focus
Vision:
In the business setting the vision was held and cast by the leadership right? The CEO, the president, the founder...
And in our personal lives, it is very similar
If you’re a Christian, you believe that God is the CEO and that He’s the one casting vision through the life of Jesus, the Bible, etc.
And since we have the freedom of choice, it’s simply up to us to understand that vision and choose to follow it or not
For the non-Christian, ownership of the vision tends to fall squarely on your own shoulders
It’s up to you to create your own vision for your life and then choose how strictly you want to adhere to it or not
Values:
Similar to the vision, as a Christian, we find our list of values by understanding the nature of Jesus and reading the Bible
Of course that doesn’t mean every Christian in the world has the same set of values statements...
It’s mazing how many different versions you’ll find - all originating from the same Person (Jesus) and the same book (The Bible)!
But that shouldn’t deter you from making a go of it. It’s up to you to figure out what those things are for you
Only then will you have a good understanding the big rocks in your life. And know the hills you’re willing to die on...
Customers:
I know what you’re thinking… How on earth will he spin this one?! A customer is a pretty obvious business thing
I as a person don’t have “customers"
But just say that a few times and let your mind wander. What would it look like in our personal lives if we had customers?
If we had people looking in our store windows?
If we had people wanting to test out our brand?
If we had people interacting with the “products” and “services” we offered?
See where this is going?
Everyone we come in contact with is a “customer” of sorts
Now we may not be selling a product or service, but we will have an impact on that person - either for good or for ill
Our conversations, how we treat them, and what they see will either uplift them, or drag them down to your level
As a Christian - this is pretty important to us
Technically, by calling ourselves Christians - we are representing God to those around us
I know…pretty high calling, and pretty easy to mess up from time to time
For the non-Christian, it is similar
Only it’s your reputation you’re trying to keep from getting tarnished - not God’s
And finally, for the Christian, this is where the concept of serving comes from...
The Bible is pretty straightforward when it describes this
We are to put others before ourselves
So this means everyone we meet is a customer
And the customer is always right - right?
Partnering:
As an individual, we partner up in a variety of ways:
Family - not something we choose - but a partnership for life nonetheless
Friends - we choose our friends based on affinity and mutual respect
Relationships - learning what it takes to cultivate a new relationship that involves a more intimate version of love
Marriage - choosing that lifelong partner and fully embracing commitment
Children - actually creating life and developing your own family partnerships
Others - acquaintances, affinity groups, religious/spiritual groups, athletic groups, business partnerships, etc. : .
Each of these comes with a unique set of “rules” and “expectations” that we need to figure out and adhere to in order to ensure the partnerships are healthy
A big concept here is this: “The team outperforms the individual every time”
Sure we can do everything ourselves
But the end result will never be as good as it would be if we allow others in to help
Operational Improvements:
Similar to any business - you as a person have systems and processes that help you function
These include habits, ways of thinking, behavioral patterns, defense mechanisms, likes, dislikes, hobbies, stress relievers, etc.
And when things are good - there’s a chance most of these things are firing on all cylinders
However, as life typically goes, things aren’t always good. And that’s when we start looking at our operational “stuff” to see if there is anything we can do to shore up the boat so it stays afloat
Need me to get a bit more specific?
Exercise more (or actually start…)
Adjust our eating to include more healthy items
Dial back our use of drugs (And not just the illegal type… Alcohol, caffeine, nicotine, sugar, etc.)
Moderate our use of Netflix (and other forms of entertainment)
Try to find a happy medium in our work-life balance
And the list goes on and on
As humans, we’re constantly in a state of change - and it’s up to us if they are changes for the better or changes for the worse
New Product Development (Innovation):
I’m going to stay away from the whole “product” lingo - and instead focus on “innovation"
This is something that is really taking off in our culture - the idea of having to, or wanting to reinvent ourselves
It’s common now for people to have multiple careers in their lifetimes vs. one career from hire to gold watch
Technology:
We can go two routes with this one:
First, we can take it literally:
We live in a world where technology changes and advances at an alarming rate
For the majority of us, keeping up with it is mandatory
It’s either part of our job, or it allows us to network and communicate
So there is always something new to learn and bleeding edge technology that we’re learning about in advance
But less literally, we could look at “technology” more as a tool
So in this scenario, what are the tools we have around us?
What tools could we leverage to grow, learn, help others?
Being a Lifelong Learner plays a big role in this, because it’s only when we’re open to learning new things that we truly see the tools that are out
People/Talent:
And finally, what does it look like to have the right people and the right talent on your team?
We talked a little about this under partnerships
We all have relationships, connections and networks of people in our lives
But let’s focus on a specific group of people:
Those in your immediate friend group, school group or work group
I know this will look different depending on your stage of life
But I’m talking about the group of people you spend time with, listen to, are willing to take feedback from
People who will undoubtedly help shape your life.
Obviously, if these people are helping to shape your life, it would be good for them to be on the same highway - heading in the same general direction
// 3. PLAN TODAY FOR A SUCCESSFUL TOMORROW
You don’t have to be a rocket scientist to know that you can’t just skate through life in reaction mode - and expect to get where you want to be some day.
Remember the phrase, “Which way are your feet pointing?”
This is HUGE! Pointing your feet suggests that you have thought about things. You are being proactive, and deciding in advance what direction you want to be heading. And it also suggests you have thought about the destination a bit. How you want your life to play out, the legacy you want to leave for your family and those who knew you.
The 10 things we just walked through are things you can make decisions about - ahead of time. Setting boundaries in place, and choosing in advance how you want your life to proceed.
Sure you’re going to bump up against your boundaries every now and then. And you’ll go past them sometimes. Failure isn’t optional. It is inevitable.
But learning from these mistakes is almost as important as having the good plan in place to begin with.
We’re stronger through it all.
Let’s land the plane:
This week ask yourself:
Do I have a Life Plan?
Is it even something I’ve thought about?
Then walk through the ten things we talked about and ask yourself hard questions about each one. Questions like:
“Do I have a set of values I live by?"
“Am I actively involved in making operational improvements in my life?"
“Am I innovating? Reinventing myself?"
And, “Who am I on the highway of life with? Are they helping me get where I want to go? Or are they taking me down off ramps into shady parts of an unknown city?"
My prayer for you is that this inspires you to take your next step - whatever that is.
If you’ve already forgotten the 10 things we walked through don’t worry - you can go to the website and review them there.
Up next time: The backbone of Transcend Human:
The Mission Statement
Our Values Statement
And a Statement of Beliefs
Now that we’ve talked about some of these things, we should probably walk through them for Transcend Human. They are definitely works in progress, but so important to have. A visitor to the website should be able to read through these quickly and get a REALLY good idea what we’re about.
Looking forward to that - so until then - keep Transcending Human!