Like Leadership, Strategy is another one of those business subjects, shrouded in mystery and usually over-complicated due to a lack of understanding of the basics. Although a major component of every MBA program, Strategy needn’t be complicated and can be broken down into 3 main steps:
Step 1. Defining Your Uniqueness; your SCA
Sometimes called Unique Selling Proposition (USP), we prefer to use the term: Sustainable Competitive Advantage (SCA).
This is the process of defining where you stand in the market place and is the absolute key to developing a robust business strategy. You might need separate SCA’s for different products or services, e.g. Accessibility for Golf, but Fine Dining Quality for food. Whatever your point of difference is you should build it into a statement that all of your people can remember and work to deliver.
Step 2. Marketing Your Uniqueness; your Promise
Now that you know what makes you unique you must tell all of your customers and prospects about this in everything that directly or indirectly markets your business.
Step 3. Operations Strategy; Your Promises Delivered
Now that you’ve been bold enough to shout your uniqueness from the rooftops, you better make sure your business is ready to live up to your promise. Your Operations Strategy is supported by 3 key mini strategies; People Strategy, Innovation Strategy (products and processes) and finally Financial Strategy.