Strategy. Such an ominous word. Most of us strategize in our heads every day without realizing it. For some, it has connotations of excessive work and we avoid it at all costs. For leaders, nothing will change and mass confusion becomes the state of work without a written strategy. For the longest time, I preferred to keep my business and life strategies in my head, and not surprisingly, it is not effective. For the past few years, I have been writing my strategies down to reach goals and most importantly, to empower my team. They cannot perform if they have no clue what they are working towards and why.
The new book Strategy First – How Businesses Win Big by Brad Chase is one of the first books highlighting business strategy that I have enjoyed in a long time. The book is an easy read, fun, relevant, has over 50 company examples of corporate strategy. I learn best by real-world examples and Brad’s book kept me entertained. I learned ideas to incorporate into my life that are reasonable and not just all theory.
Brad has an impressive background leading at Microsoft and MSN where he worked with teams at all levels to set strategy. He illustrated how strategies can flow down so that everyone was on board. Likewise, he was open to new ideas and craved input from the employees in areas that are doing the work.
Brad has proven that success is all about strategy and without it, no plan is complete. He developed an effective theory that any business or person can incorporate into their day. E x mc2 can teach strategy to build and execute winning strategies relative to the competition. The three elements are:
C: Customer, the most important factor as noted in the equation
M: Market Potential
E: Execution – There are three variables here including strategic, customer value, and financial
Managers should adhere to the Strategy First Score (SFS) when using the equation. Doing so allows us to calculate a score that offers both an analytical and visual representation of how your strategy stacks up to the competition. A quality strategy is unbiased and is an independent method to remain ahead of the game in the same competitive business arena.
Here are some factors that address change within our equation:
Technology
Innovation
New Business Model
Societal Trends
New Markets
Brad offers interesting examples of companies in a variety of fields to illustrate how the factors above can make an impact. The stories are my favorite part of the book because they offer numerous “Aha” moments. Not only did I remain engaged, but I was also entertained throughout the entire book.
Strategy First spends ample time looking at what factors can influence our strategy in an ever-changing world. Note that these are similar to internal factors that influence us. Brad calls them TIDE:
Technology
Institutional
Demographics
Economics and environmental
Social
No company can live in a bubble or without international competition and factors that can put a company out of business quickly. If Covid19 has taught us anything, those companies that are nimble and can change tactics on a dime will survive. Strategy First unintentionally addresses the pandemic that we are struggling with what Brad calls “Expanding the Universe” factors. To me, these are very relevant right now.
Develop or change products and services
Partnerships
Adapt to change
Expansion plans that consistent with your strategy
Mergers and acquisitions
A strategy is useless if it is not executed and followed by action. Don’t write one just to say that you have one. Live it every day. Leaders need to make priorities clear and concise. This involves alignment, communication, and most importantly, tracking. You will never know if your strategy is working if you fail to track progress. Moreover, you must be willing to make swift changes to new challenges. You want your strategy to grow and prosper over time. Here are some tips to bring strategy growth and success.
Seek change
Mine any gaps
Adapt to the tides mentioned earlier
Expand the universe
Climb short walls and build tall walls
I thoroughly enjoyed Strategy First by Brad Chase! I have read other strategy books and they have been so theoretical or intense I quickly lost my concentration. I did not have any actionable strategies or ideas that I could personally apply.
Business is disrupted by the pandemic. I have had to revisit my strategies in several categories to align with the current environment. Several of my goals have changed and how I address growing key financial areas is upside down.
If you are committed to strategy and have been turned off by other resources, read Brad’s book. I promise that you will not be disappointed and will come away with at least a few nuggets!