{"id":63805,"date":"2022-04-06T08:44:38","date_gmt":"2022-04-06T12:44:38","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=63805"},"modified":"2022-04-06T08:44:39","modified_gmt":"2022-04-06T12:44:39","slug":"effective-business-strategy","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/effective-business-strategy\/","title":{"rendered":"The 7 Steps for Creating an Effective Business Strategy"},"content":{"rendered":"\n<p>What makes a winning business strategy? What factors should you take into account when designing a big-picture strategy for your business?\u00a0<\/p>\n\n\n\n<p>It&#8217;s one thing to set goals for your company, but it&#8217;s another thing to know how to reach those goals. The path towards your goals is your strategy. An effective business strategy is one that is built from the ground up. <\/p>\n\n\n\n<p>Here&#8217;s a seven-step process for creating a strategy for success.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-form-a-leadership-team\"><strong>Form a Leadership Team<\/strong><\/h2>\n\n\n\n<p>An effective way to make group decisions is to <strong>ask <em>what needs to be true <\/em>for a particular strategy to be successful<\/strong>. This approach allows people to think creatively and work as a team to figure out how to meet those needs. Lafley and Martin urge you to<strong> figure out\u2014as a team\u2014how to create the ideal market situation for your strategy.<\/strong> If creating that situation isn\u2019t feasible, then neither is the strategy.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Most organizations aren\u2019t good at bettering their odds in this way. A team often comes up with a single strategy, which they analyze to show that their strategy will work and is cost-effective based on current market trends. The problem is that this type of analysis only reflects <em>what\u2019s true at the moment<\/em>.<\/p>\n\n\n\n<p>Lafley and Martin offer a seven-part process for deciding on an effective business strategy by determining the necessary conditions for its success:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-1-lay-the-groundwork-for-a-choice\"><strong>Part 1: Lay the Groundwork for a Choice<\/strong><\/h3>\n\n\n\n<p>Lafley and Martin say you should begin by identifying the problem you\u2019re trying to solve and boiling your options down to a clear either\/or choice\u2014for example, if you need to reduce overhead, perhaps your options are to either fire employees or cut down on distribution to an expensive place. Next, ask what information you need to figure out which solution is best. <strong>Note that you\u2019re not making a decision yet; you\u2019re figuring out what groundwork you\u2019ll need to make that decision.&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Consider Options Using the \u201cToggle\u201d Technique<\/strong><br><br>The <a href=\"https:\/\/www.psychologytoday.com\/us\/blog\/the-high-functioning-hotspot\/202001\/how-make-hard-decision\">Toggle Technique<\/a> can help you consider different options. Here\u2019s how it works:<br><br><strong>Center yourself. <\/strong>Take a moment to close your eyes and breathe. You\u2019re about to engage in a fairly strenuous mental exercise, so make sure you\u2019re calm and prepared for it.<br><br><strong>\u201cPick\u201d an option. <\/strong>Think about the first option on your list and imagine that you\u2019ve already chosen it\u2014imagine that you\u2019re 100% committed and there\u2019s no going back. Does it make you feel excited? Nervous? Sick to your stomach? Your emotional responses will be crucial in eventually making a decision.&nbsp;<br><br><strong>Toggle. <\/strong>Once you\u2019ve examined your emotional response to the first option, switch to the next one on your list and imagine that you\u2019re 100% committed to that one instead. Again, check in with your feelings. Repeat this process for every option you\u2019re considering.<br><br><strong>Choose. <\/strong>Once you\u2019ve checked in with your \u201cgut\u201d on every option, pick the one that feels the best.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-2-imagine-potential-strategies\"><strong>Part 2: Imagine Potential Strategies<\/strong><\/h3>\n\n\n\n<p>Laying the groundwork required you to have two options to consider. <strong>Now that you have those two logical options, think about <\/strong><strong><em>every <\/em><\/strong><strong>possible strategy for solving a problem, no matter how off-the-wall it seems.<\/strong> Lafley and Martin suggest that, during these sessions, you don\u2019t put the ideas through any sort of vetting process\u2014just let solutions fly and imagine the positive outcomes of each. Commit to being open to new ideas, no matter how unusual.&nbsp;<\/p>\n\n\n\n<p>(Shortform note: In <a href=\"https:\/\/shortform.com\/app\/book\/purple-cow\"><em>Purple Cow<\/em>,<\/a> Seth Godin suggests that you use these <a href=\"https:\/\/www.shortform.com\/blog\/how-to-brainstorm-effectively\/\">brainstorming<\/a> sessions to intentionally come up with the <a href=\"https:\/\/shortform.com\/app\/book\/purple-cow\/chapter-4\">most extreme, over-the-top options you can imagine.<\/a> Godin reasons that to create an exceptional product, you should start by finding the outer limits of possibility. Then determine which of those extreme options will get you the kind of customer attention that you want, and figure out how to implement it.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-3-determine-the-conditions-for-success\"><strong>Part 3: Determine the Conditions for Success<\/strong><\/h3>\n\n\n\n<p>After you\u2019ve written down all of your potential solutions, the authors tell you to move on to figuring out what market conditions would be necessary for each of those possibilities to succeed. Doing so requires a sort of reverse engineering\u2014<strong>start with the assumption that each potential solution is a good one, and work backward to what conditions would make that so.<\/strong>&nbsp;<\/p>\n\n\n\n<p>In other words, don\u2019t ask whether strategies would be successful based on current conditions; that might lead you to throw away potentially strong strategies simply because they wouldn\u2019t be successful <em>now<\/em>. Instead, ask what conditions each strategy would <em>need <\/em>for success. This approach acknowledges that <strong>even strategies that wouldn\u2019t work now may work in different conditions<\/strong>, thus encouraging people to think about them more thoroughly.<\/p>\n\n\n\n<p>Consider what would need to be true in each of the areas that we\u2019ve previously discussed:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Industry structure: <\/strong>What would need to be true about the industry you\u2019re hoping to compete in, and the particular segment of that industry you\u2019re targeting? For example, maybe there would have to be a particular niche for your business to fill.&nbsp;<\/li><li><strong>Customer values: <\/strong>What would need to be true about what your customers want and value? For example, people would need to buy the product or service you\u2019re hoping to sell.<strong>&nbsp;<\/strong><\/li><li><strong>Competitiveness: <\/strong>What would need to be true about your position within your industry, relative to your competitors? For example, as we discussed earlier, your business strategy might hinge on you being the best at manufacturing, or being able to <a href=\"https:\/\/www.shortform.com\/blog\/how-to-sell-a-product\/\">sell your product<\/a> at the lowest price.<\/li><li><strong>Competitor responses: <\/strong>What would need to be true about your competitors\u2019 actions in response to your strategy? For example, it would need to be true that your competitors can\u2019t outperform you in your own core competency\u2014or, at least, would require significant time and resource investments to do so.<\/li><\/ul>\n\n\n\n<p>(Shortform note: In <a href=\"https:\/\/shortform.com\/app\/book\/purple-cow\"><em>Purple Cow<\/em>,<\/a> Godin talks about how digital cameras were able to <a href=\"https:\/\/shortform.com\/app\/book\/purple-cow\/chapter-3\">compete with\u2014and eventually dominate\u2014the photography market<\/a> by taking this approach. In brief, the camera manufacturers realized that in order for their product to see widespread success, they needed two things to be true: Digital cameras had to be as easy to use as film cameras, and people needed to understand the advantages that digital cameras offered (such as not needing to get film developed). Once they created those two conditions, digital cameras became enormously popular and quickly dominated the market.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-4-find-potential-barriers\"><strong>Part 4: Find Potential Barriers<\/strong><\/h3>\n\n\n\n<p>Lafley and Martin\u2019s fourth step is the opposite of Step 3\u2014Figure out every potential <em>problem <\/em>with each strategy. <strong>Encourage the members of the team who are most skeptical about each idea to explain their skepticism.<\/strong> Do this for each of your potential solutions.&nbsp;<\/p>\n\n\n\n<p>(Shortform note: Sometimes, the most successful people are those who manage to turn problems into opportunities\u2014and that begins with recognizing your problems, as Lafley and Martin suggest. For example, boxing great Muhammad Ali won the famous <em>Rumble in the Jungle<\/em> match against George Foreman by using a strategy he called the <a href=\"https:\/\/www.youtube.com\/watch?v=nCOvjkbEn3c\">rope-a-dope<\/a>\u2014leaning against the ropes to absorb the shock of his opponents\u2019 strikes, while Foreman tired himself out with powerful yet ineffective punches. Then, in the eighth round, Ali struck back against the exhausted Foreman and scored an easy knockout. In other words, Foreman\u2019s strength was a <em>barrier <\/em>that Ali couldn\u2019t overcome, so instead he used a strategy to turn that barrier into an advantage.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-5-create-tests\"><strong>Part 5: Create Tests<\/strong><\/h3>\n\n\n\n<p>Next, Lafley and Martin suggest you <strong>design tests<\/strong>\u2014approved by the group\u2014<strong>that can gauge the potential success conditions and the potential barriers to each strategy<\/strong>. These can be qualitative (like speaking to customers in a focus group) or quantitative (like conducting large-scale price-point tests). If your company can\u2019t afford these sorts of tests, Lafley and Martin recommend using publicly available data instead.&nbsp;<\/p>\n\n\n\n<p>As in Part 4, having a skeptic in the group is useful. Everyone needs to believe that the tests will give meaningful results, and skeptics will have the highest standards for those tests.&nbsp;<\/p>\n\n\n\n<p>(Shortform note: At this stage, it helps to recognize <a href=\"https:\/\/hbr.org\/2009\/02\/how-to-design-smart-business-experiments\">when formalized testing is feasible and when it isn\u2019t.<\/a> Generally speaking, formal testing is appropriate for <em>implementing <\/em>a strategy but not for <em>creating <\/em>a strategy. For example, if you\u2019re considering a new logo for your company, you can test it on a small scale and see how your customers respond. However, if you\u2019re facing a major strategic decision like a merger or choosing a manufacturer, there\u2019s no way to run a meaningful test\u2014you\u2019ll have to make the best decision possible based on the information you already have.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-6-administer-tests\"><strong>Part 6: Administer Tests<\/strong><\/h3>\n\n\n\n<p>After you\u2019ve designed your tests, conduct them. At this point, your group should have an inkling of which ideas are more and less likely to be successful. <strong>First, test the ideas about which you feel the least confident.<\/strong> If these possibilities fail your tests, you can eliminate them right away and move on to testing ideas that you think have a better <a href=\"https:\/\/www.shortform.com\/blog\/success-is-luck\/\">chance of success<\/a>.&nbsp;<\/p>\n\n\n\n<p>The authors recommend testing one strategy at a time. Companies often try to analyze every potential solution at once, which is more expensive and can cause confusion when tests and strategies overlap.<\/p>\n\n\n\n<p>(Shortform note: You may be tempted to create tests that you believe your ideas will pass, to prove that your idea is workable. However, it\u2019s often more effective to do what philosopher Karl Popper calls <a href=\"https:\/\/shortform.com\/app\/book\/the-structure-of-scientific-revolutions\/chapter-12\">negative verification:<\/a> Design tests that you think the strategy <em>will <\/em>fail in order to show that it\u2019s fatally flawed. Negative verification allows you to quickly and efficiently weed out the ideas that won\u2019t work. It also gives you greater confidence in whichever choice you settle on\u2014you\u2019ll know that it\u2019s a strong enough strategy to withstand your best efforts to <em>make <\/em>it fail.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-part-7-make-your-choice\"><strong>Part 7: Make Your Choice<\/strong><\/h3>\n\n\n\n<p>The final step of Lafley and Martin\u2019s process is to choose an effective business strategy. If you\u2019ve done the first six parts correctly, you should feel confident that the data from your tests are pointing you in the right direction. <strong>Whichever potential solution tests best is the one you should choose.&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Part 8: Stick to It\u2014Unless\u2026<\/strong><br><br>The team <a href=\"https:\/\/www.shortform.com\/blog\/methods-of-decision-making-crucial-conversations\/\">decision-making<\/a> process is designed to help you make the best decision possible and feel confident about it, but it doesn\u2019t include guidance for what to do when you <em>don\u2019t <\/em>make the best decision. To avoid this, determine <a href=\"https:\/\/www.psychologytoday.com\/us\/blog\/intentional-insights\/201908\/eight-key-steps-effective-decision-making\">specific red flags<\/a> that would get you to reconsider your decision.&nbsp;<br><br>Setting specific guidelines like this will help in two ways:&nbsp;<br><br>1. You won\u2019t panic at the first sign of trouble and make an unnecessary course correction.<br>2. You won\u2019t wait too long to make a <em>necessary <\/em>course correction.<br><br>Setting these red flags will keep you on track\u2014you\u2019ll be able to make changes when needed, and <em>only <\/em>when needed.&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>What makes a winning business strategy? What factors should you take into account when designing a big-picture strategy for your business?\u00a0 It&#8217;s one thing to set goals for your company, but it&#8217;s another thing to know how to reach those goals. The path towards your goals is your strategy. An effective business strategy is one that is built from the ground up. Here&#8217;s a seven-step process for creating a strategy for success.<\/p>\n","protected":false},"author":8,"featured_media":63840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,14],"tags":[472],"class_list":["post-63805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-management","tag-playing-to-win","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The 7 Steps for Creating an Effective Business Strategy - Shortform Books<\/title>\n<meta name=\"description\" content=\"Having an effective strategy is the key to winning in business. 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