17 Jun Random thoughts on business focus
A well-communicated vision and business strategy are essential for maintaining focus and alignment across an organization.
Take a first step and establish these simply by:
1. Defining what your differentiator is as a company (We do more? We do better? We do faster?)
2. Defining what your market and your audience is (for example are you regional, national, or global? Do you serve large or mid-market? Do you serve specific industries?)
These will provide an increased ability to focus and will result in the following:
- Sales teams can ignore prospects outside the wheel-house upfront and target their efforts
- We can easily accept and anticipate that a company may outgrow our offering or move away from our market. Losing clients is okay in these cases.
- Without this we risk diluting the effectiveness of our product by trying to build everything!
- Develop knowledge experts in house more easily with a better defined service offering.
Without establishing what the core of your offering is and defining your specific audience, instead, you will find:
- Sales teams with lower close rates and less targeted selling. Inability to effectively reuse sales collateral.
- A software that works just marginally for ALL the differing client needs and not great for any of the core consistent needs.
- Service teams that can be stretched to no end and pulled in all directions. Without clear product definition, our job is just to help as much as possible.
Establishing your key differentiators and your target market leads to organizational focus and will allow you to be disciplined with our roadmap.
If you’re still having trouble with this, start from the other end. Start by asking yourself what you don’t do. Define the services that you don’t offer, the types of clients you won’t pursue. When you look at what’s left you’ll have a good picture of what you will do.