Strategy

9 posts
5 Operational Challenges That Could Derail Your Business In 2024



In the dynamic world of business, real challenges demand decisive actions and a willingness to drive change. My experience in reviving a business serves as a vivid example of this.

When I took the helm of a company that was losing $20,000 a month, the situation was critical. The previous owner was on the verge of not making payroll, a crisis averted by my owners' timely intervention and investment. From there, I focused on transforming five key operational areas, turning a dire situation into a thriving success story. This effort catapulted our profits to nearly $100,000 a month, culminating in the successful sale of the business.

This article is a journey through that transformation. It's about sharing the strategies and insights that helped navigate and reshape a struggling business into a profitable venture. For business leaders facing challenges or looking to preempt them, these lessons are about fostering resilience and guiding your business toward a path of prosperity. Here, I combine practical advice with the wisdom gained from experience, aiming to empower others in their quest for business success.

Team Alignment: Ensuring The Right Fit For Success


Team members talk during a work meeting

The Team Evaluation: When I took over the struggling business, the first step was a critical evaluation of our existing team. Understanding each member's strengths and weaknesses was key to our turnaround strategy. In this process, I found that many talented team members were simply in roles that didn't suit them; and, regrettably, there were a few who didn't fit with the upcoming changes, leading us to make the tough decision to part ways.

Strategically Expanding the Team: Following our team evaluation, our hiring strategy centered on finding individuals who were not just right for the roles but would also elevate our team's overall dynamics. We sought people characterized by their passion, determination, and a consistent track record of excelling in almost everything they undertook.

Solution: Begin by thoroughly assessing your existing team. Identify not just the strengths and weaknesses of each member, but also consider if they are in the right roles where their talents can be best utilized. This evaluation can reveal hidden potential and opportunities for internal role adjustments. When expanding your team, look for candidates who not only have the necessary skills but also demonstrate desire, drive, and a history of excellence in their endeavors. This approach ensures that new hires not only fill the required roles but also contribute positively to the team's dynamics, driving collective success. The goal is to create a team environment where collaboration, passion, and high performance are the norms, fostering a dynamic and effective work culture.

Consistent Customer Experience: Streamlining Consistency Across Operations


Man in call center talks to a customer

The Comprehensive Overhaul: A major breakthrough in transforming the business came from addressing the inconsistencies in our customer experience. We looked at every aspect of our operations to ensure a uniform and positive experience for every customer. Addressing this required a holistic approach, streamlining processes not just in customer service, but across all operational facets of our business.

Solution: To improve customer experience, it's crucial to establish consistency in all operational processes. Review each interaction point within your business, from the initial contact to post-service or post-sale follow-up, and strive to make these experiences uniformly positive and engaging. By delivering consistently excellent service at every touchpoint, you build trust and encourage customer loyalty, which is essential for any business.

Goal Alignment: Harmonizing Team Performance With Business Vision


Business strategy, vision, team, development concept

Setting the Business Compass: The first step in addressing our team's inconsistent performance was to define clear, overarching goals for the business. These goals served as our compass, guiding the direction of every strategy and decision. It was crucial that these goals were not just ambitious but also resonated with the vision we had for the company's future.

Translating Vision into Action: With the business goals in place, we then developed specific team and individual goals that aligned with these broader objectives. This alignment was key to ensuring that every effort and achievement at the team level contributed directly to the business's overall success.

Solution: Start by setting clear and inspiring goals for your business as a whole. Then, break these down into specific, measurable goals for each team and individual. This approach ensures that everyone's efforts are not only aligned but also contributing to the bigger picture. Embrace a coaching mentality in driving accountability, focusing on guiding your team toward these goals and fostering their growth. This strategy transforms accountability into a powerful tool for development, aligning team members' efforts with the company's overarching objectives. By doing so, you create a culture where each person understands and plays a vital role in the collective success of the business, leading to a more consistent and effective team performance.

Sales Process Inefficiency: Creating A Blueprint For Sales Success


Professional on laptop works on business operations/technology

The Sales Process Overhaul: A key challenge in the business's revival was the lack of a defined sales process. Developing and documenting a clear sales strategy was essential for bringing consistency and growth to our sales efforts. Each salesperson had their own approach—or no approach at all—which made it difficult to identify areas needing improvement.

Implementing a Structured Approach: To address this, we developed and documented a clear sales process. This became our blueprint for sales success. By retraining our existing team and using this process for training new salespeople, we achieved a level of consistency in our sales approach. This not only improved our overall sales performance but also allowed us to pinpoint specific areas where additional training was needed.

Solution: For any business struggling with sales consistency, the key is to develop a well-defined sales process. Document this process and use it as a foundation for training both new and existing sales staff. This ensures that everyone is on the same page, making it easier to deliver consistent results and identify areas for further training and improvement. A structured sales process is a powerful tool for driving sales growth and efficiency.

Managing Online Reputation: Turning Feedback Into Fortunes


Customer leaves a review online

The Proactive Review Strategy: During this transformational business journey, I learned that overcoming negative reviews isn't just about damage control; it's about taking a proactive stance. People are quick to share their bad experiences online, and these can spread like wildfire on social media and review sites. The first step in combating this is to ensure your customer experience is top-notch, as discussed earlier. A solid customer experience naturally reduces the likelihood of negative reviews.

Engaging with Reviews: It's also crucial to actively engage with all reviews, both positive and negative. Responding to reviews shows that your business cares and is committed to resolving any issues. This visibility in handling feedback can turn a negative review into a positive impression for potential customers reading these reviews.

Encouraging Positive Reviews: Furthermore, we started encouraging our customers to leave reviews. While it's important to steer clear of offering incentives for reviews, simply asking customers to share their experiences can lead to an increase in positive feedback. Incorporating this request into our follow-up processes ensured it became a natural part of our customer interaction, subtly boosting our online reputation.

Solution: To effectively manage online reviews, ensure your customer experience is consistently excellent. Engage with all reviews in a constructive manner, showing responsiveness and a commitment to improvement. Encourage customers to leave reviews as part of your regular follow-up process. This approach not only helps mitigate negative feedback but also builds a stronger, more positive online presence for your business.

Final Thoughts: Lessons From A Turnaround Journey


Business success, team, puzzle pieces, strategy, process concept

This journey of transforming a struggling business wasn't just a professional milestone; it profoundly impacted me personally. It was more than just reviving a company; it was about saving jobs, creating new opportunities, and expanding horizons. We didn't just turn the business around; we expanded it, reaching into multiple states and opening new locations. Each step of this journey didn't just contribute to our business's growth; it created countless opportunities for others, bringing jobs and prosperity to communities.

The experience taught me invaluable lessons about resilience, innovation, and the power of a well-executed strategy. It showed me firsthand how focusing on key operational areas can not only save a business but can set it on a path of expansive growth. These strategies became the cornerstone of our expansion, proving their worth time and again.

As I share these insights, I do so with the hope that they will inspire and guide you in your own business endeavors. Remember, every challenge is an opportunity in disguise. Embrace them, learn from them, and use them to fuel your journey to success. The road might be tough, but the rewards of perseverance and strategic thinking are immeasurable.

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5 Operational Challenges That Could Derail Your …



The concept of sustainability has become an imperative consideration for businesses of all sizes—in every industry. CEOs are now tasked with the critical responsibility of not only driving short-term profits but also ensuring the long-term viability and success of their companies. Lack of planning from CEOs can significantly impact their companies' future success and resilience in an increasingly competitive market.

In this article, Work It DAILY experts from Vistage discuss how not planning risks missing opportunities for growth and innovation, failing to mitigate potential risks, and jeopardizing the future of the company. Read on to learn about the importance of planning for business sustainability and how to start a long-term plan for your organization today.

Mark Fackler


Our world is moving so fast. Business opportunities are near infinite. Your company can possibly survive without planning, but it will most likely never become sustainable. There is nothing wrong with an unsustainable business. I know many CEOs who have these types of businesses, run by their sheer tenacity. They provide a decent living and pride of ownership.

However, if you want to go beyond this, and create an ever-growing sustainable business, planning is mandatory. In the beginning, planning can be just in your head. But as the number of employees grows, getting your thoughts, and your plans, down on paper must happen.

Owners are bombarded on a daily basis with threats and opportunities. Without plans, decisions can and will be haphazard. Haphazard decision-making is not sustainable. As you grow, your employees will be faced with issues that they need to resolve in real time: an upset customer, a quality control problem, or on the exciting side, a prospective sale. Written plans that staff are intimately familiar with allow them to make the decision and know that the decision is aligned with the company goals, the company plans.

The most important and longest-term planning starts with your core values. These should be the one foundation in planning that rarely, if ever, changes. Core values define behaviors, behaviors that are aspirational and sometimes not possible to achieve. For example, my company's core values were honesty, home/life balance, and relentless improvement. Honesty is one of those values that is aspirational and unachievable in its purest sense, but that is not an excuse to stop striving to be 100%.

The next level of planning is the more traditional concept of long-term goals. Those goals can range from five years to 20 years or even to 100 years. These goals help the CEO avoid the shiny object syndrome. Visionary CEOs see opportunities as often as they get up in the morning. Long-term goals are especially effective at providing bumpers and guide rails to new initiatives.

Core values and long-term goals help keep you focused and help keep the team focused. Focus happens when you know when to say “yes” and, even more important, when to say “no.” With focus comes sustainability. Sustainability is good.

Mark Fackler is a retired CEO and currently leads the Vistage CEO group that he was a member of from 1991 to 2002. He is passionate about creating great ROI for his member CEOs.

Kirsten Yurich


Employees/coworkers in a meeting discuss business sustainability and planning

Do you have a plan? Or do you have a strategy?

You need both! And you need to know the difference.

Too often companies and leaders are lulled into a big board room with coffee and snacks and a whiteboard and Post-it notes… and engage in “strategic planning.”

I’ve done this myself!

What I want to be clear on is this. A strategy is not a plan. A plan is not a strategy. And yet, you must develop both or your company is doomed.

You control a plan. A plan is safe. A plan has to do with your resources, your people, your costs. You build a building. You train, hire, and fire. You launch a new product.

You do not control strategy. It is a set of interrelated decisions that you make.

You have what they call a "theory." A hypothesis of how to WIN at your business.

You can’t show it on a balance sheet. But you BELIEVE that if you play on THAT playing field or in THAT sandbox you will outperform your competitors. It is in that field you will “win”… revenue, market share, or sales.

Conversely, the plan consists of the tactics or set of activities to deploy your resources in service to the strategy.

Where I have seen companies succeed and struggle are two key areas. First, how simply can they distill the strategy to every employee? Second, how frequently do they revisit the strategy and test their theory against relevant information?

"If you don’t know where you are going, any road will get you there." —Cheshire Cat, Alice in Wonderland.

Kirsten Yurich is a former CEO and current Vistage Chair. As a clinician, professor, author, and executive, she leverages this unique blend and creates learning environments for executives to become better leaders, spouses, and parents.

Mike Thorne


Employees/leaders in a business meeting look at data to make up for lack of planning

In thinking about why this matters to SMB owners, I am reminded of Elon Musk’s recent quote, “Don’t go top speed into uncertainty,” when discussing his recent plant expansion.

Electric cars are a great example of this (GM, Ford, Toyota, Honda, etc.). Planning for this is daunting yet crucial to get it right for their success.

For consumers even, think about this: When you own a gas-powered vehicle you have a high level of confidence because the infrastructure and service model is clear, consistent, and reliable. When we move into electric vehicles, consumers have to plan and need to have a strategy or they will be stranded. My brother-in-law experienced this recently on a trip with his new Tesla driving from Florida to Maine.

Our business owners have a similar situation: their business certainty isn’t what it was and now it is time to stop and say, “I HAVE TIME to slow down and think about the landscape in front of me." Warren Buffett says, “In the business world, the rearview mirror is always clearer than the windshield.”

Scenario planning. Prepare for possibilities and probabilities. Learn to shrink the gap between success and failure and minimize risk—not eliminate it. SBA—50% fail in the first five years. The primary reason is lack of financial planning and management.

Be able to weather economic ups and downs—invest in growth and secure capital are at risk. The National Center for Middle Market found there is a 32% decline in growth compared to those with a plan. Sustained success requires rigor and discipline around planning strategically.

Consider the following as you work towards this: understand drivers of costs, growth, and performance, know mission/behaviors/consequences (right jobs/right roles/right people/right time), and assess the current playing field. Who is changing the landscape? What are we doing? What are we worried about? What are the big movers? How do we drive consumption and repeat business?

Mike Thorne is a former CEO and current Vistage Chair. He leads and facilitates a group of trusted advisor entrepreneurs and a CEO peer group in New Hampshire and Maine.

How has a lack of planning hurt your company? Join the conversation inside Work It DAILY's Elite Program.

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CEOs & Business Sustainability: How Lack Of …

Navigating The Privilege Of Focus: Strategies For Breakthrough Results



Last week, I had the opportunity to interview Steve Smith, Executive Chairman for Steward Tubular. We explored how, in today's fast-paced business world, the ability to focus is a powerful asset. It's the key that unlocks innovation, productivity, and strategic thinking.

However, this privilege of focus is not evenly distributed. Many factors, including socioeconomic status, technological distractions, and mental health, influence our capacity to concentrate. In this article, we will explore how the privilege of focus impacts breakthroughs in the business environment.

The Privilege Of Focus: A Brief Overview


The privilege of focus is the advantage some individuals or organizations have in maintaining sustained attention and concentration on strategic goals. It goes beyond personal discipline and extends to the circumstances and resources that facilitate focus. To delve deeper into this concept, we interviewed Steve, an expert in business performance and breakthrough strategies.

Insights From Steve Smith, Executive Chairman For Steward Tubular: The Power Of Business Breakthroughs


Business goals, success, workplace, breakthrough concept

1. Typical Approach to Overcoming Challenges: Steve observed that many businesses today tend to tackle challenges with a short-term perspective. However, he emphasized that a more effective approach involves aligning efforts with long-term strategic goals and cultivating a culture of continuous improvement.

2. Urgency in the Business World: The prevalent perception that everything must be urgent in the business world was challenged by Steve. He stressed the importance of prioritization and allocating time and resources to high-impact projects that contribute to long-term strategic success.

3. Investment of Time by Executives: Successful business executives invest their time in strategic planning, innovation, and creating a culture of learning. Steve highlighted that focusing solely on day-to-day operations can hinder long-term growth.

4. Shifting from Short-Term to Long-Term Focus: Executives can shift their thinking from a short-term focus to a longer-term one by defining clear, bold strategic objectives and communicating the importance of these goals to the entire organization. It requires a commitment to the vision and persistence in the face of challenges.

5. Breakthroughs vs. Continuous Improvement: Steve emphasized that while continuous improvement focuses on incremental changes, breakthroughs involve transformative, game-changing innovations. Both approaches have their place, but breakthroughs have the potential to reshape industries.

6. Realistic Breakthrough Goals: According to Steve, breakthrough goals should be ambitious and bold. It’s true that unrealistic goals can lead to frustration, while attainable ones can motivate teams. However, breakthrough goals should reach for the stars, serving as inspirational beacons of performance excellence.

7. Pursuing Breakthrough Results: To pursue breakthrough results, organizations must align their culture, resources, and processes with the overarching strategic vision. It requires a commitment to change and adaptability.

8. Strategy for the Entire Team: Strategy should not be the sole responsibility of the executive team. Steve emphasized the importance of involving all levels of the organization in strategy deployment through the practice of catchball to ensure alignment and engagement.

9. Balanced Scorecard and Breakthroughs: The Balanced Scorecard framework plays a crucial role in strategy deployment and tracking progress toward breakthrough goals. It provides a structured approach to measuring and managing performance.

10. Impact on Company Culture: Pursuing breakthroughs and moonshots can positively impact company culture by fostering innovation, risk-taking, and a growth mindset. It encourages employees to think beyond the status quo.

11. One-and-Done vs. Ongoing Journey: Breakthroughs are not a one-time event; they represent an ongoing journey of innovation and improvement. Organizations must continually adapt to changing market conditions and opportunities or become irrelevant.

12. Additional Insights: Steve concluded by highlighting the importance of leadership commitment, resilience, and adaptability in the pursuit of breakthroughs. He encouraged organizations to embrace change and prioritize long-term strategic thinking.

Bridging The Gap


Creativity, imagination, innovation, ideas, invention, inspiration, breakthrough concept

Understanding the privilege of focus and its role in achieving business breakthroughs is essential for creating a more equitable and innovative business landscape. While not everyone has the same level of focus privilege, organizations can take steps to level the playing field.

By embracing strategic thinking, fostering a culture of innovation, and committing to long-term strategic goals, businesses can harness the power of focus to drive transformative change. The journey toward breakthroughs is ongoing, and success is within reach for those willing to be bold and invest in the future.

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Navigating The Privilege Of Focus: Strategies For …

How To Achieve Successful Strategic Partnerships



Brand partnerships have reached unprecedented heights with the recent Barbie collaboration. Despite the brand’s six-decade legacy, Barbie sales experienced a challenging period with a continuous 12% decline in the three months leading up to the movie release. However, the movie launch brought a remarkable turnaround. The Barbie movie has officially become this year’s highest-grossing release, raking in over $1.3 billion globally.

To achieve this success, Mattel orchestrated partnerships with more than 165 brands across various industries, investing an estimated $150 million in marketing efforts, while the film production cost $145 million. And this is just the beginning, as we anticipate even more records to be set during back-to-school, Halloween, and the holiday season.

Brand partnerships thrive when executed strategically, considering all the critical elements for success, including risk assessment and meticulous pre-planning. In this article, I’ll guide you through these essential aspects, covering topics such as identifying the right partner, crafting effective partnership strategies, leveraging collaborations for innovation, risk management, developing joint communication strategies, and exploring emerging partnership trends.

Choosing The Right Partner


Choosing the right partner begins by aligning with your strategic goals and desired outcomes. For instance, if you aim to reach a new audience or explore innovation in a different category, consider the M&M’s and Krispy Kreme collaboration. M&M’s excels in leveraging consumer insights for flavor innovations. Their partnership with Krispy Kreme has ventured into an entirely new category with new flavors, showcasing how their brand’s strength can lead to expansion into uncharted territory.

It’s crucial to assess potential partners for their brand alignment and their track record of successful collaborations. Look for partners with a record of delivering value and achieving mutually beneficial objectives. Building strong brand partnerships is about shared goals, innovation, and a commitment to creating something exceptional together.

Effective Partnerships Strategies


The path to successful brand partnerships lies in forging long-term partnerships rooted in alignment from the beginning. This alignment must extend from the highest echelons, including the CEO level, to every individual within the organization who interacts with the partnership. It’s crucial that everyone understands the decision-making process in both companies, identifying influencers and decision-makers and comprehending the timeline down to the smallest details, all of which fosters trust.

A great approach is where the team managing the partner relationship remains engaged throughout the organization. This helps maintain focus on the partnership and its priorities. This is important when dealing with complex partnerships that span various aspects of both organizations. Regular check-ins at the day-to-day level, occurring at least weekly, if not more frequently, along with quarterly check-ins at the senior level and annual check-ins at the executive/CEO level, help maintain alignment and coordination between two organizations, each with its unique set of priorities and governing boards.

Seek out local, national, or global partners who resonate with your brand’s core values and share your mission. A good example of this is Make-A-Wish and Disney. This partnership goes back to 1980 when the first wish granted was a trip to Disneyland. Now, wishes include visits throughout the Walt Disney organization. This partnership works because they align on their values, giving children happiness through a wish.

Together, craft a collaborative plan that centers on clear objectives. Achieving alignment in messaging is paramount, as clarity in what you intend to communicate can make all the difference. The work invested upfront matters greatly, as it lays the foundation for success, ensuring that both parties derive significant value from the collaboration.

For instance, consider crafting a three-year plan. Year one focuses on executing joint programs, while year two involves refining and developing initiatives. By year three, the partnership matures, providing a clear trajectory for both organizations. Initiating a successful venture early in the partnership can be a powerful demonstration of the collaboration’s potential.

Leveraging Partnerships For Innovation


Leveraging partnerships to drive innovation is a strategic approach that can catapult organizations to new heights. By joining forces, businesses access fresh perspectives, expertise, and resources that can fuel creative thinking and spark innovation. It starts with both sides clearly defining their objectives and what success entails, enabling the exchange of ideas, technologies, and best practices within an environment conducive to breakthroughs.

A compelling example of this is Coca-Cola’s quest to innovate its fountain business. Surprisingly, they chose to partner with a design firm associated with Ferrari, the Italian luxury sports car manufacturer. The result was a remarkable soda machine that can be found in restaurants, allowing customers to craft their beverages from a plethora of options. It boasts sleek design, innovation, and user-friendliness, focusing on enhancing the customer experience while providing valuable flavor trend insights. This is an exemplary instance of identifying a customer pain point within a company and strategically seeking partnerships to revolutionize and address it effectively. In this case, they disrupted the conventional soda dispensing machine, achieving transformative results.

Mitigating Risks


When considering partnerships, it’s important to consider the potential for unforeseen challenges and each organization’s tolerance for risk. For instance, when partnering with a celebrity, there’s a risk of them getting involved in a DUI or other PR-related issues. Similarly, if your partner has a history of brand tarnishment, executive scandals, or financial instability, these factors can pose risks to the partnership. A notable example is Adidas, which faced a significant stock price plummet due to Kanye West’s anti-Semitic remarks. Such events underscore the necessity of clearly defining exit strategies for both parties in the contract.

Establishing a mitigation plan is crucial. This involves carefully developing communication plans for both sides and determining the risk tolerance for each party. It’s important to assess the potential downsides and risks upfront. The COVID-19 pandemic presented organizations with unprecedented challenges, causing them to rethink their partnerships, especially with universities or sports teams no longer playing in front of live audiences. The impressions they once relied upon were significantly diminished. Handling these issues often required renegotiating contracts or making alternative arrangements.

Navigating these mitigating risks can be daunting for someone new to brand partnerships. In such cases, seeking guidance from experienced partners in similar, if not identical, categories can be invaluable. Engaging with organizations with extensive experience in long-term partnerships and asking them about their experience can provide valuable insights. Questions such as what has worked for them, what hasn’t, and what they would do differently, if they were to draft the contract today can shed light on potential pitfalls to watch out for.

When it comes to brand partnerships, it’s about envisioning the positives and being proactive in assessing and mitigating potential negatives. Planning for contingencies and learning from the experiences of others in the field can help navigate the complex landscape of partnerships successfully.

Crafting Joint Communication Strategies


Sometimes, the smallest details can have the most significant impact. A joint communications strategy is one such detail that often goes unnoticed until it becomes an issue.

Picture this: You’ve invested time and effort into a well-thought-out messaging strategy, only to discover that your partner isn’t on board, even when presented with compelling supporting reasons. The key lies in pre-planning what you want to communicate, how you plan to leverage the partnership, the intended use of your communication efforts, and the value it brings to both partners. There are several factors to consider and prepare for well in advance.

Emerging Trends


One intriguing trend on the horizon involves cause-based naming rights. A great example is the Climate Pledge Arena where Amazon invested approximately $300 to $400 million for the naming rights to the new Seattle hockey arena but opted not to put its name on it. Instead, they included a clause emphasizing the arena’s purpose, which resonates with a growing shift towards promoting causes over merely affixing one’s name to a building. This trend holds promise as it places a greater emphasis on contributing to meaningful causes rather than adding more obscure or inconsequential names to structures.

Another area poised for significant evolution is the landscape of name, image, and likeness (NIL) rights for college athletes. The rules of engagement are still taking shape, and all parties involved—student-athletes, universities, and brands—are defining what this space will look like. College athletes typically lack substantial name recognition and awareness beyond their local market and university affiliation. However, there exists an opportunity for universities to form partnerships with their athletes. Some have already demonstrated adeptness at building sponsorship portfolios, such as Libby Dunne, a prominent American gymnast, who ranked as the highest-valued women’s college athlete in 2022 and has since become a social media influencer. Managing these partnerships can be a challenging task for a 20-year-old student, aligning with a brand’s values and mission. Both students and brands should consider the long-term implications. A student’s time in college is relatively short; post-graduation, they may pursue various paths—turning professional, maintaining their influencer status, coaching, or venturing into business. It’s a lot to expect a 20-year-old to manage the way a brand would manage a partnership that wasn’t aligned with its values and mission. Brands must be prepared to adapt to these transitions, recognizing the enduring value of maintaining a relationship with these influential individuals as they continue to command a substantial following. The realm of NIL rights for college athletes is still in the process of unfolding, offering a dynamic and evolving landscape.

In conclusion, successful strategic brand partnerships culminate in aligning goals, managing relationships, mitigating risks, crafting effective communication, and embracing emerging trends. By understanding these crucial elements, brands can confidently navigate the intricate landscape of partnerships, unlocking endless possibilities for innovation, growth, and lasting success.

For a step-by-step guide on developing a brand strategy, check out How To Develop a Brand Strategy by Lisa Perry. For more brand marketing insights, follow Lisa Perry.

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How To Achieve Successful Strategic Partnerships

How To Achieve Successful Strategic Partnerships



In the ever-evolving business landscape, branding has been vital for long-term growth and success. While it is widely acknowledged that branding plays a crucial role in building recognition and reputation, there are instances where businesses have yet to experience initial success without extensive branding efforts.

This article delves into the notion that while branding may not always be a prerequisite for achieving initial success in certain scenarios, it becomes increasingly essential for sustained growth and establishing a strong foothold in the market. By exploring both sides of the argument, I aim to shed light on the nuanced relationship between branding and business success, highlighting the significance of branding in ensuring long-term prosperity and navigating the challenges of a competitive marketplace.

Let's look at a few reasons why branding is not an absolute necessity for success, but its absence may limit long-term growth potential:

Short-Term Success


Long term and short term concept

Some companies can experience initial success without a well-developed brand strategy, leveraging word-of-mouth, viral marketing, fleeting trends, or unique circumstances. However, it’s important to note that this overnight success type is often short-lived and lacks sustainability without effective branding. While initial buzz or popularity can bring attention to a business, branding efforts help establish a solid foundation for long-term success by differentiating the business and building a strong customer base.

I had the opportunity to assist a nutritional start-up that experienced rapid growth in the first two years, with 130,000 customers and two million bottles sold globally for its hangover prevention product. Unfortunately, the company faced a downturn when sales began to stagnate. I conducted comprehensive analyses to understand the underlying causes, encompassing competitive and market evaluation, consumer trend assessments, and data analytics. Upon examination, it became apparent that the company had disrupted the market with its innovative product and had established dominance in its category, garnering significant attention and success. However, as competition emerged, it faced a challenge as its competitors easily replicated its offerings due to a lack of unique differentiation. This lack of distinctiveness proved detrimental to the business. Furthermore, the company's unclear value proposition, inadequate positioning, and inconsistent messaging further contributed to customer confusion and ultimately led to a decline in sales.

The absence of a well-defined branding strategy underscored the need for its development to overcome the challenges faced by the company, highlighting the crucial role of effective branding in achieving sustained success.

Niche Markets


Niche market concept

Businesses operating in certain niche markets or local communities can experience thriving success without heavily investing in branding efforts. Personal relationships, referrals, and local reputation can play a significant role in generating business, reducing the immediate need for branding efforts. However, it is crucial to acknowledge that the absence of branding can hinder revenue generation, profitability, and the creation of long-term value when faced with competition. Without a strong brand, businesses may struggle to adapt to market changes, expand their operations, and attract investment opportunities essential for sustained growth and success.

A compelling example of this is my experience working in the cannabis industry. As competition in the market increased, larger corporations entered the scene, and more states legalized recreational cannabis, it became increasingly challenging for niche brands to remain competitive. The cannabis company I worked for strategically pursued mergers, acquisitions, and brand licensing deals as part of its business strategy. Once these smaller niche brands were acquired, it became apparent that some had lost their competitive edge. To address this, I conducted a comprehensive business and financial analysis, competitive analysis, market trend mining, and internal capabilities audit. This allowed us to develop a strategic brand portfolio architecture strategy by evaluating each brand’s strategic role and determining whether to divest, invest, harvest, or maintain the brand. Implementing this brand strategy increased revenue and profitability, ultimately leading to the company’s acquisition.

Although businesses can experience initial success in niche markets without extensive branding efforts, it is crucial to consider the long-term benefits and strategic advantages of effective branding. In an evolving and competitive landscape, businesses need to recognize the value of branding to thrive and sustain their growth.

Established Brand Reputation


Brands concept

In the ever-evolving business landscape, some companies have relied on their established reputation for years, only to face declining sales when market dynamics, industry trends, and consumer preferences shift. As market competition intensifies and the importance of ROI in marketing efforts grows, effective branding has become a necessity for organizations.

While traditional reputation and word-of-mouth may have sufficed in the past, businesses now require a strategic approach to branding to differentiate themselves, communicate their unique value proposition, and establish trust with diverse stakeholders. By investing in branding initiatives, companies can position themselves strategically, target specific customer segments, and gain a distinct competitive advantage.

A case in point is my experience working for a private, non-profit business school in the highly competitive higher education landscape. Struggling with declining enrollment, we conducted a comprehensive analysis, uncovering a lack of differentiation compared to competitors. Through deep engagement with students, alumni, and faculty, the school's strength in equipping students to become world leaders emerged. Armed with these insights, a repositioning strategy was executed, reviving the school's brand identity after 22 years and launching an impactful marketing campaign, "Best for the World Leaders." The results were remarkable, with the highest enrollment in 13 years and a notable 30% increase in awareness.

This success exemplifies the transformative impact of effective branding, showcasing how identifying a unique point of differentiation and leveraging it through repositioning strategies can drive significant outcomes. In a changing market, organizations must embrace branding as a powerful tool to differentiate themselves, attract customers, and achieve long-term success.

In conclusion, while there may be instances where businesses experience initial success without extensive branding efforts, it is crucial to recognize the long-term benefits and strategic advantages of effective branding. Branding plays a vital role in building recognition, reputation, and differentiation in a competitive market. It helps businesses adapt to changes, expand operations, attract investments, and sustain growth. As the business landscape continues to evolve, investing in branding is increasingly necessary to thrive and establish a strong foothold. Whether it is developing a unique value proposition, cultivating customer relationships, or differentiating from competitors, branding is an essential component for long-term success in today's dynamic marketplace.

For a step-by-step guide on how to develop a brand strategy, check out How To Develop a Brand Strategy by Lisa Perry. For more brand marketing insights, follow Lisa Perry.

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Beyond The Myth: Why Effective Branding Is …

Navigating Strategic Roadmaps In Business



Roadmaps are beautiful. Not just because they are aesthetically pleasing but because of what they represent. Roadmaps clearly show what you want to achieve and how you will get there. You can create excitement for a big idea and package it in a way that others can understand. But a roadmap is still just a visualization. You need to have a vision and strategy behind the plan.

Vision, Strategy, And Roadmapping


Colleagues work on a roadmap project together

You need to understand the purpose of each to build something lasting deeply. All three are clearly defined on successful product and project teams.

A Simple Analogy — Making a Case for All Three

Think of a skyscraper.

1. Vision is the initial thought about what kind of place it will be and why it will matter.

  • Vision is your view of the future.

2. Strategy is the blueprint for the foundation and framing.

  • Explains the approach that you’ll take to realize that future state.

3. The roadmap builds upon the blueprint with a detailed plan for erecting a fully functioning structure.

  • The roadmap is the more tactical plan for what you will do to get there (and when you arrive), informed by the vision and strategy.

Build Your Strategic Roadmap!


vision, strategy, execute, success, roadmap concept

No matter where you work or how your organization approaches strategic planning, it is essential to have a firm grasp on each term and what it is not. Here is a helpful way to think about vision, strategy, and roadmapping.

Vision

Vision is about the future and, hopefully, a better world. It is the essence of what you hope to achieve and forms the beginning of your strategy. For example, our vision at the National Football League was to deliver a great fan experience.

Vision is not a statement that you define once and forget about it. Vision is a living and breathing thing. And it should not be overly complex or challenging to parse—everyone in the company needs to know and deeply understand it.

Strategy

Strategy defines the direction you will take to achieve your vision. The plan aligns the entire organization around what you want to accomplish and guides how to turn the idea into reality. It lays out your goals and the key strategic initiatives to be successful.

Strategy is not the tactical work you will do. But it is not in the background either; it informs every decision about which activities to invest in. Strategy is cross functional for significant efforts. Every team needs to understand how their work is related to their part in achieving critical objectives.

Strategic Roadmaps

A strategy roadmap is a tool that helps you visualize your strategic plan. Strategic roadmaps capture activities you will complete within a given time frame and communicate upcoming work in one view. You can use a roadmap to drive conversations. It can guide prioritizing work, allocating resources, and tracking dependencies.

A roadmap is not static. You can adjust as plans change, show progress as you complete work, and create tailored views for different audiences. A roadmap should be exciting. It is a visual guide that defines the work required for the team to be its best.

Keep a Clear Vision

A vision statement provides much value, even just a few sentences. Not only does it outline the company’s desired outcome, but it can communicate intentions and hopes for the future. The best part is that a vision statement changes with your organization. When a vision is reached or updated, it’s time to create a new vision statement. This encourages everyone toward more meaningful goals and opens your company to more possibilities.

5 Ways To Vastly Improve Strategic Visioning In Leadership


Coworkers talk strategy during a business meeting

Step 1: Clarify Your Purpose

Why does your organization/unit/function exist? What need must be met? What opportunities can be addressed?

Be clear about the purpose and continually use this purpose to center and re-center your efforts while guiding your constituents in seeing the long-term vision you are creating.

  • Choose a focus: In most cases, your vision and strategy should target those areas that define the purpose of your organization and make it valuable. What is most important? What will distinguish you from the competition? Who are the customers, and how do you bring them value?
  • Stay true to your core values: What is the heart and soul of your company, organization, or department? While change is the constant of any forward-looking strategy, many companies fail because they have strayed too far from what has made them successful.

Step 2: Become the King of Information

Stay constantly informed and up to date about your industry and competitors, as well as what’s happening right within your company.

  • Become a voracious consumer of knowledge: Read broadly in your technical or business literature and the more general press. Be aware of what is happening in your industry and the more significant business, social, and political environments.
  • Seek information from everyone: Often, you will get the most valuable information from those who are interacting most closely with your direct customers.

Step 3: Embrace an Innovative Mindset

Innovative organizations are usually more profitable, retain higher caliber employees, and lead by example.

  • Playing devil’s advocate: Ask probing questions, challenge the status quo, encourage others to be creative and stretch themselves, try new things, and take risks.
  • Thinking differently: There are different types of creative thinking. Creativity only sometimes means producing a new concept or idea. On the contrary, most productive creativity occurs when someone looks at an old solution slightly differently to find a better way.

Step 4: Translate Your Ideas Into Specific Actions

The best ideas are worthless unless they are acted upon effectively.

  • Make it simple: Many strategic initiatives fail due to the complexity of the vision. What are the core things that you want to accomplish? How can you make them clear and actionable?

Step 5: Communicate Effectively

The best vision and strategy can only succeed if communicated well.

  • Determine your audience: Who needs to know?
  • One message does not fit all: Create different messages for different audiences.
  • Make it real: Communicating your strategy via a story about people or a situation they understand can be much more understandable and memorable.
  • Communicate — over and over: Keep your vision and strategy alive through continuous updates to everyone involved.


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Navigating Strategic Roadmaps In Business

How Playing TETRIS® Teaches Lessons In Strategy



Nearly every day, I play TETRIS® “B-Type” to awaken my brain. The games are short, and my goal is to clear three consecutive games.

Playing helps me with focus in beginning my day. The more successful I am at reaching my three-game goal, the more focused I know I am. Days when that goal is a challenge, I recognize I may not be fully present.


The game teaches me to remember strategy. As an engineering executive/project manager, strategy plays into my work daily. I am continuously working on how to position my team for the next challenge, how to prevent problems, and moving assets into place. Sound familiar?

What Is B-Type TETRIS®?


B-type Tetris

TETRIS is a geometric puzzle where pieces of various shapes drop to form rows. Each shape is made of four blocks, randomly presented for placement. When a row of ten blocks completes, they clear from the game board. Clearing multiple rows is strongly encouraged, and when clearing four rows in one placement, you have earned a “TETRIS.”

B-type TETRIS begins with random blocks and pieces already in place. The blocks fall to clear the “mess” given by the system. Users may select speed of how fast the blocks fall and select the level of height of the predefined blocks.

Winning B-type TETRIS is achieved by clearing 25 rows before stacking the pieces filling the board. If a piece falls immediately colliding with another piece, the game is over. When you win, the game rewards the player with clever Russian-style graphics.

TETRIS® & Strategy?


Tetris electronic game, video game

Project management and engineering are similar. Required work has a series of constraints at the beginning of every project (random blocks placed on the board). Each project is within a predefined time schedule (speed of the game). Each unplanned act of people or assets creates challenges (random pieces generated by the game).

Your goal as a leader… clear your 25 rows before ending the game. In a perfect world, you will clear rows cleanly eliminating all preplaced blocks at the same time. The execution of your project clears the game board.

Taking One Row Making Small Progress Versus A Full TETRIS® Clearing Multiple Lines?


Tetris

My goal as a teenager was to clear four rows with a “TETRIS” every single time! You build these patterns and drop a straight piece clearing four rows simultaneously! The screen blinks beautifully signaling your victory!

With B-type, you have the reality of obstacles. You cannot always build the perfect four-row structure to clear everything at once. You need to work sometimes one row at a time.

Working one row is more time consuming. You carefully place blocks into structures to eliminate your 25 rows with individual placements.

Building for the TETRIS takes strategy. You sacrifice clearing a row to allow the height to accumulate. You place blocks hoping to drop the straight piece and clear the rows. Then reality hits…

The system randomly generates blocks. What if the straight piece does not come? What if you only get square pieces three times in a row? How do you win if the system will not provide the piece you need?

Enter strategy… you may need to sacrifice the TETRIS you are building and only clear one or two rows. Other times, you may risk continuing to build height of the structure making losing more probable.

As a leader of multiple projects, I typically take the quick victories and clear the obstacles as I can. Making small progress is often better than losing the game entirely. I work through the little pieces in hopes the bigger issues will resolve themselves during the process.

When responsible, you need to weigh your options carefully. Make sure any single points of failure (the straight piece) has a back-up plan. Going for gold is sometimes your only choice. Simply step back and be prepared to pivot when the game does not deliver.

Waiting For That Perfect Piece To Clear A Roadblock…


Tetris puzzle pieces

With the predefined blocks set at random, the game often shows the player the perfect shape to clear a problem. The shape teases you showing how easy it is to clear the jam and provide more room on the board. It taunts me.

In complex projects, leaders often rely on the perfect piece. Sadly, the random pieces do not always come through. I have had some luck in my career in finding the perfect piece to clear my rows. More often than not, I work with what the game has given me.

If the game does not provide the perfect piece, how do you respond? You need to sacrifice a long-term goal (building a TETRIS) with a short-term gain (clearing one row). Leaders must recognize this missing element, and the hard choice is taking one row versus four.

What Happens When You Cannot Clear Your Lines?


Tetris video game

I lose more than I win. Somedays, my mind is unfocused and I do not win a single game.

I always work to build the lines and clear them consistently. I risk building a taller structure versus the consistent wins. My stack gets too high, pieces collide, and I lose. GAME OVER.

Is it really? I can press start twice and begin again. New game, new random pieces. I can change the rules by slowing the speed or lowering the height. I can manipulate variables to help me win.

Me, I am stubborn… fastest speed and tallest height every time. And I lose. Why do I continue to play with these constraints?

Projects come in all levels of complexity and development cycles. Most projects are highly complex and have just enough time to complete. Then, you add the random elements you did not anticipate.

In projects, you will fail. Missing a deadline, failing a test, forgetting a requirement, and simply missing the mark. Depending on your response, you can recover. You can ask the customer to play again. You can adjust the parameters. You can accept 23 of the 25 lines as success.

You can learn from the game not everything is a zero-sum total. You can plan for everything to be right and still miss because the perfect piece never fell. You can build that structure and create a collision.

By learning these lessons, I make better decisions in subsequent games. I learn from the mistakes when I play again. I never truly lose.

How Is Any Of This Gameplay Relevant To Me?


Tetris puzzle

TETRIS® is the mechanism I chose for some entertainment. Some fun as you read my words. The game is not important.

Projects are never linear; they are geometric. Time rarely runs in your favor and is often behind when you begin. The roadblocks to success provide obstacles within your path. Random pieces will fall towards you during the project.

The lesson… learn from the mistakes and make better decisions within the game. Use the applied knowledge for the next play. Take risks when it makes sense, and choosing quick wins can reap rewards.

TETRIS® is an amazing game, and the game will be played many decades from now. I enjoy the three-minute challenges it presents me daily. I love how it reminds me of life lessons to apply in my work. I challenge you to look at something you enjoy and see lessons it teaches you. I encourage you to play TETRIS—it may help with your strategy to deal with life’s challenges.

Good luck, and clear those lines!






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How Playing TETRIS® Teaches Lessons In Strategy

7 Things I’ve Learned About Recruiting Non-Profit CEOs



Over the past several years, I’ve had the honor to lead the recruitment process for 22 non-profit CEOs and have learned a thing or two about what a successful search process entails.

1. Start With A Strategy


Non-profit graphic

When recruiting for non-profit CEOs, it’s critical to have a well-defined strategy put in place before beginning the search. The strategy is typically created by the search consultant leading the search and that person must gain the buy-in from all stakeholders including the search committee and board of directors. The strategy will include, whether it’s a local, regional, or national search, the must-haves versus the preferred qualifications of the ideal candidate. The strategy will also outline the target audience, including industries, specific companies, and specific roles/positions/people at those companies.

2. Mission Matters


Non-profit employees collaborate on their mission

When recruiting for a non-profit CEO, connection to the mission is critical! For example, when recruiting for a CEO of a non-profit that serves families with disabilities, we targeted people with the skill set to do the job but also uncovered their connection to the mission by finding out if they had direct ties to either serving families with disabilities or had a child with a disability and had the lived experience, or both.

Another example is when recruiting for the CEO of a non-profit that serves families who receive a Catholic education, we uncovered whether or not the candidates received a similar Catholic education or if their children had, therefore providing them with the lived experience and direct tie to the mission.

3. Search Committees Are Necessary


Recruiters search for the right job candidate

I’ve had the privilege of working with many different search committees and have found that, for the most part, these individuals are talented and dedicated business leaders who take their commitment to the organization very seriously and dedicate a lot of time to ensuring the search process goes smoothly.

The chair of the search committee is typically my main point of contact and the person who dedicates the most time to the process and is also the final decision-maker in certain situations. My job is to make the search as seamless as possible and to take as much off their plate as possible.

4. Non-Profits Need Strong Business Leaders


Business leader says something during a work meeting

After recruiting in the for-profit world for many years before switching to the non-profit sector, I have found that many non-profits are in need of business leaders who are just as strong in their business acumen as their for-profit counterparts. In fact, many leaders from the for-profit sector welcome a change into the non-profit sector, bringing in a fresh perspective, while having the opportunity to use their many skills to help their community.

5. Non-Profits Need To Ensure Fiscal Responsibility Towards Their Mission


non profit calculator

It’s so important for the money to go towards the mission, and not towards unnecessary or wasteful spending. Uncovering how a CEO has grown the reach of their organization and how they’ve grown the budget, while staying true to the mission, is important information.

6. Fundraising Is A Critical Skill Set Needed


Fundraising, donation concept

For small non-profits, the CEO is oftentimes the primary fundraiser. As an agency grows, so does the need for a development department. No matter what the size is, fundraising is always a critical component and although many non-profits receive government funding, diversifying funding streams and bringing in revenue to support the mission is so important!

7. Non-Profit CEOs Are Some Of The Most Brilliant, Compassionate People On The Planet!


People volunteering at a non-profit organization

One of the best parts of my job is getting the opportunity to work with people who have used their time and talents to make our world a better place. Whether they are helping people experiencing homelessness, hunger, or violence, or helping people who have disabilities or critical illnesses, many of these leaders are angels on earth making our world a better place!

If you need to recruit for this type of position, please contact me at [email protected] or (602) 802-8329 or on LinkedIn.

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3 Steps To Strategically Aligned Business Giving



There are tons of reasons for a business to want to give back in some way. In the past, businesses have chosen charities for tax breaks, credibility, or to be recognized as a "good corporate citizen." While all these reasons are valid, and you may want to consider them when choosing a charity, the best option is a strategic choice. This can be an opportunity to do more than just give money or write checks: it can be an opportunity to get closer with your audience while making an impact on something that matters greatly to you.

Figure Out What Matters To Your Brand


Consider your mission and values. When selecting a cause to support, consider what you stand for as a company—or personally, as the founder. What is the mission of your organization? Who are your customers? Is there an issue or cause that speaks to one of those two components? If it feels authentic, it will resonate with your audience. Think about your company's founding story? Was it born out of a frustration or heartfelt need to make something better? Looking closely at why your company does what it does will help you see what causes your brand could work with strategically.

Close examination aligns your brand's giving efforts with your mission and values. If there isn't a connection between the cause you've chosen and what you stand for as a company—or what you stand for personally—it won't feel authentic when communicating about the partnership on social media or in other promotional channels. The public is very good at sniffing out insincere efforts, so authenticity is key. Your audience will see right through any attempt at "cause marketing" that doesn't come from genuine passion on behalf of its founders or leadership team.

Some examples of strategically aligned giving could be a woman-owned tech company giving to the nonprofit Girls Who Code. Being a successful woman in a male-dominated industry aligns perfectly with wanting to help close the gender gap in technology and to change the image of what it is to be a woman in tech. Another example is a bottled water company helping to bring clean water to developing countries by supporting the building of wells. The connection does not always have to be as direct as these examples but it does need to be authentic.

As part of this process, also think about what issues are important to both you and your audience. Do they love animals? Are they concerned with environmental issues? Is education important? Which causes are the most innovative right now and receiving funding from other sources? To find a strategically aligned charity, spend most of your time selecting a cause. The organization you choose will be driven by the cause in which it believes, so if you're not passionate about that cause, it's unlikely to be a good fit for your business.

Are There Any Downsides?


Once you've identified an issue or a specific charity that aligns with your brand values and mission, decide if there is any potential risk associated with supporting this particular cause. Does the cause or organization have any bad press surrounding it or anything that might negatively affect your marketing efforts? This does not mean you should only give to nonprofits that lack controversy, but rather do some research into the charity before committing to make sure there aren’t any major pitfalls associated with giving time, resources, or money to them.

For example, supporting Planned Parenthood could be considered controversial by those who are pro-life. This could alienate customers who believe in pro-life values and may choose not to support a business that supports Planned Parenthood simply because they hold different beliefs on women’s reproductive rights than the company owner does, even though they might love everything else about the product.

In controversial cases, you must decide if you are willing to forgo possible profit for this cause. Lots of companies have taken a stand on an issue and come out stronger for it but you should certainly weigh the pros and cons beforehand.

Reach Out To The Charity


Different organizations have different needs. The best way to see how you can help is to talk with the charity about any specific needs they have or gaps that you can fill for them by becoming involved as a corporate supporter. Make sure the charity has room for more support from businesses like yours. Not all charities and nonprofits are created equal, so be sure that your chosen charity is a bona fide 501(c)(3) organization to qualify for deductions; consult your tax professional for specifics. Working with the charity to provide the help they need most, while still ensuring that your company can maximize any tax incentives is still important to the bottom line.

The only thing left to do once you have completed the three steps above is to bring your audience into your giving story through your social channels and marketing efforts. Show your customers how supporting you supports others. Show them that they can feel good about buying from you. When customers know that your giving efforts are authentic and driven from a place of generosity they find a connection with your brand.

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3 Steps To Strategically Aligned Business Giving