Your 20s are a crossroads. You’re still young enough to…
How sturdy is your business strategy? There are always sinkholes in any new strategy, and many businesses fail because they never take enough time to properly find and patch those holes. This ends up creating leaks in the brand that grow bigger as the years go on until the company simply can’t support the losses anymore.
Many gaps occur because business owners make the mistake of confusing their vision or brand message for their strategy. While it’s important to build a strong concept and refine it through a mission statement, it’s not enough to expect that to guide the company through rough patches and challenges from the competition. Strategies are adaptive, actionable, and concrete, while most brand statements are purposely vague to focus on the big picture instead.
Other companies miss out on important parts of their strategy by forgetting to differentiate themselves from the rest of the market. If you don’t focus on how your products and services stand out from the rest, you can’t properly leverage that difference in your marketing and production efforts. Staying strategic often means completely changing your focus or switching your tactics in the middle of a major selling season, so you need to practice flexibility to keep sinkholes from sinking your business.