Strategy in Three Minutes. Episode 20
1. Strategy and Value Exchange: 360 Degree Strategy
What you give determines what you get.
Any business develops by:
[1] Creating value for the six stakeholder groups.
[2] Capturing value from them.
These stakeholders are:
– Customers
– Employees
– Business partners
– Shareholders
– Regulators
– Society
I put customers first because they’re the only ones who bring money into the business. But all other stakeholders are also very important.
Does your business deliver value for these stakeholders?
Does it capture sufficient value from them?
Does your strategy include specific measures to create more value for them? Does it also include ways to capture more value from them?
2. Strategy-related terms: Better than simplification is only radical simplification
An exercise for finding strategic solutions.
“Simplicity is the ultimate sophistication”—Leonardo Da Vinci.
When a team struggles to find a strategic solution, I suggest we do an exercise.
We ask ourselves four questions:
[1] What do many people in your industry or in your market do regularly? What is part of their routine?
[2] How could we totally remove this routine from the process? Can we apply one of the TRIZ principles: “The tool is gone but the job is done”?
If we can’t remove it, can we simplify it radically?
[3] Who will be the beneficiaries of this solution? Will they be decision-makers?
[4] What product can we build around the solution? Could we capitalize on its value?
It often helps to kickstart strategic thinking.
3. Trend of the week: Are you ready to employee people over 60?
Some numbers from a recent Bain study:
In the Group of Seven countries (Canada, Germany, UK, USA, Italy, France, Japan), workers age 55 and older will exceed 25% of the workforce by 2031
According to Gallup, 41% of American workers expect to work beyond age 65.
By 2030, 150 million jobs will have shifted to older workers globally.
Bain research shows worker motivations evolve with age, with attributes like interesting work and autonomy rising to the top around age 60.
Link in the comment.
Does your strategy account for this trend?
Does it anticipate that not only your employees but also your customers will grow older over time?
People over 60 will not only come to work for you but also make decisions in the companies you plan to sell to.
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What are your thoughts? Share your opinion in comments.
Want to make great strategic moves? DM me!
Check out my book, Red and Yellow Strategies: Flip Your Strategic Thinking and Overcome Short-termism
Read also: The Airline That Nosedived—Pitfalls of the low-price strategy
Great roundup. Thanks