This entry is part 3 of 8 in the series Business Pit Stop

CHAPTER TWO – CHECK YOUR STRATEGY

 

A race team will decide on a chassis design for the season. They will set a strategy for the number of pit stops during each race, and which tire compounds and fuel strategy to use. During the race, they will make adjustments as needed, but they don’t make drastic changes to the design of the car or replace the driver.

Likewise, you need to set your business strategy up front. It’s true you will need to make tweaks, but you should not be making major changes to your strategy on the fly.

• Set your priorities, stay focused and stay on task.

• Keep your team focused on the strategic objectives. Adjust as needed, but don’t be distracted by shiny objects like new technology that won’t really improve the business.

• Be patient and let your team achieve their goals. Don’t chase new ideas every four to six months.

• Review your strategy annually, and course-correct in a structured way. Involving your team can help validate the strategy and invest them more deeply in success.

• If you constantly change priorities, your team learns the pattern and you train them to ignore you. They know not to follow your lead because you’ll change your mind again soon. Your “great new idea” will go nowhere as they keep doing the same work.

• Don’t try to be trendy. You don’t need to incorporate every idea you read about. I knew a CEO who suddenly wanted to market that they were “going green.” Since he didn’t ultimately want to do anything differently it ended up nothing more than a distraction to his staff.

If an idea doesn’t make sense for your business, forget about it. Run a good business and you don’t need to be chasing every new business fad. If things arise that make sense for you, incorporate them into your strategy review and address them properly. If you spend time setting a solid strategy, you’ll have a better chance to succeed. Working blindly or continuously changing direction will only lead to inefficiency and wasted resources.

Next up: Chapter Three – Check Your Budget

Lindsley Medlin

Pitlane Strategies LLC

Copyright © 2018 by Lindsley D. Medlin, Jr.

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