A GPS for Your Business

March 3, 2015

A GPS gives you a bird’s eye view of where you are now and how you can get to where you want to go. It also gives you up-to-date information about the speed you are travelling and how long your journey should take. Even more important, today’s GPS devices can show you an alternate route should an obstacle block the road ahead and force you to take a detour.

When it comes to your business, a strategic positioning tool plays the role of a GPS. It highlights the road ahead and advises which direction to take.

To check your strategic position, examine where you are today with regards to thirteen key components of a successful operating business:

  • Your philosophy
  • Your vision
  • The products and services you sell
  • Your sales and marketing strategies
  • Your internal structure
  • Your systems and processes
  • Your social capital
  • Your intellectual capital
  • Your physical assets
  • The industry you have chosen
  • The current business environment
  • Your competition
  • Your customers and markets

Investing time to check your strategic position can alert you to the need to take either a very defensive or somewhat conservative position to mitigate risk, or indicate when conditions are right to be more competitive or aggressive.

For example, you might be thinking of adding a new product line but discover that there are significant threats from the current marketplace that negate this strategy. Alternatively, you could uncover an opportunity to pursue a new strategic direction that was not evident before conducting the exercise.

A strategic positioning exercise should always be conducted as a forerunner to any strategic planning activity, and re-administered at least once a year to check that you are still headed in the right direction. And if you ever have to make a detour because of a new opportunity or a considerable roadblock, this GPS exercise can help you find your way to an alternate highway.

Ready to map out the true strategic position of your business? Schenck’s Business Strategy team can help. Contact Lisa Horn or another team member to discuss how to put the steps in place to achieve your long-term goals for your business, your family and yourself.

Adapted from an article by The SuccessCare Program.