Bill Canady breaks down corporate strategy in two phases: a 100-day MVP that focuses 80/20 on your best customers and products, then expands into a 3-to-5-year profitable growth plan. The long-term strategy gets reformulated annually to maintain competitive advantage.
Hello everyone. It's great to be with you again. I'm Bill Canady, and I thought we'd go over strategy today. Recall that earlier we laid out the process for creating and acting on a 100-day strategy for positioning the company to earn the right to grow. After those first 100 days, the strategy must be amplified and expanded for the long term, guiding 3 to 5 years of profitable growth. During these 3 to 5 years, the strategy is reformulated annually. Each annual iteration may introduce a course of corrections and other changes ranging from minor adjustments to major realignment. Recall from earlier videos that the first step in this first 100 days is to set a goal, identify what needs to be done. The second step, creating the strategy, is how to actually reach that goal. During the first 100 days, the short-term purpose of step 2, creating the strategy, is simply to get the company to step 3, in which the execution and operational leadership puts some meat on step 2's strategic bones and gives the business a new structure going forward. The structure aims to accelerate accelerate the application of 80/20 by optimizing focuses on the most productive segment of the company's customer base and product offering, thereby driving profitable growth. In effect, the first 100 days iteration of the strategy is nothing more or less than a working model. In some manufacturing businesses, an important early step beyond being a single prototype is creating an MVP, a minimum viable product that can be released to the market to test its viability and elicit consumer response. Or as Eric Ries says in his Lean Startup, that version of a new product Which allows a team to collect the maximum amount of validated learning about customers with the least effort. The strategy of the first 100 days is the MVP iteration of the strategy. With those 100 days in the rearview mirror, it's time to build a full-scale, fully featured strategy for the long term. This iteration defines how you intend to profitably grow the business in current and potential markets. The strategy to grow profitably is establishing, creating, and maintaining a competitive advantage in all of its chosen markets. Thank you. Don't forget to subscribe. It's great to be with you again.
