Six Ways Out of Business Stagnation

Six Ways Out of Business Stagnation

Blue Ocean Articles, Strategic Models, Strategic Planning
Six ways out of business stagnation. Doesn't sound terribly overwhelming, does it? What most companies need is an underlying core strategy to provide a compass for all tactical implementations. Let's share some of the most common problems contributing to business stagnation. Ivan Dimitrijevic recently posted on Lifehack.com his six reasons for business stagnation. I feel they are a strong list of reasons businesses are struggling. We don't engage our customers. We try to do everything ourselves. We don't use modern tech to its full potential. We don't set ourselves apart from everyone else. We focus on growth at the expense of everything else. We can't handle extra workloads effectively. This is a great list. I include myself in this list because I find I have some history in each of…
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Five Days to a More Profitable Business

Five Days to a More Profitable Business

As-Is Strategy, Blue Ocean Articles, Strategic Planning
Five days to a more profitable business. That's our attempt at a catchy headline. We are, however, going to see that you receive some value before leaving the page. Here at the Blue Ocean Strategist, we're committed to seeing that every reader leaves with something that benefits their business in some way. Let's get started on that effort right now. In Blue Ocean Strategy terms, the key goal is value innovation. That is defined as breaking the value/cost tradeoff. That tradeoff in traditional business is when a company either raises its price and subsequently its offering's value or lowers the price and decreases the value of its offering. Think Ford Motor Company's attempt over the years to trick out a Crown Victoria with added luxury, call it a Mercury and…
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Meet Value Innovators The Drury Brothers of 1 Stroke Club

Meet Value Innovators The Drury Brothers of 1 Stroke Club

Blue Ocean Articles, Six Paths Framework, Strategic Models, The Value Innovators
Meet value innovators the Drury brothers of 1StrokeClub.com. The Value Innovators Show is a webisode series featuring company founders that have launched or run companies that exhibit numerous qualities of blue ocean strategy. Some of these founders have a clue that they've done something related to blue ocean strategy. Most do not. I met one of the founding brothers, Brian Drury via a great Nashville connector, Todd Bowman of Insperity. Brian and I struck up a business relationship that has served to keep us connected and aware of what's going on in our professional lives. Brian mentioned on a recent call that he and his brothers, Grant and Kyle, had launched a business. I immediately inquired as to the nature of the venture and was truly impressed. [embed]https://youtu.be/ehOpT_JVkOo[/embed] Brian explained…
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Executing Your Strategic Implementation

Executing Your Strategic Implementation

Blue Ocean Articles, Strategic Planning
It's a new year. Many of you are now executing your strategic implementations. It doesn't matter if your initiative is a blue ocean shift or a more traditional red ocean implementation you can take steps to make sure your ideas move forward. The companies that execute are the ones that feature a workforce, stakeholders, and a public that are all on the same page. In the end, companies, whether large or small have to harness the cooperative attitudes and behaviors of all people involved in the company. If you're a small business, this cooperation may come from a spouse or partner. If you're a large business, it may come from your board and employees. No matter what, to successfully implement strategic change, you have to have buy-in. So how to…
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Blue Ocean Strategy for Solopreneurs: Big Picture Thinking Implementation

Blue Ocean Strategy for Solopreneurs: Big Picture Thinking Implementation

As-Is Strategy, Blue Ocean Articles, ERRC Grid, To-Be Strategy Canvas
Today we cover Blue Ocean for Strategy for Solopreneurs: Big Picture Thinking Implementation. In this series, we're breaking down the business bestseller Blue Ocean Strategy: How to Create Uncontested Marketspace and Make the Competition Irrelevant. Today, in Blue Ocean Strategy for Solopreneurs: Big Picture Thinking Implementation, we wrap up our last post on big picture thinking and discuss how to use the As-Is and To-Be Strategy Canvas as well as the ERRC Grid. In review, the As-Is strategy canvas is a visual depiction of your industry and the company's state of play. It lays out the key factors of competition along a horizontal axis. It cannot be overstated how important the discoveries will be when you start to honestly assess your company's key factors of competition. Most businesses find that…
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Blue Ocean Strategy for Solopreneurs: Focus on the Big Picture, Not the Numbers

Blue Ocean Strategy for Solopreneurs: Focus on the Big Picture, Not the Numbers

As-Is Strategy, Blue Ocean Articles, Six Paths Framework, Strategic Planning, To-Be Strategy Canvas
You may recall, the first principle of Blue Ocean Strategy is the reconstruction of market boundaries. Without permission internally, and a process to break your industry boundaries, it will be impossible to move into blue oceans of uncontested market space. In today's post, we learn how important the second principle is in blue ocean strategy for solopreneurs. Focus on the big picture, not the numbers. The temptation when planning is to launch into a business plan or strategic plan and use templates that one finds online or using some process read about when researching a business, marketing, or strategic plan. I have been guilty of the same thing. Before I know it, I've played office and have spent a week mocking up fabulous charts, graphs, marketing and sales projections, and…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 5 of Six

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 5 of Six

Blue Ocean Articles, Six Paths Framework, Strategic Planning
Blue ocean for solopreneurs is a series written to provide a translation of the business best-seller Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant into language more useful for the solopreneur or small business owner. Today in Blue Ocean for Solopreneurs we Reconstruct Boundaries with Path 5 of Six. Path 5: Look Across Functional or Emotional Appeal to Buyers. Companies of all sizes generally default to doing what the competition does. There is generally little thought given to strategic planning that leads to true differentiation of one company's product over another. In most cases, companies will compete on functional price-oriented factors or emotional feeling-oriented factors. These two competitive defaults end up training the entire customer base of entire industries. The cycles of function or…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 3 of Six.

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 3 of Six.

Blue Ocean Articles, Six Paths Framework
In this article, Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 3 of Six, we break down path 3 of the six paths framework. Path 3: Look Across the Chain of Buyers In most marketing and sales training, you are prompted to develop a buyer persona. The buyer persona will be focused on your opinion or history of who purchases your offering. In the absence of other processes, this a great exercise. Some businesses resist strategic thought about buyer personas. Blue Ocean Strategy invites the participant to broaden the definition of the buyer. As a sole proprietor, small business owner, or division leader, there are more possible definitions of buyer than you may realize. When Joann K, a distiller with a growing spirits brand seeks to sell her products to…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 2 of Six.

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 2 of Six.

As-Is Strategy, Blue Ocean Articles, Six Paths Framework
In this post, I break down blue ocean strategy's six paths framework and cover path 2. We are diving into blue ocean for solopreneurs. Reconstruct boundaries with path 2 of 6. Today's translation of Blue Ocean Strategy deals with path 2 of the six paths framework. Path 2: Look across strategic groups within industries. In the book, it is noted that most companies seek to bolster their position within the same strategic group. It provides us the example of Mercedes, Jaguar, and BMW all pursuing customers in the luxury category. They don't spend much time reaching out to those new car buyers in the economy class. Alternatively, the blue ocean strategy success story provided is Curves, the successful women's workout facility that began franchising in 1995. They succeeded for a…
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Blue Ocean for Solopreneurs. Reconstruct Your Boundaries.

Blue Ocean for Solopreneurs. Reconstruct Your Boundaries.

Blue Ocean Articles, Six Paths Framework
Blue ocean for solopreneurs? Reconstruct your boundaries. Candidly, the ability to recreate, modify, enhance, or redefine industries is my all-time favorite business topic. Redefining and recreating one's life is my favorite personal topic! Chapter three of Blue Ocean Strategy starts with "The first principle of blue ocean strategy is to reconstruct market boundaries to break from the competition and create blue oceans." The challenge is to identify and implement countless opportunities for blue ocean growth. The authors of Blue Ocean Strategy found clear patterns for creating blue oceans. Research of companies and industries led to the identification of six basic approaches. Over the years, validation of these six approaches has been codified as the six paths framework. In this post, blue ocean strategy for solopreneurs; reconstruct your boundaries, path one;…
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