GIVE YOUR BUSINESS A POWER CHECK
The key to growing your business is to keep evolving. To do that, you have to step outside your daily business and see where you fit in the big picture. You give your business an unbiased power check.
Immersing yourself in new ideas is one way to broaden your perspective. Reading thought-provoking business books accomplishes that. So does answering questions that prompt us to approach things from different angles.
Are you familiar with the work of Geoffrey Moore? In his book, Escape Velocity: Free Your Company’s Future from the Pull of the Past, he describes a “hierarchy of powers” that makes up a company’s overall strength.
I’m oversimplifying here, but by applying some of these concepts to your business, you can give your business a “power check” that can help you change your course when needed.
Here are the four categories of power that Moore defines:
Understand Your Category Power
Category Power measures demand for the various classes of products and services you offer. You’re probably in several categories, some hotter than others. Because a business can’t outperform its categories over the long haul, being able to jump in or out of categories is key to growth.
Recognize Your Company Power
Company Power reflects market share, your competitive status relative to your peers. It may vary for each of your categories.
Regardless, the key to increasing Company Power is to leverage your ‘Crown Jewels,’ your unique assets and strengths. Unless you have high or reasonable market share, it will be tough going.
Gauge Your Market Power
Market Power is like Company Power, but within a single market segment. Moore defines market segments as sets of customers who share a unique set of needs and reference each other’s purchases when buying. Market Power can be measured by word-of-mouth reputation within the segment.
Measure Your Execution Power
Execution Power means outperforming your competitors under equal conditions. It’s more about securing your existing book of business than looking ahead.
Execution Power means having the flexibility to change your operations to gain a competitive advantage. It means inventing new ways to service customers, implementing them, and measuring the results.
You can go further with this information by contacting Ray to help you analyze the data you collected about your company. He’s always happy to help Small Business Owners, Presidents, and C-Level Executives strengthen their businesses and take them to the next level.
Set up a zoom meeting with Ray:
https://calendly.com/ray-124/contractor-discussion-with
Or call: 312 593-5133
