We add that ‘extra’ ingredient to your marketing mix.
- Bud Business Edge works with Mid Sized companies and start ups to define or refine their vision, values and strategy.
- Businesses that wish to be successful need to get the mix of all these 3 aspects right.
- One needs to look at Values as an inherent aspect that does not change or does not get eroded or morphed.
- To arrive at a benchmark value that defines a business, one needs to ask and answer few questions first! For example, why does my business exist? If your answer is “I am here to make money and serve customers” then you are confusing your values to your goals. Making money and serving customers is your business goal.You need a value to base your business on to achieve its goal.
- What does my business stand for? What culture does my business promote?
- Vision is about developing clarity and purpose.This is your aspiration, your conceptionof how your product or service will excel, and where you want to get to in, say 10 or 20 years. But it’s not simply about growth rates, revenues or margins. It’s more about what you want your business to create or achieve in a broader sense over time.
- This vision may not be easy to realize and may require constant course changes, hard work and many accumulated successes over time. That’s where vision differs from values which are fixed.
- Employees, partners, investors, vendors, customers and others must be able to grasp your vision for it to work. It’s not necessary that they agree with everything you spell out, as long as they understand it and can help you get you there.
Strategy or Edge
Strategy comes last. With a well-defined value and vision in place, it’s time for you to take the next step and delineate your business strategy. The most important thing to know about strategy is that it changes all the time – they could be small steps or radical revisions. That’s critical because business conditions, markets, competition, consumer preferences and a wide range of other factors are constantly in flux. If your strategy remains fixed, you are doomed. Strategy is the roadmap you use to achieve your vision and reach your goals, guided by the definitions of your values.