Market Beating Strategy
Step 1 Framing Questions
(Go to pages 7 – 10 in your workbook – then click on the video below to play)
Complete step 1- Framing, in the space provided in your workbook – pages 7-10.
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Step 1- Frame (pages 7-10 in your workbook)
You should always begin developing your strategy by framing what you are trying to achieve.
Goals give you some framework, but don’t describe what you are and aren’t willing to do.
The best method I have found to frame your strategy is to consistently ask yourself the right questions.
One of the companies I worked with decided that an important decision for them to frame their future was to NOT take their company public.
You see, they were 100% employee owned.
That sense of ownership was important to them.
They felt that answering to Wall Street instead of their employees would change the family feeling of their company.
This decision helped to frame many other decisions.
There was nothing either good or bad about the decision, it was just a defining decision that helped them focus their strategy.
Begin focusing your strategy with these FRAMING questions:
What business are we in?
What markets to we serve?
Who are our competitors?
What products do we sell?
What it our competitive advantage?
What does our ideal customer look like?
What business are we not in?
What things do we want to avoid?
What is our greatest opportunity to grow?
What are our capital constraints?
Are there any absolutes? (example: shareholders must receive a return of x)
This is the end of Step 1- Framing Questions
Keep your eyes open for the next video – Step 2 – Diagnose – How Do You Make Money?
If you have any questions or would like to set up an introductory phone call, please call me.
Visible Progress | 6815 Spring Run Drive, Westerville, OH 43082