Take a Totally Fresh Look at Strategy! - BusinessTown

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Take a Totally Fresh Look at Strategy!

 take a fresh look at strategy

If you put the energy, time, thought, and open-mindedness into reevaluating your existing business as you would a start-up business, your business would probably really take off!

But it’s hard. It’s very, very hard. It’s hard to really substantively change the way you’ve gotten used to running your business. It’s hard to change old habits; it’s hard to change existing perspectives, and it’s especially hard to change your strategy, the essential core of what your business stands for. This is true whether you are running a one-person business or a one-thousand-person business.

Since it’s hard, you must, first of all, really want to make it happen. Even before you get into the specifics of what you are going to do, its good to try to form a rough mental vision of that bigger, more successful, more profitable business that you want to become and what the payoff could be if you came up with a powerful new strategy. This will help keep you motivated.

As you get ready to reexamine your strategy, you want to try to put aside the emotional ties and thoughts of all the investment of time and energy you have spent creating this business to date. There is a reason that many businesses spend a ton of money hiring outside consultants to help them reinvent themselves: consultants don’t have a vested interest or emotional ties in protecting how things are currently being done. But you do. You must acknowledge this hurdle in order to leap over it and move on!

So a great perspective to take is to pretend that you are coming in to look at your business as an outside consultant. If you have some employees who are also participating in the strategic review process, you want to tell and encourage them also try to take on this perspective.

Speaking of employees (if you have key employees), if you do involve them in the strategic review process, the unspoken question they have is “What’s in it for me?” So I’d come right out and tell them that by going through a strategic review you hope with your team to build a much better business, which should lead to not only a more solid and competitive business but also a faster growing business with more potential opportunities for all.

Okay, so where do you start?

I’d start with doing an evaluation of the state of the industry, including such factors as the nature of the competition and how the industry is changing. Then I would evaluate key competitors and the company itself in depth, particularly including what makes them different from one another, and with an emphasis on key strengths and weaknesses. I might also consider how the products and services of each compare with one another in the eyes of customers. (To learn more about these topics, you may want to see other presentations I have given on strategy and creating business plans.)

Then, rather than spending too much time focusing on my current strategy, I would list all of the strategies that key competitors are using. By “strategy,” I want to emphasize that I mean what makes each competitor different, not necessarily just better than one another.

Next, I would brainstorm—ideally with key employees, if there are any key employees—which strategies might make the most sense for my business, given my research on my business’s competitive strengths and weaknesses. Another way to look at this is ask yourself, “What is our core competency?” Or maybe there are multiple core competencies. Maybe there are multiple things that we do better than most competitors. That’s how some excellent business strategies and high-priced consulting firms recommend choosing a business strategy.

But I wouldn’t leave it there. I truly believe that just because your strengths and weaknesses lead you to a specific strategy doesn’t necessarily mean it’s a great strategy. In fact, there may be a better strategy out there for you that isn’t logically based on your strengths and weaknesses. The new strategy you come up with might not first seem logical at all.

I would suggest that you have multiple brainstorming sessions, even if you are a one-person business. Have sessions where you just write down every possible strategic course that comes to mind, no matter how far-fetched it seems at first.

Later, have a second brainstorming session where you think through each possible course—what would it look like? What are the pluses and minuses? How might it play out? Then I would start to eliminate some options, start paying attention to others, and perhaps combine options or even use them for springboards to still new, fresh additional options to consider. I might even look at totally different industries for ideas of really fresh strategies.

Here’s an example of why the traditional strategic analysis of just looking at your strengths and weaknesses may not be enough, or perhaps a lesson in why you have to realistically weigh your competitors’ offsetting strengths.

In the early days of the Internet, Adams Media, the book publishing company I created, was one of the leaders in publishing books on job hunting and careers. We launched an Internet site listing jobs openings and job hunting advice, called CareerCity.com—and because our books appealed to a very broad audience of people looking for professional jobs, we decided not to specialize either geographically or by job function. This allowed us to advertise and promote CareerCity.com in all of the millions of books we sold each year and to use tons of our great how-to content on the website.

Unfortunately, it was a fatal decision. We just didn’t have the resources to compete head-to-head with other general job hunting sites, like Monster and Hot Jobs, which each raised tens of millions of dollars and were spending money like drunken sailors. Hot Jobs, for example, one January decided to spend $6 million on ads during the Super Bowl after ending a year with total revenue of just $3 million. How was I supposed to compete with that? I was self-financed and couldn’t even pay off my house mortgage!

Although coming up with a strategy, especially a new strategy, can be very difficult, if it does work, the payoff can be huge. Let me give you a couple of examples.

In the mid-1980s, I launched a biweekly publication of local Boston-area job listings. Jobs were listed for free, and our revenue came from selling copies of the publication, called JobBank, at thousands of local newsstands. Unfortunately, the job market—on the strength of the economy and Ronald Reagan’s economic policies—was quickly strengthening, and I was too late. Our paid circulation peaked at 7,000. Increasingly, employers were having unfilled job openings and job seekers were getting multiple offers.

So I made the very difficult decision to change the circulation first partially, and then completely, to free and began switching our revenue model to selling job listings. It was such a total change of strategy it was almost a new business. We had no experience or staff to sell local recruitment advertising. Furthermore, there was already one strong competitor and a couple of weak competitors doing the same thing. We were also competing directly against the Boston Globe and the Boston Herald, Boston’s leading newspapers. I seemed to be walking into a minefield of powerful, experienced, and well-financed competitors.

If I had done a traditional strategic analysis of where our strengths and weaknesses lay, then I would have known that switching to a free circulation with paid advertisement model made no sense. But I did it anyway. I really aggressively managed the business, expanding the circulation to 175,000 copies, building a top-tier sales staff, and eventually starting a synergistic job fair company.

Over time, we made lots of money and eventually trounced our free competitors. It wasn’t always pretty, and there were some tough times, but I stayed at it. Although it made no sense, it still made more sense than continuing with a clearly losing business model of trying to sell copies of a job newspaper in a strong job market.

My point is that changing strategy is hard, and it can be more of an art than a science, but I cannot emphasize it enough: the results can be terrific!

Another very difficult and ultimately incredibly successful strategic change I made was many years later in the book publishing business. Actually, I changed strategy in this business many times, but let me tell you about the one that really brought home the bacon.

After competing in the book industry for many years, I eventually built a modestly growing, multimillion-dollar-a-year business with average, at best, profit margins. Not bad, but not satisfying my ambitions. So I carefully set up an extended strategy planning session over many days with key staff members. To do this, you might want to hire an outside facilitator, but I did it myself, partially to save money and partially because, to me, it was already clear what the outcome should be.

We did the traditional industry and competitive evaluation and concluded that what really set us apart from the competition was that some of our publishing was based on a series of books for which we chose the topics and either wrote the content ourselves or paid a freelancer a flat fee to write it. This is totally different than the traditional book-publishing model where the book agent pitches an author’s idea to multiple publishers based on maybe a single sample chapter and a table of contents. The publishers then bid on the book, guaranteeing the author a fixed advance plus royalties.

We decided to switch most of our publishing effort to the work-for-hire model. We decided which topics we would publish—this ensured that we would choose topics that we thought would sell like crazy. We put the books in our established brand-name series, which decreased the risk of poor sales for booksellers so that they bought more copies. And because we didn’t pay royalties, only a flat fee, our costs were dramatically less than that of the traditional model.

It sounded great in theory, and everyone—all the key employees—agreed it was the right thing to do. However, in practice it was very hard to implement. Once we turned theory into actuality, the employees hated the strategy! Our editors hated it because the book agents and authors we currently did business with were angry when we told them we were not going to pay royalties and the editors had to really work to find new authors. The salespeople didn’t like it because it was not as exciting to present these books at stores and book shows. Our publicists didn’t like it because it was hard to book TV shows for our new, work-for-hire authors whom no one had ever heard of.

Nonetheless, the new strategy worked like gangbusters—book sales took off, our revenue surged, and our profit margin surged to three times the industry average, which was much more than even the very largest publishers, which had the huge advantages of economy of scale, a roster of best-selling authors, and more. Many of the employees who didn’t like it working with the new way of doing business ended up going somewhere else, but we replaced them with new employees who liked the new strategy just fine.

This just shows that a great strategy, including a great strategy that is a totally new strategy for you, can be much more powerful than you could possibly imagine.

Yes, spending lots of time reexamining your strategy is worth a lot of thought. Then, once you’re done ripping apart your core strategy, work on the other parts of the business plan that are most important to change to support the new strategy. I would caution about getting too carried away—changing strategy is very, very difficult, so I would tend to minimize other changes for the time being, unless they are directly important to the strategic change.

Developing a new strategy can be a challenge. You might want to look at my presentations on business planning, which will take you through the process step by step.


Bob Adams

Bob Adams is the founder of BusinessTown the go-to learning platform for people starting and running their own businesses. Bob has started dozens of successful businesses, including one he launched with $1500 and sold for $40 million. He also has an MBA from Harvard Business School.

BUSINESSTOWN’S #1 BEST SELLING COURSE

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Learn how to start your own business.

Start-a-Business 101 is a complete program for starting your own business.

  Find a great business idea. You’ll get my 6-step method for finding a great business idea. Plus you’ll get my insight on hundreds of proven, money-making businesses that you can start.

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 Try it risk-free for 60 days. You can try the whole course and then decide if it’s right for you. If you don’t love it, I’ll give you a 100% refund.

 You so inspired me that I started a business and have started receiving orders. Your videos about how to pick a business to start really got me going after I followed your steps to a tee. Thanks so much!

Bill Bennett – Business Owner

Start a business you love, earn more money and live the life you want. With Start-a-Business 101 you can…

Be your own boss. Enjoy true independence and be the star of your own show. Work when and where you want.

Start a business you love. You’ve got one life to live – so why not start the business of your dreams? I’ll show you exactly how to do it.

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Start-a-Business 101 is perfect for you…

If you don’t have an idea yet.

Start-a-Business 101 includes the proven 6-step method for finding a great idea. Plus you’ll get hundreds of proven, money-making ideas.

If you have an idea but are not sure where to start or what to do.

In Start-a-Business 101, you will learn exactly how to start your own business from start to finish. You will have access to dozens of videos, worksheets and templates that will walk you along the way.

If you want to make sure that you are doing things right.

Start-a-business 101 covers all the common mistakes that entrepreneurs make when getting started. No room for errors, you will learn how to start your business right.

If you want to get guidance and know exactly what to do at any given time.

Follow my step-by-step process that will get you on your way to business success. It will be like having a business coach by your side at all times.

If you want to start any size business or any type of business.

Start-a-Business 101 will help you start any size of business from a one person home-based business to a larger business. And it will work for any type of business including all service businesses, product businesses and Internet businesses.

If you want to become a knowledgeable entrepreneur.

By watching just one video lesson a day, you will quickly become a knowledgeable entrepreneur. You will be ready to start your own business now or at any time in the future.

Hi there, I’m Bob Adams.

I’m a serial entrepreneur and self-made multimillionaire.

I’ve started dozens of successful businesses of all types and sizes including … bike rentals, house painting, employment service, retail business, multimedia company, book publishing, tourist maps, job fairs, Internet businesses, software business, employment advertiser, and used boat sales. 

Most of these businesses I started in my home on a very small budget. 

My biggest success is my book publishing company that I started in my basement apartment with just $1500 and later sold for $40 million. 

I’ve learned what really matters in business. I’ve discovered the concepts that make or break businesses. And I’ve used them to build one successful company after the next. 

Now, my mission is to share what I learned with you – so that you can succeed in your own business. 

That’s why I created Start-a-Business 101.

Success = recipe + ingredients

In Start-a-Business 101, you will get my exact recipe and ingredients for success. I will show you what to do at every step in starting a business. 

You’re not going to go through years of trial and error. 

You won’t have to make mistakes or learn anything the hard way. 

Because the recipe for business success is waiting for you in my course, Start-a-Business 101

In this course you will get the same proven strategies and tactics that I used to create my successful businesses.

My books and courses have been featured in…

Start-a-Business 101 will show you exactly what to do at each step of starting your business.

You will get proven strategies, real-life examples, ready-to-go templates, checklists and worksheets to help guide you along and save you time. 

You won’t have to guess what you should do next or if you are doing things right.

 You will be following the best advice available today. 

You will be getting the same techniques and strategies that I used to build one successful business after the next including the one I started with $1,500 and sold for $40 million. 

You will put your startup on the fastest and most proven path to success.

Here’s the course for your new business journey. Beginning entrepreneurs will hugely benefit from Start-a-Business 101. The videos clearly explain each element of building a new business. The advice is savvy and on point throughout. I highly recommend it for anyone involved in any kind of startup.

Rick Williams – Managing Director, Williams Advisory Partners LLC

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Watch just one video lesson per day and you will complete the whole program in about 10 weeks. Or you could even binge watch the entire course in one weekend. It’s up to you!

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You can access the entire course as long as you want and as many times as you want. For example, you could go through the entire course to quickly build your entrepreneurial knowledge. Then you could go back to specific lessons as you are working on various aspects of your business.

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You will be guided step by step through the whole process by 76 short and easy to follow videos. 

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  Start-a-Business 101 Course Content

1.  How to get started with your business

2.  Discover hundreds of great business ideas

3.  How to choose the best business idea for you

4.  How to validate your business idea

5.  Find the perfect name for your business

6.  How to choose the best legal entity for your business

7.  How to create a powerful competitive advantage

8.  How to create your business plan

9.  How to do your accounting and financial statements

10.  How to get the money you need to start your business

11.  How to create your marketing and attract customers

12.  How to build your online marketing presence

13.  How to make sales and land your first customers

14.  The Small Business Toolkit

15.  The Discussion Board

Every step of the course is filled with videos and companion tools to show you exactly how to start your business.

Start-a-Business 101 includes 46 templates, worksheets, checklists and samples

These tools will save you a lot of time, keep you organized and further guide you along the way to launching a successful business as soon as possible.

Fill-in the blank templates make it easy to plan your business.

Watch sample videos

Looking for a business idea? Discover the critical questions that you must ask to find the very best idea for you.

Learn how to create a one page business plan – the most important document for starting your business.

Learn how to find the best customers for your business.

Discover how to create a unique sales message for your business.

   Having run across your videos was a godsend to me. Your method provides me the structure I need to be successful. I am willing to put in the work to go through your complete course which so far has been incredibly helpful.

Phyllis Marks – Starting an Online Business

Will Start-a-Business 101 work for me?

This course is made for you:

  • If you want to generate a new income stream.
  • If you don’t have a business idea yet but want to be your own boss.
  • If you have an idea but are not sure how to get started or what to do first.
  • If you are ready to get started but want to make sure you are doing things right.
  • If you want guidance from someone who has done it before – multiple times.

Start-a-Business 101 will work for all types of businesses. And it will work for all sizes of businesses from one-person home-based businesses to larger enterprises.

Don’t have an idea yet? No problem. I will give you my 6-step process for quickly finding a great business idea. Plus I’ll show you hundreds of my best, money making business ideas, along with my insight on each one.

Wondering how to turn your idea into a profitable business? I will show you how to do it – every single step of the way.

You will learn how to plan your business, how to get the money to get started, how to do marketing, how to do accounting, how to make sales, how to set up your website and much more. You will have access to all my tools – including worksheets, case studies, checklists and templates – that will save you time and money.

I can promise you that you will get the very best strategies and ideas available today. You will get the exact techniques that I used to build my businesses, including the one I sold for $40 million.

Still skeptical? I get it. Sometimes you have to see it to believe it.

I got you covered. You can take this whole course completely risk-free.

You can test drive the entire course for 60 days.

That’s right. You can have full access to the whole course for 60 days. If you decide it’s not for you, or if you don’t love it, I’ll give you a 100% refund. No questions asked.

I can’t promise you that your business will absolutely succeed. No one can.

But I can promise you that I will give you the very best strategies and ideas for every step of starting your business.

And I stand behind that with my 60-day, 100% money-back guarantee.

I want you to start a business. And I want you to start it right.

 I have researched the marketplace for over a month to identify a viable and comprehensive ‘go-to’ guide on how to best launch a small business. This course offering from Bob Adams met more than what I was looking for.

Steve Cox – Experienced Businessman

Get Start-a-Business 101 and get $750 in bonuses – free

I am pleased to tell you that I am adding two limited time bonuses to Start-a-Business 101

These bonuses will make it even easier and quicker to get your own business up and running. 

The Ultimate Checklist to Starting Your Own Business 

This 18 page checklist will show you exactly what to do to start your business.

This extremely comprehensive 18 page document includes all the steps to start a business. Plus I give you my expert advice on every single step. 

This checklist will keep you totally organized and make sure that you are not missing anything important. 

This checklist is the ultimate shortcut in getting your business up and running. It will be your constant companion in starting your business. The checklist has a $500 value but I will give it to you as one of my welcome gifts for joining Start-a-Business 101.

How to Launch a Business Fast and on a Tight Budget Using MVP

Use this video to start your business fast and on a tiny budget.

The second bonus is a game-changing video/lesson. In this video/lesson I will teach you the concept of Minimum Viable Product, or MVP. 

You will learn how to start your business faster and for less money, than any other way possible. 

This important video/lesson has a $250 value but I will give it to you as one of my welcome gifts for joining Start-a-Business 101

So consider joining Start-a-Business 101 now if you want to get these limited-time free bonuses – a $750 value.

 Bob has been a close friend and trusted business adviser of mine for years… guiding me through the challenges we all face as entrepreneurs. Hands down Bob is one of the most talented, and successful entrepreneurs I know. Thanks Bob!

Matt Marshall – Founder, MGM Capital Investments

Frequently Asked Questions

When does the course start and finish?

This online course is completely self-paced – you decide when you start and when you finish.

How long do I have access to the course?

After enrolling, you have unlimited access to this course for as long as you like – across any and all devices you own.

What if I am unhappy with the course?

If you are unsatisfied with the course for any reason, please contact us within 60 days and we will give you a full refund, no questions asked.

What are the course requirements?

This course is for anyone thinking about starting a business. You don’t need to have any previous business experience whatsoever. Even if you have business experience, you will discover a vast amount of powerful new ideas that will help propel your business ahead.

Can I download any of the content?

Of course! All the worksheets, case studies, samples, and templates are downloadable.

Start a business you love, earn more money and live the life you want.

Start-a-Business 101 is the fastest and easiest way to learn how to start a business and become a knowledgeable and successful entrepreneur.

Start-a-Business 101 is a complete proven program that will take you step-by-step through your entire startup journey.

You will get…

  Easy-to-follow videos

  Ready-to-use tools

  Discussion board

  Inside advice

  Proven strategies

  Complete lifetime access

In just a few minutes a day, you will learn how to start your own business.

You can test drive the entire course for 60 days.

That’s right. You can try Start-a-Business 101 risk-free for 60 days. You will have full access to the entire course. If you decide it’s not for you, or if you don’t love it, I’ll give you a 100% refund. No hassles. No questions asked. I want to help you succeed in your own business.

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Start-a-Business 101

Learn how to start your own business.

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