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THE STRATEGY MINDSET Powered by
This presentation consists of highlights from the interview with Moe Abdou, founder & host of 33voices®.
Chuck Bamford Managing Partner of Bamford Associates, LLC @drchuckbamford Dr. Chuck Bamford is the Managing Partner of Charlotte, NC-based Bamford Associates, LLC – a firm focused on the development of implementable strategic plans and an entrepreneurial orientation to growth. Dr. Bamford worked in M&A / Business Analysis for twelve years prior to pursuing his Ph.D. A regular speaker at conferences, trade shows, and conventions, he is the author of Strategy & Entrepreneurship textbooks used by businesses and universities throughout the globe.
Insight #1 Effective Strategy consists of two pillars:
Insight #1 Effective Strategy consists of two pillars: The things that are orthodox that aren’t meeting the median expectations of your customer
Insight #1 Effective Strategy consists of two pillars: The two or three unique things that distinguish the essence of your business
Insight #2 Smart leaders know that their brand is not their greatest competitive advantage; rather, it’s the story behind the brand that most resonates with their customer.
Insight #3 It’s wise to think of a SWOT (Strengths, Weakness, Opportunities, Threats) analysis less as a strategy, and more of a thinking tool where opinions are shared and aggregated.
Insight #4 Great strategy is much more difficult to implement than it is to formulate, for unless it starts with a thorough external analysis of the perfect customer, it’s likely to be misaligned.
Insight #5 “The essence of strategy is choosing what not to do.” - Michael Porter on Strategy
Insight #6 Think of your perfect customer as someone who gets instantly, your value proposition, and is willing to pay for it. In addition, never stop trying to understand with whom in the marketplace is she comparing you with.
Insight #7 “A good strategy does more than urge us forward toward a goal or vision. A good strategy honestly acknowledges the challenges being faced and provides an approach to overcoming them. And the greater the challenge, the more a good strategy focuses and coordinates efforts to achieve a powerful competitive punch or problem-solving effect.” - Richard Rumelt
Insight #8 Think less about your employees being a competitive advantage, and more about them being the purveyors of your most important ideas and strategies.
Insight #9 “In good companies, the story and the strategy are the same thing. As a result, the proper output of all the strategic work is the story.” - Ben Horowitz on Strategy
Insight #10 Those most likely to dominate a market will focus less on being the best, and more on distinguishing the one or two things that only they can do.
Reflect: If you had to pick one thing, above others, that connects you with your most important customers, what would it be? tweet us!
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