Avoid These Mistakes When Expanding Your Business
In this episode of The Buyer’s World LinkedIn Live, host Hannah Ajikawo is joined by Scott Newton, a seasoned management consultant and mentor at TechStars, to discuss the intersection of strategy and go-to-market approaches. The conversation covers the essence of strategy, the importance of bold growth, and practical steps for companies to unlock sustainable growth.
Scott Newton's Background
Scott Newton is a management consultant with decades of experience working with global organizations on growth and strategy. He is also involved in executive education and mentoring early-stage companies at TechStars. Scott’s focus is on helping companies achieve bold growth through strategic clarity and effective execution.
Bold Growth:
Definition: Bold growth is about aiming for significant, transformative growth rather than incremental improvements. It involves delighting customers so much that they become advocates for your brand.
Example: Revolut's focus on international travelers created a strong word-of-mouth effect among its target audience, driving rapid growth.
Strategy and Go-to-Market:
Unified Concept: Scott argues that strategy and go-to-market are the same. Strategy encompasses understanding your customers, defining what you will serve them with, and developing the necessary capabilities.
Demystifying Strategy: Strategy should not be a black box. It involves simple, clear decisions about who to serve, what to serve, and how to serve them effectively.
Strategic Assumptions:
Importance: Identifying and testing strategic assumptions is crucial for avoiding costly mistakes.
Approach: Write down key assumptions about supply, demand, technology, and the legal environment. Test these assumptions to ensure they are valid.
Operational vs. Strategic Focus:
Time Allocation: Leaders often spend more time on operations than strategy. Keeping a diary of where time is spent can reveal imbalances and help refocus efforts on strategic activities.
Meeting Dynamics: Strategy discussions should not be left for the end of meetings. They require dedicated time and attention.
Experimentation and Execution:
Encouraging Innovation: Companies should foster a culture of experimentation, allowing for failure and learning from it.
Execution Excellence: World-class execution is as important as ideation. Focus resources on high-priority areas to ensure successful delivery.
Customer-Centric Approach:
Understanding Customers: Continuously engage with customers to understand their needs and problems.
Customer Feedback: Utilize review sites, direct conversations, and other feedback mechanisms to gather insights.
Technology and Sustainability:
Purpose-Driven Innovation: Scott highlights the importance of using technology for solving significant global issues, such as sustainability in mining.
Technology for Good: Examples like Sirus and Be My Eyes show how technology can drive meaningful change and improve lives.
Key Takeaways
Focus on Bold Growth: Aim for transformative growth by deeply understanding and delighting your customers.
Integrate Strategy and Go-to-Market: Treat strategy and go-to-market planning as a unified process, ensuring alignment across the organization.
Test Strategic Assumptions: Identify and test key assumptions to avoid costly missteps.
Prioritize Strategic Activities: Allocate sufficient time and resources to strategic planning and execution.
Foster a Culture of Experimentation: Encourage innovation and be willing to learn from failures.
Engage with Customers: Regularly interact with customers to gather insights and improve offerings.
Leverage Technology for Good: Use technology to address significant problems and drive positive change.
