Strategy in 30 seconds
Can you state your strategy in 30 seconds? This is not a frivolous question, as many people will waffle when they have to state their strategy. They gaze into the distance, look at their hands or mobile phones, and then launch into a short story.
When I left my corporate career, I was, for a few years, a member of BNI, which is an international organization that focuses on business networking and referrals.
It is a good organisation to join when you are just embarking on your journey as an entrepreneur.
One point on the agenda of every meeting is for each member to introduce themselves in 30 seconds. You must state your name, business, what you do, and what you want. This leads us to another question.
Can you state your strategy in 30 seconds? Or, can you do it in 60 seconds?
Succinct Strategy Statements versus the Elevator Pitch
There will be many people who will confuse this with the famous “Elevator Pitch”. While similarities exist, there are also some differences.
Let’s examine some similarities:
- They are both succinct
- In both cases, you will condense a whole lecture, document, or presentation into its essentials. This will force you to cut out the fluff.
- You have a target audience in mind
There are some differences:
- While preparing for an elevator pitch, you almost always have an external audience in mind
- When cutting down your strategy statement you could be:
o Clarifying the essence of your strategy for yourself
o Using it to communicate to an internal or external audience
Strategic Clarity & Communication
I’d like to stress the point about clarifying the essence of your strategy for yourself. Unless you are clear about what you want to achieve and where you want to go, you cannot communicate this to internal and external stakeholders.
Avoid unnecessary jargon, as this will only obfuscate the issue and confuse people.
You can start with an aim, which is your strategic goal, and work from there. But a goal is not a strategy.
Recently, I read a statement that went like this: “Our strategy is to become a global nutrition player with above industry average profitability. We are on the way.”
This is not a strategy, even though it sounds good.
Be clear about your strategy, strip it down to its essentials and ask yourself this question. Can you state your strategy in 30 seconds or even 60 seconds?