TSS 2011 David Maher Roberts Responsive Strategy Bath 1 Dec 2011
0 likes300 views
The document provides an overview of responsive business strategy for tech startups. It discusses that the purpose of business strategy is to answer key questions about what the business does, for whom, and how it excels. An effective strategic plan combines goals, a roadmap, and what needs to be delivered. The document outlines common strategic planning methods and elements like vision, objectives, and reviews. It warns of potential flaws in strategy like overconfidence and provides examples of when strategies may need to change, such as if the market opportunity is smaller than expected or if competition gains traction. The key takeaway is that strategies need regular review and testing to ensure they remain effective in light of changing market conditions.
TSS 2011 David Maher Roberts Responsive Strategy Bath 1 Dec 2011
- 1. Responsive Strategy Tech Start-up School 2011 David Maher Roberts, CEO, The Filter @davidpmr / dmr@thefilter.com
- 3. HEALTH WARNING The content of this presentation does not constitute a definitive guide to business strategy and strategic planning. I am not an expert in strategy or strategic planning. I am not an academic. You have been warned. :)
- 4. The aim tonight ‣ Purpose of business strategy ‣ Ideas on how to develop one ‣ When to change / stick
- 5. What is business strategy ?
- 6. “What’s the use of running if you are not on the right road.” German proverb
- 7. Answers key questions ‣ What do we do? ‣ For whom do we do it? ‣ How do we excel?
- 8. A strategic plan Combines end goals, roadmap & what you need to deliver
- 9. Planning methods ‣ See - what is today's situation? ‣ Think - define goals/objectives ‣ Draw - map a route to achieving the goals/objectives
- 10. Defining & Communicating 1. Name & tagline 6. Competition 2. Vision & Mission 7. SWOT Analysis 3. Market & Problem 8. Business objectives 4. Product / Solution 9. Marketing Strategy 5. Value proposition 10. Review milestones
- 11. “In strategy it is important to see distant things as if they were close and to take a distanced view of close things” Miyamoto Musashi
- 12. A strategy must be... • Sharply defined and built around a clear value proposition • Clearly communicated • Well understood by all: Customers, Employees, Partners, Investors • Frequently reviewed • Easy to fine tune based on external factors e.g. new technology, social trend, regulation, competition, etc...
- 13. So, once that’s done, everything is great, right?
- 14. Hidden flaws to watch out for • Over confidence • Mental accounting • Status quo bias • Anchoring • The sunk cost effect • Herding instinct • Incorrect estimate of future hedonic states • False consensus
- 16. “However beautiful the strategy, you should occasionally look at the results.” Sir Winston Churchill
- 17. Strategy mistakes are harder to admit than execution mistakes
- 18. The average of two strategies is usually not a strategy
- 19. Reviewing strategy • Deep knowledge of market and trends • Review results & external factors • Question and test your strategy • Seek regular advice (Advisory Board / Non Execs / Experts) • Develop plays to further test strategy • Be prepared to change strategy fast
- 20. Reasons to change Does your product/service better suit an adjacent industry/sector? 1. Is your product more of a feature? 2. The market opportunity is not that big 3. Competition has matched your product/service and got better traction 4. A killer new trend that propels your product/service 5. Core mission can be same, but go to market may need to be changed
- 23. Example 3: Major Labels
- 24. Example 4: Nokia
- 25. Example 5: The Filter “ The Filter is a life jockey, offering people freedom from the tyranny of choice. It is a smart online companion that transforms the user experience because it understands and caters to the user’s tastes and moods” Peter Gabriel
- 26. Thank you for listening Any questions or comments?