Cut costs to grow stronger - Deepstash

Cut costs to grow stronger

A more conventional company might try to reduce costs across the board by going lean everywhere and spreading investments across a wide range of promising opportunities. But the unconventional companies we studied cut costs to grow stronger. They marshal their resources in a more strategic way, doubling down on the few capabilities that matter most to their long-term success and pruning back to the minimum everything else.

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MORE IDEAS FROM Strategy That Works

Commit to an identity

Conventional wisdom might lead a company to focus on growth, looking for revenue wherever it seems most available. But the unconventional companies we have studied commit to an identity. They focus their efforts on developing a solid value proposition and building distinctive capabilities that will last for the long term.

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Many business people assume that the best way to build capabilities is to adopt the best practices of an industry or develop functional excellence, but companies with a strategy that works believe otherwise. They translate the strategic into the everyday. They design and build their own bespoke capabilities that set them apart from other companies and allow them to live their identity.

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A business leader might seek to solve performance problems by making structural changes: reworking the org chart and rethinking incentives. The culture of the enterprise, if considered at all, is often seen as a hindrance. But companies that close the strategy-to-execution gap do it differently. They put their culture to work

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Finally, companies that make their strategy work are not trying to become agile. They don’t respond to external change as rapidly as possible. Instead, they shape their future by creating the change they want to see. They use their distinctive edge to gain privileged access to customers and do mergers and acquisitions to recreate their business environment on their own terms.

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RELATED IDEA

In most organizations, culture and strategy tend to be discussed in separate conversations.

Executives know that a negative culture can hurt company performance, but they may not know how to deal with it.

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A Fresh Imperative To Act

Every organization faces a unique set of challenges and contexts. There are strategic moments in an organization’s journey that have a disproportionate impact on outcomes.

Getting them right creates a multiplier effect on other activities as people learn new ways of working and increase their advocacy for the program of work.

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Business leaders often are tempted to focus on strategy over culture. But the strongest companies take four key actions that deliver the best of both.

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The follow-up email

The follow-up email is a message sent in response to a subscriber action. For example, it prompts customers to upgrade, schedule a meeting, provide feedback, buy other products, etc.

Using an effective follow-up email strategy can build rapport and trust with potential customers. It can also provide you with an opportunity to make an impression before they consider buying from you.

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