Outperforming the crowd
If you want to outperform the crowd, learn the following two essential skills.
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Strategy development and internal reviews often center on precedents, trends, and due diligence. They address"what will happen." Change the question to "what may happen" :
When it comes to setting strategy, there are benefits to both popular and loner strategies.
When we need to make a decision, we tend to ask "What should we do?" However, it narrows our thinking to one right decision.
If we ask the question: "What could we do?" it broadens our decision-making frame, because we can consider multiple futures. Could ask what if, what else, and why not.
For example: Ask what would be the equivalent in your industry of something that’s working well in another.
Pricing strategy helps you determine the price point at which you can maximize profits on sales of your products or services. Factors to be considered includes:
Costs: Overheads, production and distribution.
Competitors: Offerings and positioning strategies.
Customer: Target customer profile.
But those who routinely examine the way risks propagate across the entire value chain are better prepared for second-order effects.
The game of chess helps build strategic thinking, a must-have skill in business.
It is a game of kings that goes back 4500 years under various names and rules, reflecting and teaching important business skills that have remained timeless.
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