Owners often ask us: "What should my business's strategy be?"  We get this question most from owners who care deeply about seeing their business prosper for generations to come.  And it makes sense: a well-thought strategy is a necessary ingredient for long-term success.

So how do we respond to the question?

Our response is that we ensure our businesses have a strategy that meets three tests:

1.  First, does the team have a mindset of delivering the most valuable solution for the customer?  Valuable cannot mean only being cheaper.  Valuable in our view must mean solving the customer's problems in a way that nobody else can.  (Everyone can offer a lower price.)

2. Second, does the team have a mindset to invest for growth through innovation that attracts new customers or that embeds the business further with existing customers?    Growth through innovation doesn't come easy or cheap.  Therefore, the mindset requires the team to think carefully about priorities, opportunities, risks, and rewards.

3. Lastly, does the team think creatively and quickly adapt when things change?  No one formula will work forever.  So it is essential that the culture supports everyone to have a voice, share ideas, try new things and evolve the strategy as and when needed.

Most owners appreciate our answer and look forward to diving further into the discussion together.  Strategic mindset is part of our fabric, cutting across each of the pillars in The Norton Henry System.