A plan or strategy doesn’t have to be perfect (and rarely is) to achieve success–as long as you have the time, resources, and persistence to “work it out” in execution. However, it may not be possible to overcome a really poor strategy with any amount of time, resources, or persistence. So, you have to at least “be in the right ballpark” with your strategy. The most efficient and direct path to success is always going to be combining a good plan or strategy with great execution. Some say “execution is everything” and, I agree, this is where the “rubber meets the road.” But, you can’t ignore the benefits of a good road map and co-pilot to help navigate the terrain. Even then, there are no guarantees due to unforeseen shifts in the landscape, i.e., the market, competition, regulations, supply chain, financial management, succession planning, personal tragedies, etc.– that’s business (and life).
Businesses occasionally launch headstrong into new markets or initiatives without a strategy or plan. Such was the case with two clients attempting to bring their products to the U.S. wholesale marketplace from foreign countries. In both cases, they had hired local sales reps, attended industry trade shows, and attempted to sell their existing products from existing inventory in their homeland, but they were failing miserably. It was at that point they realized something critical was missing and hired consultants Think Brink, Inc. and dlbStrategies for help.
dlb PLAN- We collaborated on the creation of a strategic plan that included a full market analysis, competitor analysis, and product analysis so the companies had a better understanding of the opportunities in the marketplace that fit with their specific brand and offering. We also outlined a complete operational plan, including a 5 year financial proforma, so the companies understood the real commitment necessary to succeed long-term in the U. S. marketplace.
THE RESULTS- In both cases, the companies shifted direction away from their previous course of action and onto a better path for long-term success. The investment in our strategic plan saved them countless wasted dollars and time pursuing a failed strategy. One company has delayed its launch in the U.S., indefinitely, until they are better prepared to execute our plan. The other client retained our help in executing an alternative strategy we outlined in our plan.