Business Fundamentals
Starting out with some business fundamentals, much of this you have probably learned during your careers. I find it useful to look over these fundamentals as I take over a new business or start working on a new product or company.
- What is our vision for the company or product – what is the problem statement we are trying to solve
- What makes us unique in the market place – probably heard the term unique sustainable competitive advantage, thanks to Michael Porter
- What are the barriers to entry – what will stop other companies from replicating what makes you unique
- What does the competitive landscape look like today? This will change over time and needs to be continuously monitored
- How do we plan on going to market with our products – need to think through how our target customers like to purchase complimentary goods
- When developing a product need to have an extreme focus on the customer experience – from initial trial to purchase to everyday use, think Steve Jobs
- Hire the best people, put them in the best roles and get out of their way
- Keep the team motivated and driven to the vision – remove roadblocks and outside distractions
- Put together clear measurements, think Balanced Scorecard, then develop a steady cadence of communicating results to all stakeholders
- Celebrate your successes and learn from your failures, fast
Adam Famularo 