Misdefining your core is the first predictable pitfall of growth.
Defining your core is essential. A company’s core, its core strengths, core processes, core capabilities, core customers, are the most distinctive and powerful assets a company can have.
Unless it is something special, your business is a commodity. It determines where and why you win. It determines how your most loyal customers choose you.
Still, many companies get it wrong. Not intentionally, but they still misdefine it. In my last blog post, I talked about the second pitfall of growth. Now you know the first predictable pitfall of growth.
So, how does a company misdefine this?
- They apply it too narrowly. (Netflix asked Blockbuster to buy them for $50M in 2008.)
- They apply it too broadly. (Trying to be all things to all people.)
- They shift poorly. (Legos started selling children’s clothing.)
- They fight on too many battlefields. (Selling and competing everywhere instead of dominating just a couple of channels.)
Don’t lose the love of your cores. Double down on them.
- Click here (http://in-synk.youcanbook.me/) to set up a discovery meeting (no fee) to determine how “Scaling Up” coaching will help define and focus on your cores.
- Learn here (http://in-synk.com/offerings/) more about the ways I coach owners/entrepreneurs/CEOs to Scale Up.
- Click here (http://rocknsand.com) to learn about my book and streaming video Rock & Sand.