The Best Business Strategy is to Grow Adjacently

In business, if you are ‘not growing, you are dying.’ Growth is something we need to be constantly planning for.

But… where should you plan your growth? I always say: “Grow adjacently.” In other words, you need to grow your business in an area where you have the most experience, strength and distinctive excellence against your competitors.

Let me explain it in the Venn Diagram:
The circle on the right, represents the total market out there for your product or service.

1. This is where organizations think they need to build competence because they tend to spend too much time focused on competitors and they fail to recognize that the customers you want to serve don’t care about this area.
2. I see this ALL the time. Trying to build competence in the same area as your competitor. Customers win by getting the cheapest price.
3. Your competitor will have a distinctive advantage in an area you don’t have. Be aware of it, but don’t waste time and money trying to replicate it.
4. Here is where you have an advantage over the competition. Uncover it. Be great at it. Make sure your customers know about it.
5. When it is time to execute on growth plans, grow into the space right next to your strategic distinctive advantage. This space is easier to get to because it will align with your strengths and customers will see it as a natural next step.

I’ve shared this before, and I’ll share it again. Apparently, 65% of children entering primary school right now will go on to hold jobs that currently do not exist. What does that mean for the future of your company? Only you can know. So make sure you’re planning accordingly “Build a Strong Business Strategy by Looking in the Rearview Mirror“.

Robert Murray is a Vancouver, BC based Business Strategy Consultant, #1 Best Selling Author, International Keynote Speaker, and TEC Top Speaker of the Year for 2018. For further advice, insight and inspiration on how to unlock your inner leader, follow Robert on Twitter, LinkedIn, and Facebook.

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