593: Chuck Bamford - How to Apply Informed Strategy

Jun 3, 2020

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There seem to be as many definitions of strategy as there are people on earth. Practically every business owner has different ideas of what strategy means and how to apply it. It's time we take a moment to setting our heads straight about strategy.

Applying informed strategic practices can be the deciding factor in how successful a business is. Most businesses are built backwards. The right way to build your business is to deeply understand your ideal customer and then construct your business in a way that speaks to them. Additionally, there are many myths about strategy practices that I want to bust for my community of Creative Warriors.

To break down the strategic mindset for us, I've brought on Chuck Bamford. Chuck Bamford, Ph.D., is the Managing Partner of Bamford Associates, LLC, a strategy consulting firm that has worked with hundreds of organizations as they develop and implement a compelling strategy. He is an Adjunct Professor of Strategy at Duke University (Fuqua) and the University of Notre Dame (Mendoza), and was previously a professor at Texas Christian University and the University of Richmond, among others. His latest book is The Strategy Mindset 2.0: A Practical Guide to the Design and Implementation of Strategy. Learn more at bamfordassociates.com.

To learn about the five elements that every business should examine for themselves, download this episode now.

THE DR. STRANGE WARRIOR

"You cannot cut your way to success." - Chuck Bamford

Highlights -

- Half of strategy is making sure we do all the blocking table stakes expectations are met.
- The other half is finding two or three things that truly separate you from your competitors.
- It is a myth that we shouldn't care about what our competitors think.
- Every business has a perfect customer.
- Cost cutting is not a strategy.
- Good strategy design starts outside the organization.
- Structure follows strategy.
- The 5 elements that a business should examine to determine their competitive advantage: rare, durable, relatively non-substitutable, relatively non-tradeable, and valuable.
- Standing out today isn't enough.

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Music by Jawn