Grow A Small Business Podcast QFF: Empowering Small Business Growth – In-Depth Strategy Secrets with the founder of Basic Arts. Learn from the Expert on Contrarian Value, Competitive Leverage, and Crafting Motivational Strategies for Success. (Alex Smith)
In less than 20 minutes a week, we'll introduce you to an expert or business owner with deep experience in what they do. Grow you, grow your team, grow a small business.
Welcome to the "Grow a Small Business" podcast with your host, Michael Denehey. In this episode, Michael interviews Alex Smith from Bais Arts based in London, Uk. In this podcast, Michael Denehey interviews Alex Smith, a strategy consultant and founder of Bais Arts, discussing effective business strategy. Alex emphasizes contrarian value, urging businesses to find disagreements with competitors for a unique advantage. The conversation highlights strategy's dual role as guidance and motivation, with Alex advocating for a blend of technical correctness and inspiration. Practical exercises for businesses to enhance their strategic positioning conclude the episode.
Key Takeaways for Small Business Owners:
Identifying Unique Value: Smith emphasises the importance of finding unique aspects in your business that set you apart. He suggests looking for elements that can be described as "the only" in your industry. This could be a product feature, service, or approach that gives you a competitive advantage.
Strategic Disagreement: One powerful strategy discussed is seeking areas of disagreement with competitors. In a market where everyone agrees on everything, businesses risk becoming commodified. Smith encourages finding points of contention and using them to create a competitive edge. This contrarian approach can make it difficult for competitors to replicate your strategy.
Contrarian Value in Action: Smith shares a personal example of applying contrarian value to his own consultancy. While traditional strategy focuses heavily on correctness, he introduces an inspirational element, prioritizing motivation over technical correctness. This approach challenges the industry norm, offering a unique form of value.
Repetition for Strategic Alignment: Successful CEOs, like Steve Jobs and Jeff Bezos, consistently repeat their strategic vision until it becomes ingrained in every team member. Smith highlights the need for CEOs to act as propagandists, continuously reinforcing the strategy to ensure alignment and motivation throughout the organisation.
Strategic Health Check: Small business owners are encouraged to evaluate their strategic position. Smith suggests exercises like asking employees what the business offers that competitors don't. Additionally, seeking external opinions from customers or family members can provide valuable insights. The goal is to move towards a point where the business is perceived as the only acceptable solution for a specific need.
One action small business owners can take: One action small business owners can take is Continuous Strategic Evaluation. Regularly assess your business's strategic position. Engage your team, ask external opinions, and honestly evaluate your uniqueness in the market. The goal is to ensure that, over time, your business becomes the only acceptable solution for a specific need. Do you have 2 minutes every Friday? Sign up to the Weekly Leadership Email. It's free and we can help you to maximise your time.
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Quotable quotes from our special Grow A Small Business podcast guest: Consistency is the bridge between business vision and reality - Alex Smith In the world of business, relentless learning is the key to staying ahead - Alex Smith Strategy is 50% correctness and 50% inspiration – it must excite and mobilise your team." - Alex Smith