Everything should be made as simple as possible, but not simpler.
Albert Einstein
We need Albert’s advice more today than ever. With the lightning fast changes of today’s global economy, it’s very difficult for businesses to stay focused. Is there a way to get a better handle on these changes and keep the business pointed in the right direction? Yes there is.
After years of managing businesses and consulting, I’ve found that you can distill business growth down to two key absolutes:
Story & Structure
Simple? Yes, but far from simplistic. While “absolute” can have demanding implications, these two concepts represent the foundation and future of growth for any size business.
Story is how people understand and relate your business. It’s the promise they perceive that you’re making to them with your product or service offering—how you’re relevant to them.
Structure is how you deliver on that promise. It’s your people, practices, and systems.
Think of Structure as a “car” and Story as the “gas.” Great structure/poor story equals “you have a high-performance car, so why are you running it on low-octane gas?” Great story/poor structure – “High octane gas won’t help when your motor is worn out.”
Is Story or Structure more important?
It’s kind of a “what came-first the chicken or egg?” kind of question. You have to have both for your business to maximize its growth potential.
Southwest Airlines was the only airline that made a profit in the aftermath of the events surrounding September 11, 2001. They have continued to out perform their competitors through good times and bad. How? They have a compelling story: discount air travel in a fun environment. They also have a structure that enables them to deliver on their brand promise.
Intel had a good product and a structure to deliver on the product’s promises. When they launched their Intel Inside campaign, they added story to their structure and saw their brand dominate their product category.
What’s Your Story?
A brand is a promise. It’s your ultimate story. If you want to grow your business you have to keep your promise.
Have you stopped to think recently about what business you’re in? What is it about your product or service offerings that resonate with the customer? Do you offer a truly superior product? Do you excel in building relationships with your customers? Are you so operationally efficient that you can offer lower prices than your competition while making a profit for yourself? What is the one thing that you would never compromise on? Why should the customer care about doing business with you?
Answer these questions and you’re well on your way to telling a compelling story that will engage your customers and grow your business.
Are You Keeping Your Promise?
It’s amazing how many businesses drop the ball here. Do your employees understand your story? Do your policies, procedures, and systems deliver on your brand promise or do they tell another story?
It’s a challenge to stay focused. Keep Story & Structure at the forefront of what you do everyday and you’ll be establishing a solid foundation for maximizing your company’s growth potential.
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