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. (Epiosde 445 - 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 Basic Arts based in London, Uk.

In the podcast hosted by Michael Denehey, Alex Smith discusses the significance of contrarian value in business. He encourages companies to seek out disagreements with competitors as a means of gaining a distinctive advantage. Throughout the conversation, the dual nature of strategy is underscored, serving both as a guiding force and a source of motivation. Alex advocates for a fusion of technical precision and inspirational elements in strategic approaches. The episode wraps up with practical exercises aimed at helping businesses improve their strategic positioning. Additionally, Alex shares insights from his business book.

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.

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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:

Small business owners can benefit from adopting Continuous Strategic Evaluation as a proactive measure. It involves consistently appraising the strategic position of the business. This process entails active engagement with the team, seeking external opinions, and conducting an honest assessment of the business's distinctiveness in the market. The ultimate objective is to guarantee that, over time, the business establishes itself as the sole and indispensable solution for a particular need. Alex provides valuable insights on this approach in his latest book.

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