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Five Future Strategies You Need Right Now (Memo to the Ceo) ReviewThis is one of the titles in the "Memo to the CEO" series published by Harvard Business Press, each less than 200 pages in length and superbly produced. In fact, none is a "memo" or written solely for a CEO. In this volume, George Stalk explains how to become alert to "faint signals" of what could prove to be early indicators of possible opportunities to gain competitive advantages. Once those opportunities have been verified (Stalk suggests how to do that), appropriate strategies to exploit them will be needed. He focuses on five examples of strategies whose "sources of advantage are not only abundantly clear, but undeniable": supply-chain gymnastics (i.e. adroitly managing a global supply chain), sidestepping economics of scale (i.e. a "disposability" business model), embracing complexity (i.e. four ways to attract customers who are looking for a higher level of complexity), and infinite bandwidth (i.e. effortless receipt of any amount of information whenever and wherever desired and at no cost).
Stalk offers "a high-level introduction to each of these emerging issues, along with suggestions for how to turn them into competitive advantage." He devotes a separate chapter to each of the five categories, then in the final chapter shifts his attention to examples of potential strategies that are "no more than faint signals today," identifies two emerging strategies on his "Watch List" awaiting further evidence of their potential to create competitive advantage, and then briefly discusses various "hallucinations" for which there are currently no corporate examples but are "worth pondering" nonetheless.
But Stalk doesn't limit the narrative to what he has observed and tracked. He reassures his reader that other faint signals "are likely to be found in the world around you," in the reader's own competitive environment as well as beyond it to other industries and competitors to spot insights of others "who may have found a new way of operating and competing that can be transplanted into [her or his] industry to the great confusion of others...and then `plagiarize' the idea." Or when coming across an anomaly, to "understand its implications and use the insight to drive the business to new levels of performance."
Comment: Over the years, I have worked with the owner/CEOs of countless small companies and have urged each of them to form an unofficial "advisory board" consisting of their banker, attorney, accountant, insurance agent, and at least one C-level executive of a large corporation if at all possible. I suggest that they meet as a group at least quarterly, perhaps for breakfast or lunch. After a brief update, the owner/CEO identifies one (and only one) especially important issue his or her company now faces and then chairs a brainstorm session in which advisory board members participate. Invariably, comments and suggestions from a wide variety of perspectives help the owner/CEO gain a better understanding of the issue and then to address it effectively. Having now read Stahl's latest book, I think providing a copy of it to each advisory board member would be a good idea.
While reading Stalk's comments about aggressive but principled competition, I recalled Hardball: Are You Playing to Play or Playing to Win? that Stalk co-authored with Rob Lachenauer. The focus of that book is on winners in business who "use every legitimate resource and strategy available to them to gain advantage over their competitors...[and by doing so] attract more customers, gain market share, boost profits, reward their employees, and weaken their competitors' positions." Hardballers are wholly committed to winning "the game" and do so, key point, by always playing by its "rules." Their goal is always decisive victory so as to sustain dominance. With regard to social responsibility, it is noteworthy that Stalk and Lachenauer quote Milton Friedman's observation that there is "one and only one" in business: "...to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."
Stalk has prepared those who read his brilliant book to be alert for "faint signals" of other anomalies, unmet consumer needs, nascent trends, etc. that they can add to their own "watch list" until their potential for competitive advantage have been evaluated. At least a few candidates for future strategies will emerge from this rigorous process, separated from other provocative but ephemeral issues that Stalk calls "hallucinations." Of course, meanwhile, it would also be beneficial if those within an organization who possess especially inquiring minds were to get together on a regular basis and discuss what I call "What ifs..., "Why nots...," and "Have you ever thought abouts..." as well as other discussion primers such as "Why hasn't someone invented...," "What really upsets me is....,"and "I really wish I had..." or better yet "I'd give anything for...."Mental calisthenics (isometrics?) such as these eventually led to the development of a built-in handle for containers of liquid detergent and a built-in funnel for containers of motor oil; also locating the striking area of a book of matches to the reverse side, making postage stamps adhesive, Post-its, ATMs, frequent flyer mileage programs, and ergonomic kitchenware.
Those who share my high regard for Stalk's insights and eloquence in this book are urged to check out his other works, notably Competing Against Time: How Time-Based Competition Is Reshaping Global Markets co-authored with Thomas Hout and the aforementioned Hardball as well as his various articles that appeared Harvard Business Review. Most can be purchased online and easily be downloaded.
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