My friend Randy Gage wrote a great article, You Can’t Have it Both Ways. It’s all about the need for black and white boundaries when it comes to our personal integrity and belief systems.
I support Randy 100% on Personal integrity. We have to walk our talk. Period.
I also believe that stickin’ with the Black and White can cause Gravity when it comes to business strategy.
I used to be a big believer in the Black and White rules of business. That’s because I had all of these ‘rules’ programmed into me at B School. To be successful, you have to follow those rules. Right? Not really. In fact, those rules cna limit your growth. Seriously.
Black and White rules do come in handy in some aspects of business. For example – we do have to make a profit to stay in business. Sooner or later. We also have to submit the forms and follow the procedures outlined by our government for reporting for taxes etc. There are a number of such Black and White areas.
But then there are the grey areas. I’ve learned that the grey areas are usually where we have the biggest opportunities. I used to think I had to help a client to choose between options. I’d present 3 options for growth and we’d select the best one and move forward. That worked, but sometimes it meant leaving a 2nd and 3rd option behind that were also excellent opportunities.
I ditched my Black and White thinking when it comes to strategy. Today I know that the best strategies are comprised of aspects from both sides of the Black and White argument – blended in a way to create a more powerful result than a single choice can ever give us.
For example, if we’re cutting spending – we don’t have to cut across the board on our product development. Our status quo approach is usually to cut everything, basing different product budget cuts on revenue or margin contribution of that specific product line. That’s a Black and White approach.
Instead, cut from products that are larger yet moving into a legacy space (yes, that’s often your best seller you’e cutting – holy Gravity buster!). Then begin adding to the budget of newer or not yet final products that are focused on emerging markets – the future of the business. These products may have smaller revenue today – but think of the upside down the line. The key is to fuel our future, even as we limit the Gravity force from out past.
Growth often thrives in the Grey Zone – outside of the Black and White rules we learned in B School.
Do you spend enough time investigating your Grey Zones?
