specialize in creating “tropical paradise” settings for upscale pool owners. Then there are full-service providers that can take care of essentially all of your lawn and garden needs, including grass cutting, edging, trimming, chemical treatment, mulch, irrigation systems, landscaping, etc. The pitch here is a clas- sical “one-stop shop” and single-point responsibility and accountability. The point of examining these different market sectors is that — within a particular industry — we can usually find discrete segments and/or niches. Looking at all of the sectors that com- prise an industry can be really useful in carving out your piece of the pie. This can also be helpful in identifying opportunities for expansion when the time is right. There are many forms of expansion, and some companies prefer to remain within a defined lane and grow by expand- ing their capacity, oſten by adding more crews and equip- ment. Sometimes, a more horizontal path is preferred. For example, a lawn-cutting company evolves from its legacy base of exclusively homeowner customers to also servicing commercial clients. Sticking to what you are very good at is known as “focusing on your core competencies.” Many historically successful firms have ventured into unfamiliar territory in search of growth, only to encounter disastrous results. Far too oſten, this classic business mistake is attributable to not doing our homework, plus the notion that success in one arena ensures success in another. Egos can definitely get in the way too! If you identify all primary segments of the industry, you will be better able to articulate which segments you participate in and those that represent candidates for future expansion. Be- yond that, you can also drill down into niches that you are already active in or wish to grow or expand into. Using our previously mentioned lawn-care industry examples, go ahead and map your industry’s primary segments. Then, identify rel- evant discernable niches. This will provide some really useful strategic clarity and help to develop your mission statement. Draft Mission Statement for a Security Business “The Mission of XYZ company is to provide unparalleled qual- ity sales, installation and service of security products and sys- tems to residential and commercial customers located within the (city, state, county) metropolitan area. The family business has been delivering peace of mind through appropriate secu- rity solutions, technologically sound expertise and high value to our customers since 1978.” WWW.ALOA.ORG Next, let’s examine this draſt mission statement that I just wrote off the top of my head. In two sentences, what does it tell a reader about XYZ company? Unparalleled quality Provides sales, installation and service Security products and systems To residential and commercial customers Located within the ______ area Delivers peace of mind A family business Appropriate security solutions Technologically sound High value to customers Since 1978 Let’s go a bit deeper into these attributes. Quality (standards and satisfaction level?) Unparalleled, family owned since 1978 Functionality (range and scope of business) Provides sales, installation and service Products/Services (what?) Security products and systems Markets/Segments (to whom?) To residential and commercial customers Geographic Scope (where?) Located within the _______ area Promise/Benefits to Customer (what are customers really buying?) Delivering peace of mind Competence (reasons to be confident and have trust) Appropriate security solutions Technologically sound High value to customers Use of Adjectives Once you’ve developed a list of attributes for your business, double back and add some adjectives. You learned in school that adjectives are used to describe nouns. In other words, they add more detail. Think about earlier when we discussed describing JUNE 2021 KEYNOTES 19
