put it into practice
Core Values Template prepared by C. Hodges Consulting, LLC
The original thought that kicked off this entire series was the realization that there is no easy, clear, concise way to answer the question “What is your competitive advantage?”
“Competitive advantage in food and agribusiness is increasingly elusive. The ability to differentiate ourselves on tangible assets such as unique products or services, geographical protections, or superior physical assets is ever more difficult and any advantages are usually short-lived.”1
The longer I thought about it, researched it, etc., the murkier things became. And just think about the world we live in today and how different it is. Since January 1st 2020, we have collectively experienced back to back historic events coupled with dramatically different supply chain flows, consumer demand, inputs shortages, increased costs, and technological shifts in the short two and a half years since that date. Not to mention humanitarian crises, natural disasters, and the COVID-19 pandemic as ongoing catalysts in this time frame.
The only thing that was clear from that start is that the question of competitive advantages required taking a few steps back to better look at the big picture. And that regardless of the method - it’s an ongoing process of discovery and refinement. My only hope is that this series offered you an alternative perspective on how to consider your organization’s competitive advantages and that core values strengthen your ability to navigate today’s extraordinary environment. This thought exercise certainly kept me thinking in a more holistic way.
And it turns out that there are additional benefits to putting core values into action.
During Inc.’s Purpose Power Summit three weeks ago, Anish Shah, the Managing Director and CEO of Mahindra Group, discussed the importance of consistently talking about the organization’s core values in order to improve decision-making by all teams. He also went so far to say that “it is never ok to compromise values for the sake of sales targets.”2 Remember the Wells Fargo account opening fiasco?3
That all being said - it’s time to wrap things up!
In this 7-part series (I know, that was a lot!) we walked through introductions to core values as competitive advantages and how they relate to the leadership, operations activities, supporting activities, and corporate social responsibility within an organization.
Now we’re going to pull it all together using a practical example using C. Hodges Consulting, LLC. This will be an ongoing exercise of discovery and refinement as we learn more about our businesses and the needs of our target customer(s).
Here are the elements that I must align with in my business:
Core Purpose:
Help businesses do better by growing purposefully from the start
Target Customers:
Entrepreneurs in the agribusiness/beverage/food space with businesses that are early on in their journeys
Builder + Innovator + Visionary types of leaders
I like to personify this characterization with the name “Leslie” (shout out to you, my friend! 😊)
Brand Promise:
C. Hodges Consulting promises to:
provide structure for your organization’s growth process,
be attentive to your organization’s needs,
respect the privacy and confidentiality of your information,
and be transparent in the development of timelines & expectations.
Take a look at how I completed the table we have been working with. The items without checkmarks may still be relevant (in this case, these values are still very much relevant to how this company is managed) but are not considered a potential source of competitive advantage because they do not directly contribute to fulfilling the company’s core purpose, reaching target customers, or delivering on the brand promise.
Now it’s your turn to pull it all together! Repeat the same steps as above (drawing from the core values that you wrote down over the last few weeks).
Compare your list with what your competitors are doing. Identify what sets your organization apart from the crowd.
Go put your unique sources of competitive advantage into action.
Wishing you a great weekend,
Courtney
P.S. - you may have seen that I recently decided to accept a new role. Know that these newsletters will continue and that I’m thrilled for the opportunity to keep putting these past, present, and forthcoming thought exercises into practice!
Wishing you a great weekend,
Courtney
https://agribusiness.purdue.edu/intangible-competitive-advantage/
https://events.inc.com/purpose-power
https://www.forbes.com/sites/jackkelly/2020/02/24/wells-fargo-forced-to-pay-3-billion-for-the-banks-fake-account-scandal/?sh=4959385242d2
