Every business has the opportunity to have a 10X advantage over their competition. As Verne Harnish coins it - every business has the opportunity to have an X-Factor. Majority of companies do not have an X-Factor and are not spending time regularly looking for their X-Factor. And for those companies that have found their X-Factor - Congratulations!! These companies must continue to regularly look for their next X-Factor before the current one expires.
What is the X-FACTOR? • Unique solution to an industry bottleneck. • Difficult to discover. (If it were easy someone would have already discovered it.) • The solution provides a 10X advantage over the competition.
When to focus on the X-FACTOR? • Immediately • Make it a priority. • Find a Regular Rhythm to discuss with your leadership team.
How to find your X-FACTOR? • Establish a weekly or monthly meeting with the leadership team. • Work with your team to look externally into your industry for bottlenecks that are known, being discussed and/or hard to solve. • Work with your team to look internally to review all processes for bottlenecks that are known, being discussed and/or hard to solve. • Write down and map out your findings both externally and externally. • Each meeting move the conversation forward – Ask questions, test assumptions, discard ideas – externally focused.
Found the X-FACTOR - Now What? • Work with your team to reflect and ensure strategic clarity and alignment. (Recommend using Verne Harnish’s Seven Strata of Strategy Worksheet to write down your strategy including your X-FACTOR.) • Work with your team to develop an execution plan to ensure full advantage is taken. (Recommend using Verne Harnish’s One Page Strategic Plan.) • Ensure your team continues the X-FACTOR meeting to find your next X-FACTOR.
How to work this back into Verne Harnish's One Page Strategic Plan? • Keep your X-FACTOR as an organizational internal secret for as long as you can. • Use the Seven Strata of Strategy worksheet to bring clarity to your X-Factor found. This is the bases of Column 3 - Verne Harnish's One Page Strategic Plan. • Review your One Page Plan - Column 3 - and ensure it clearly and confidently reflects the strategy.
Next Steps • Immediately start working with your team to identify external and internal bottlenecks in the industry and your company. • Schedule a regular meeting to work with your team on the X-FACTOR. • Never stop looking for the X-FACTOR and once found keep it a secret as long as you can.