In the first two articles of this series, Andrew Hedley, business development partner at Pinsents, considered the concept of differentiation and the way in which it can be used to shape the direction and strategy of a firm. In particular, he argued that there is no ‘one size fits all’ or formulaic approach when it comes to developing the right strategy. This final part of the series considers the range of issues that need to be considered when trying to differentiate your business.

The strategic approach that you adopt for your firm is unlikely to provide a complete solution to the differentiation challenges that you face. This is because you will have to decide a practical path that reconciles your strategic theory with the reality of your firm and all of its idiosyncrasies, personalities, politics and taken-for-granted assumptions about the way that it operates.

I often term this ‘the art of acceptable compromise’: retaining the strategic objectives, but being flexible about how, over what timescales and in what way they are achieved. This is less a prescriptive approach and more an enabling one.

I suggest that there are three components that need to be considered in developing the r...

Jean Yves

IICJ

This article is part of a subscription-based access, to continue reading, please contact your library