Many companies cast a line and hope they reel in a big one. We suggest you cast a net. The strategist with the net is spreading his or her chances to capitalize across a wide range of possible outcomes. Both a line and a net can be cast with a strategy, but only one has the potential to multiply your returns in one toss.
Divide and conquer. Focus your growth efforts around a single sound objective or problem and expand your strategy to include many initiatives that can get you there. By considering a wide variety of initiatives, you maximize your chances of finding a breakout success and growing your business.
Find a really big problem and a great team to solve it. Instead of throwing all of your resources at an idea, put your weight behind a problem your department or team is facing and invest in the people you believe can solve it. Explore multiple solutions to the problem—approaching the issue from multiple angles may be more likely to yield results.
Focus on your strengths. You’re in business for a reason. And if you’ve been in business long, past experiences have revealed what you do best. Think about how your skills have best positioned you for success and how they can be applied to bring solutions to any challenges you are eager to overcome.
New ideas call for new metrics. Don’t hold your new initiatives to the same standards as your existing business. Think of your initiatives as a hypothesis about future business, not another revenue stream. When evaluating the success of your various ideas, focus on growth, user engagement, and user satisfaction.