Bood on Board is a must-read monthly newsletter that shares governance stories and tips for leaders who want to add more value to their boardroom experience.

What gives you energy? At a recent networking event we were asked what gives us energy. It was a business networking event, so answers initially focused on work-related activities. However, as people became more comfortable sharing information, it became clear that most people get energized from a mix of personal and professional activities. My answer: I get energy from being around interesting people but it can also be draining. I need to recharge afterwards with quiet time. For example, after presenting for two hours at a board retreat, I was filled with adrenaline and ideas. Shortly after returning home, all I wanted to do was sit back in a comfy chair with a book in hand. The governance books are stacking up, but I turned to a mystery instead. What gives you energy?

I have run into the term “niche” a few times over the past few months.  

First, in articles and podcasts about how to build a strong business. Consultants are advised to niche-down; to avoid being a generalist. Service and product should be very specialized or have a narrow target audience. Ideally, both.

This helps others more clearly understand what someone does. It makes it easier to make introductions and remember them when a need arises. 

Take me as an example. My specialty service is Boardroom ROI, in which I help leaders refresh their governance environment – by adjusting their mandates, agendas, and board material - to support boards who want to spend their limited time and focus on what really drives the most value.  

That is a fairly niche service - although it would be even more niche if I targeted a specific type of organization.

The second time I found myself talking about “niche” was during a board retreat where I provided governance training. My role was to describe a board’s responsibilities, and highlight their role in the context of strategic planning. I also provides sample questions that directors could ask when assessing strategic direction and providing oversight of the plan.    

How did “niche” come up in that context?

One well known question used in strategic planning is “Where should we play?”  In the board retreat, one question that I asked the group of directors and management to explore together was:

“What is our niche role - what do we do that others cannot or won’t do?”

The ensuing discussion was a 💡light bulb💡moment. It highlighted the importance of capitalizing on their strengths and uniqueness, rather than trying to cover everything that moved their mission forward. This encouraged them to develop a narrow and focused list of strategic goals and initiatives.

Why does it matter?

Just because you can, doesn’t mean you should.

In other words, too many strategies and initiatives are distracting and drain your energy and resources.  Instead, it is important to keep your focus on your niche - your value-add.

After the board retreat, I started thinking about this for my own business.  Am I following my own advice?  Should I niche-down so that I focus on a limited target audience that I have experience with (such as Crown corporations; medium-sized private businesses; industry associations; organizations with appointed boards; etc.), or is my specialized Boardroom ROI service narrow enough? 

I am still considering. 

What do you think? 

When you hear about my business, does my Boardroom ROI governance service give you ideas on who might need my help (i.e. any organization that is having a problem finding time and focus in the boardroom)?

Or would it be more clear and helpful if you just had to consider whether you know someone in my specific target audience? 

Feel free to send me your thoughts and suggestions.

When advising boards, executives, and management teams on how to have meaningful discussions during strategic planning sessions, I point to a five-prong approach that takes into consideration leading research and practice.

Strategy, at its core, is about focus: diagnosing the real challenge, making a few key choices, and measuring whether those choices are working.

In my view, in its simplest form, strategic planning comes down to five stages:

Stage 1 - Diagnose the Challenges & Opportunities

Stage 2 - Make Choices on Direction

Stage 3 – Identify the Initiatives That Matters

Stage 4 - Align Resources and Budget to the Strategy.

Stage 5 - Define Evidence and Metrics

How is finding your niche relevant?

Let’s look closer at the Stage 2 - Make Choices on Direction

Once the challenges and opportunities are diagnosed, the next step is to make strategic choices. This stage forces clarity and narrows in on the direction that the organization needs to go.

Strategy should focus limited resources on what creates the most value for the organization and its stakeholders. This anchors the strategic thinking and keeps the focus on the right strategies and initiatives by clarifying how the organization creates value in the ecosystem and leverages its unique purpose.

Here are some key guiding questions:

From these choices, the organization can develop a strategy statement - a short guiding policy - to explain how the strategy will address the challenge.  

I hope that you find these ideas useful to identify – or re-evaluate – your organization’s top 3 value drivers + niche role.

Giving Back by Supporting Non-Profits: Is your organization improving the world on a tight budget? Each year Puimac Consulting Ltd. provides a number of presentations pro bono. Non-profits with limited budgets can inquire for more information and on availability.

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Referrals are always appreciated!