1. A strategy is not optional; it’s mandatory to thrive. If you are not clear on what kind of business you want to be, and how you intend to succeed, you will simply end up competing on price.
  2. There are four ways to seek competitive advantage: (1) Product leadership; (2) Price leadership; (3) Convenience leadership; and (4) Service leadership. What kind of company are you now, and how will you be positioned in the future?
  3. Action speaks louder than plans. Success generally goes to businesses that learn – and apply those lessons – the quickest. Don’t wait till your offer is perfect, get it out in the market while refining and adapting as you learn.
  4. Less really is more. You should not have more than a handful of priorities at any one time. It’s far better to move three things a mile than 25 things an inch.
  5. Be fixed on the vision, but flexible on the journey. It’s a given that you will need to adapt to the changing market forces but you can only do this if you’re clear on your destination. Expect your initiatives and tactics to change, but be relentless in pursuing your objectives.