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 Today's advice comes from William Lambert, president and CEO of Mine Safety Appliances Co., at Smart Business. “Most businesses have a core that has been very successful in the past and where so much of your capabilities and strengths are centered. Every business also needs to move into adjacent areas just outside the core. These adjacent areas tend to be derived from the core, but hopefully those adjacencies strengthen the core in some way.” When Lambert took over the reigns at Mine Safety Appliances in 2008, it became clear to him that the company would be facing tough times. He immediately began to devise an updated strategy, enlisting the help of experts, to identify the company's strengths and help the organization weather the storm. In order to add value to any business, you need to have a plan, says Lambert. At MSA, they renew the corporate strategy every 5 years, which allows them to change with the company's needs and recognize threats, as Lambert was able to do in 2008. “It’s not so much the plan, but it’s all the planning that goes into it," says Lambert. "It’s the thinking through the various scenarios and understanding the business and what are the value drivers of the business. Where is value derived? Where is value created? Then it’s deciding what is the core that you want to build on for the future?" Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.
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