The exercise also involved identifying the company's "genuine assets." These include relationships, attention, technology, brand equity, processes, intellectual capital, physical assets, financing, human resources, and the work force.
After making a list of these genuine assets, the company established relationships with universities. This includes funding a graduate study program.
The company also examined the forces of change affecting them, such as energy costs, rising food sales, transportation costs and currency fluctuations.
From the time Reading Bakery Systems implemented the Return Driven Strategy in 2006 through 2008, revenues rose by 150 percentage points.
Frigo said that Groff took a close look at customer needs and aligned his company's offerings to those needs.
Frigo said a company's business strategy needs to consider everything the company does. "Your strategy is what you do," he said.
Frigo encouraged his listeners to identify their goals in terms of increasing value.
Business strategies are oftentimes too general, Frigo said. If this is the case, the company will have a hard time putting the strategy into action.
He said companies also have to have the right metrics to measure return on investment (ROI).
"ROI is not just return on financial investment, it's return on time investment" Frigo said.
He noted it's important for a business to know if and how its customers' needs are changing. Once the company determines this, it can change its offerings to better meet those needs. To do this, the company needs the capabilities and assets to deliver those offerings.
Frigo said partnering is an important activity, but not an easy one. He said there are risks involved.