Advice About Company Tactics Transferences From Industry Specialists

That an execution plan be “practical”—simple, concrete, familiar, and unchanging—seems incontrovertible. Execution is praxis, after all. But when dealing with new or changing situations, familiar, plausible actions can easily fail to achieve the desired effect.
Your business may outperform your projections, or it may fall short. Either way, you need to know. A game plan allows you to monitor performance in detail, so learn how performance varies from the vision of your business plan. There are no shortcuts in preparing the information, in studying it, and in acting on it. You must plan, act, measure, and plan again. Don’t expect to do this quickly. Analyzing the data takes time—at least twice as long as it takes to compile the data, according to one rule of thumb.
Learn as much as you can so you’re informed, not just reacting to rumor and innuendo. Use your internal network and ask others in the organization for insight, context, and clarity. When you’ve done the hard work of sense-making, you’ll be able to anticipate the questions your team will ask and prepare the most effective answers you can.
Knowing what value you want to offer, and what you hope to get in return, will allow you to identify what stakeholder-facing capabilities you need in order to execute. Compare the capabilities you need with those that you already have to highlight any gaps. You’ll have to fill those gaps in through organizational redesign, training, process development, systems implementation, and cultural change.

The Principle Of Surprise

In business strategy work, you must develop the ability to question your own judgment. If your reasoning cannot withstand a vigorous attack, your strategy cannot be expected to stand in the face of real competition. You must also cultivate the habit of making and recording judgments so that you can improve.
Choosing your product or service means choosing your competitor as well. Often, you can change your business by deciding to compete against another organization. Changing your competitor can lead to changing your business completely.
Organizational inertia generally falls into one of three categories: the inertia of routine, cultural inertia, and inertia by proxy. Each has different implications for those who wish to reduce inertia or those who seek to gain by attacking a less-responsive rival.
Companies can think long term and still be nimble. For example, a critical component of strategy is an external forces analysis. Companies should be evaluating long-term external forces, and adapting based on new information (meeting regularly-perhaps quarterly) to pivot.

Go For The Biggest Catchment

Understanding the market means, above all, building a detailed knowledge of customers’ needs and wants, as well as what they do not want. It is also essential to develop an appreciation of customer expectations, particularly in terms of quality, price, customer service and the sales process. Knowing who will buy and why are fundamental questions. How, where and when they currently purchase and would like to purchase are also significant.
Because knowledge is often an important source of competitive advantage, it is essential to protect it. Knowledge falls into two categories: explicit knowledge, such as copyright or information codified in handbooks, systems or procedures; and tacit knowledge that is retained by individuals, including learning, experience, observation, deduction and informally acquired knowledge.
Competition-based strategy assumes that an industry’s structural conditions are given and that firms are forced to compete within them, an assumption based on what the academics call the structuralist view, or environmental determinism.
The amount spent on research and the priorities and methods used affect profitability. Too little expenditure may result in larger costs in the long term. The shelf-life and appeal of a product should be considered when deciding whether to continue production or not. The number and quality of suppliers are also important. Decide what the buying policy should be (for example, will you have a small number of preferred suppliers or a bidding system among a larger number of potential suppliers). Consider techniques for controlling delivery charges, monitoring exchange rates, improving quality control, reducing stockholding and improving production lead times.

Consider The Predictability And Malleability Of Your Industry

Responses from a recent BCG survey of 120 companies around the world in 10 major industry sectors show that executives are well aware of the need to match their strategy-making processes to the specific demands of their competitive environments. Still, the survey found, in practice many rely instead on approaches that are better suited to predictable, stable environments, even when their own environments are known to be highly volatile or mutable.
Small-business leaders must be smarter and stealthier than their larger, better-established adversaries. They’ll fail if they try to match the big players tool for tool and move for move. And they’ll wither on the vine if they just attempt to weather storms. This is particularly true in competitive industries with small and shrinking margins.
Strategy is the path that takes your company to the ideal future. Strategic planning starts with knowing where you are now, envisioning your ideal future, then focusing on what needs to change in the present to create the future.
To ensure that your decision-making is effective, it can help to step back from the process and consider your typical approach. Where are the strengths and weaknesses in the approach? What action is needed to improve and develop skills and abilities in this area? In particular, reflect on each stage in the decision-making process and decide where skills might be enhanced.

Look To The Long Term

Choosing your strategy means choosing your competitor. Your competitor determines your level of sales, your prices, your profitability, your market share, and how fast or how slow you grow. In warfare they say that no strategy is possible without consideration of the enemy — knowing who the enemy is and what the enemy is likely to do. It is the same in business.
Be clear about what will make a difference so that you can make rapid resource allocation decisions. Be on the lookout for the emergence of unexpected events at the customer interface that point to opportunities that can be deliberately exploited.
A good mission statement contains both a method and a measure. Just as a mission is something that can be accomplished, you must have clear measures and standards that you can use to determine how close you are to achieving your mission.
To create a strategy built on contrast, first identify the assumptions implicit in existing strategies. Elon Musk seems to have a knack for this approach. He and the other creators of PayPal took a widely held but untested assumption about banking — that transferring money online was feasible and safe between institutions but not between individuals — and disproved it.

Sales And Profitability

By staying true to your strengths, you can concentrate on differentiating your enterprise in ways that naturally outpace your competitors. If a business segment slows down, you don’t chase every opportunity that appears; instead, you look for areas of growth where you will have the right to win, based on the capabilities you have now or those you can develop.
It looks as if Amazon and the platform giants like Google and Facebook keep changing strategy because they use the massive amounts of cash they generate to innovate, bringing out new products and services every year. Innovation is easily confused with a change in strategic direction, and sometimes it does indeed trigger such a change.
To develop the level of proficiency you need, you’ll have to make meaningful changes to the capabilities you already have. Some of these changes will start at the core of the business. Others may seem to be on the periphery at first, and you’ll need to bring them into the mainstream. Some of these focused interventions will be identified in the blueprint stage; others will become clear later. Ideally, you’ll continue making focused interventions throughout the life of your enterprise.
Budget according to what actual expenses have been in the past, but be proactive as well. Determine a reasonable amount to spend on office supplies and budget accordingly. You can establish other benchmarks by comparing your expenses with other companies in your industry. If you belong to a trade group, find out how other members have done relative to their projections. Have they come in over or under their projections? Did they miss or exceed the mark by less than 5 percent—or by more than 10? Try to find out how specific competitors have done. If all else fails, find out how businesses in your region do in general.

Sharing Financial Information With Employees

One of the greatest enemies of success is the “comfort zone.” People become comfortable doing certain things in a certain way and then they resist any change. This resistance to change keeps people doing the wrong things, even when they know they are wrong, long after they should have stopped and tried something new.
There is no universal or one-size-fits-all prescription for a winning business. But corporate leaders today seem to agree that strategic alignment is high on the list. Strategic alignment means that all elements of a business—including the market strategy and the way the company itself is organized — are arranged in such a way as to best support the fulfillment of its longterm purpose.
Globalisation brings both opportunities and challenges; it liberates and constrains; it creates the largest markets ever known and allows the potential players to be smaller than ever. If the future business world has a greater number of paradoxes, then globalisation will spawn many of them.
Leaders need information to understand the complexities of their environment and to ensure effective action. Yet the amount of information available these days is overwhelming, with the potential for paralysis by analysis.

Setting Your Strategy

Too often strategists conflate predictability and malleability — thinking that any environment that can be shaped is unpredictable — and thus divide the world of strategic possibilities into only two parts (predictable and immutable or unpredictable and mutable), whereas they ought to consider all four.
When everyone in an enterprise is working together toward the same goal, they tend to strongly identify with each other. People think, “We’re all jointly responsible for fulfilling the goals we’ve set, or we will let each other down.” A differentiated capabilities system depends on this quality. People have to recognize one another’s contributions and how they can rely on these contributions, or they will be vulnerable themselves.
For businesses selling through different channels – direct, online, via agents or retail outlets – conflicts can arise unexpectedly, and the various sales channels should be evaluated during the product development process. This means assessing the value, significance and potential of each channel. The most profitable ones should be maintained, and those with potential should be nurtured.
For a commercial enterprise, knowledge of its actual and potential customers informs a wide range of decisions. But markets and the customers that comprise them are constantly subject to change. Thus leaders need to understand where, how, when and why developments are occurring in order to ensure that the decisions they make are not wrong or undermined by changing circumstances.

Know Where The Risk Lies

A good place to start closing your strategy-to-execution gap is by first defining two or three primary elements of your identity: a clear, recognizable value proposition and the capabilities system that supports it. You continue to iterate these; with each iteration, you match them more closely together. At some point you must consider how these fit your portfolio of products and services and how to drive coherence among all three elements.
When thinking about the future of your business, start with your external environment. What are the trends in society, government, politics, technology, and the economy that are relevant to you? Next look at the trends affecting your key players—your customers and suppliers. Look at your value chain. How will it differ in the future? What key success factors are going to be required? How will your industry change?
Some technological changes are happening so rapidly that most companies have not yet taken advantage of the opportunities they provide. Every company still has a great deal to learn through prototyping and experimentation. But when translating the strategic into the everyday, be careful not to experiment for its own sake. The most successful companies link their technologically driven interventions closely with their strategy.
Quality is an offensive marketing strategy. Quality is a profit strategy. The quality leaders in every field are also the most profitable companies in every field. Today, the highest-grossing retail store in the world per square foot is Tiffany & Co. The second is Apple. Both are the recognized quality leaders in their industries. Where do you rank?

Understand And Accept Risk

A lack of objectivity may result from prejudice or being unduly influenced by the halo effect, where past successes blind people to current risks and flaws. It may be connected with false expectations or assumptions about behaviour or circumstances. Or it may be a result of complacency, arrogance, laziness, tiredness or overwork. It can lead to an overestimation of the barriers to entry to your market.
Process management includes both processes that create value for customers, giving you a true competitive advantage, as well as those support processes that make sure you are running as efficiently and effectively as possible. The selection criteria looks at how companies did in these categories measured by an assumption that this is what it takes to be a quality-driven company: visionary leadership, customer-driven excellence, organizational and personal learning, valuing employees and partners, agility, focus on the future, managing for innovation, management by fact, social responsibility, focus on results and creating value, and a systems perspective.
Periodically review and update your strategy to ensure that it's valid at all times and meets your company’s objectives and market needs. Test it out in small phases. It's better to fail fast when it is less expensive and recover from mistakes.
First movers can define the product offer, set standards and, most valuably, gain market share and brand awareness. Yet there are significant difficulties and risks in being a first mover. The time and energy building market share may divert attention and resources from other parts of the business. And, because there are no previous entrants from whose experience you can learn, it is easier to make mistakes.

Comments

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