Guidance For Checking Out Enterprise Methodology Associations

The operating knowledge used to run distinctive capabilities in most companies is tacit. In other words, it is held within the minds of people doing the work, is habitually followed, and is passed on through on-the-job training. This tacit knowledge is rarely written down in any systematic way. Because this knowledge is learned on the job, often within a function or business unit, it varies across different parts of the enterprise, often with some parts of the organization being far more capable than others.
There are meaningful distinctions between strategy, implementation, and execution that are helpful to running a company or business in the real world. Ignoring, blurring, or getting them wrong creates sloppy thinking, deciding, and doing at all levels of an organization.
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.
Despite the roar of voices wanting to equate strategy with ambition, leadership, “vision,” planning, or the economic logic of competition, strategy is none of these. The core of strategy work is always the same: discovering the critical factors in a situation and designing a way of coordinating and focusing actions to deal with those factors.

Flexibility Wins

Understanding what is taking place within the external environment enables us to find opportunities for growth and sustained profitability and it can help us identify and respond to changes that could make us extinct. In the same way that the motor vehicle put many horsewhip makers out of business, it’s important that you understand what can affect you and your business both short term and long term.
The quality of human resource management in your company determines the success or failure of most of the other goals you have set for yourself. If you manage people well in all aspects—hiring, training, coaching, reviewing, compensating, motivating, promoting, and celebrating—the impossible often becomes possible. The single biggest mistake made by CEOs and other managers is spending more time analyzing and acting on the company’s financial particulars than on its people issues.
Where is your locus of attention — on capturing a greater share of existing customers, or on converting noncustomers of the industry into new demand? Do you seek out key commonalities in what buyers value, or do you strive to embrace customer differences through finer customization and segmentation? To reach beyond existing demand, think noncustomers before customers; commonalities before differences; and desegmentation before pursuing finer segmentation.
The most common organizational solution is the cross-functional team: a committee of people drawn from the relevant departments to solve particular problems. Unfortunately, many cross-functional teams fall far short of delivering effective and efficient solutions. They rarely have the time they need to resolve their different ways of thinking. They are also limited by their conflicting functional priorities and sometimes by a lack of clear accountability.

Overcoming The Fear Of Risk

Your goal is to embed the business strategy in the company. This means that most of your employees fully understand, accept, and support the strategy. Some business leaders try to embed the strategy by “cascading” the message about strategy down the organizational chart. CEOs talk directly to their team of top managers, who in turn talk to mid-level managers, who talk to their lower-level direct reports, who talk to supervisors, and on down the line until you get to the frontline employees.
Many attempts at strategy lack a good diagnosis. Hence, it is useful to have mental tools for working backward from a guiding policy to the realm of diagnosis and fact. There is nothing deep about this process other than realizing that it can and should be done.
The job of a CEO is overwhelming—so overwhelming, that many CEOs don’t realize that they’ve lost touch with their families, lost friends, and haven’t done anything but work for years. Don’t try to run a company without support. If your family thinks the business is a bad idea altogether, try to get some counseling and talk it through. It’s perfectly understandable that a spouse might be concerned that a business will cost money initially, be risky, and, more importantly, take you away from the family. This isn’t an insignificant concern. Continually work on compromises.
What are your key weaknesses? There are many parts of your business where you are active, yet you can never become the market leader in those areas. The cost of achieving market dominance is too high and/or your competition is too deeply entrenched with high-quality products and services.

Niche Exploitation

Decisions are guided by our emotions in various ways. Emotions act as filters, prioritising information and provoking a physical response to influences, from laughter to stress. The mind sets the agenda during decision-making through the filter of emotional responses. It is important to know how to manage emotion and instinct effectively, as they provide a clear sense of priority, understanding of intangibles and determination. Although they can be flawed, they can also provide the spark of creativity, the flash of insight and the strength to pursue the best course.
A strategy is a way through a difficulty, an approach to overcoming an obstacle, a response to a challenge. If the challenge is not defined, it is difficult or impossible to assess the quality of the strategy. And if you cannot assess a strategy’s quality, you cannot reject a bad strategy or improve a good one.
Who or what is your competitor for your product or service today? Who are your main competitors? Who are your smaller competitors? What else is your competitor? Since you are asking a potential customer to give you a certain amount of money in order to acquire a certain benefit or advantage, where else can your potential customer spend that same amount of money to get an equal or better advantage or benefit? This is an extremely important question.
When one has an initial insight into what to do about a challenging situation, it never occurs in the form of a full-blown strategy. Rather, the lightning of insight strikes in a number of ways. It may be an insight into action, it may be an insight into a general directive or insight may arrive in the form of a diagnosis.

Clarify Responsibility And Accountability

Market-driven organizations base their strategy on making conscious choices about which markets they will serve and how they will add value. High performance organizations not only participate in the strategy process, they also understand which strategy will propel their organizations forward.
Businesses generally either dwell on their competitors’ activities or ignore them on the grounds that they are unable to exert any direct control. The amount of attention that needs to be paid to competitors varies according to the nature of the industry and market, and usually lies between these two extremes. Decision-makers may be guided by an overall vision and specific objectives, but competitive pressures can also be decisive in determining their decisions.
To set a company on a strong, profitable growth trajectory in the face of strong industry conditions, it won’t work to benchmark competitors and try to outcompete them by offering a little more for a little less. Such a strategy may nudge sales up but will hardly drive a company to open up uncontested market space.
One of a leader’s most powerful tools is the creation of a good proximate objective — one that is close enough at hand to be feasible. A proximate objective names a target that the organization can reasonably be expected to hit, even overwhelm.

Reducing Business Risks

Dissect your past strategies. Which strategies have worked and which haven’t? Which strategies were supported by your employees and other stakeholders, and which weren’t? How well did you implement previous strategies?
People are invariably the decisive factor in achieving success: an organisation can only be as good as the people who work for it. If there is typically a high staff turnover in the industry, the business should be geared to recruiting the best employees. If flexibility and speed of response are valuable (and they usually are), the organisation should be able to anticipate major decisions, making the right choices and implementing them. Effective leadership is essential; its absence is a source of competitive disadvantage.
Controlling costs is one way of boosting profits or reducing losses. During times of financial difficulty, everyone in an organisation should understand the need to save money, making cost-cutting a more achievable goal. During prosperous times cost control may seem less important, but the free-spending days of the dotcom boom made one thing clear: costs matter.
Because revenue is determined by customer behavior, it’s much harder and messier to predict than costs, which are largely under the company’s control. If you model them the same way, you’ll end up with grossly inaccurate revenue projections.

Think In The Long Term

The word “strategy” comes to us from military affairs. Unfortunately, humans have put more effort, over more time, into thinking about war than any other subject. Much of this knowledge has very little to tell us about strategy in nonmilitary situations. In particular, the primary way business firms compete is by placing their offers in front of buyers, each trying to offer a more attractive deal. This is a process more like a dance contest than a military battle.
The capabilities system in any large, coherent enterprise involves hundreds or thousands of people as well as embedded investments in technology and specialized skills. These capabilities have been built up slowly, decision by decision, and thus they are sticky: they take time to update and replace. If the capabilities system could be changed easily, it wouldn’t be worth very much, because anyone could build something similar. It is impossible to shift identity and build new distinctive capabilities on a dime.
To sustain value innovation, people working for and with the company need to support it. For value innovation to be a sustainable strategy, then, the alignment of the company’s utility, price, cost, and people is needed. It is this whole-system approach that makes value innovation strategic rather than operational or functional.
Your portfolio of products and services, if you’re a large global enterprise, may have evolved in ad hoc fashion over the years. Their diversity may have provided a hedge against disruption in the past, but now it creates tremendous pressure on your functions—and, frankly, on your bottom line.

Competition For Dependence

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.
The term driving force comes courtesy of business consultants John Zimmerman and Benjamin Tregoe and is a major concept in strategy. Once adopted, the driving force becomes the quantitative principle around which all planning is done. There are several driving forces that you can choose from. But there is always one that becomes the most important organizing principle of your business.
If we are adventurous yet disciplined, the result may be extraordinary and possibly unique in creating value and competitive advantage. People and organisations now recognise that paradoxes can be reconciled, and they are more enabled to reconcile them than ever before,partly because of technological progress.
Your reputation is determined by what customers, competitors, suppliers, outside vendors, and the general public say about you when they discuss your company, your products, and your services among themselves.

Create A Team Governance Plan

The main focus of a business strategy is to fulfil the business objective. It gives the vision and direction to the business with clear instructions of what needs to be done, how it needs to be done, and who all are responsible for it.
Being a general manager, CEO, president, or other top-level leader means having more power and being less constrained. Effective senior leaders don’t chase arbitrary goals. Rather, they decide which general goals should be pursued. And they design the subgoals that various pieces of the organization work toward.
A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision making. It is therefore about how people throughout the organization should make decisions and allocate resources in order accomplish key objectives.
Your culture is a valuable resource. Learning to work with your culture can make the development of differentiated capabilities much easier. In a relatively coherent company, when strategy and execution are closely aligned, the culture provides the support that individuals within the enterprise need to find their own personal connection with the overall strategy. It helps break down the barriers that separate strategy from execution, such as the boundaries between functions.

Sales And Profitability

Good strategy requires leaders who are willing and able to say no to a wide variety of actions and interests. Strategy is at least as much about what an organization does not do as it is about what it does.
In the last decade, there has been a fundamental shift in the cost and ease of becoming a global player from virtually any corner of the globe. This is a trend no organization can afford to downplay. With the ease and low cost of setting up a website, any business can have a global storefront.
Many people assume that a strategy is a big-picture overall direction, divorced from any specific action. But defining strategy as broad concepts, thereby leaving out action, creates a wide chasm between “strategy” and “implementation.” If you accept this chasm, most strategy work becomes wheel spinning. Indeed, this is the most common complaint about “strategy.”
You can specialize in a geographic area. A convenience store will specialize in a single neighborhood. A manufacturer can specialize in satisfying the demand for its product worldwide. But in every case, you must specialize and be clear about your area of specialization.

Comments

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