Important Insights Into Multi-national Strategy Transferences

A business strategy streamlines your business and ensures every dollar and minute you spend on the business is in the direction of your sustained success. While strategy is can be difficult for many organisations to commence, its benefits are far-reaching and many. From creating new business opportunities, to streamlining the operations and engaging staff, a well-formulated strategy will enable increased growth, productivity and profit both now and into the future.
Good strategy is the exception, not the rule. And the problem is growing. More and more organizational leaders say they have a strategy, but they do not. Instead, they espouse what I call bad strategy.
New ideas often fail because of poor planning or execution, or because of a lack of communication and co-operation between the innovator and the implementer in making sure the vision is fulfilled but adapted as necessary according to practical and commercial considerations. Patient, critical analysis is more important in planning implementation of new ideas than it is for the initial process of innovation.
The highly competitive nature of many markets and the likely future prospect of continued economic turbulence as national and global economic fortunes vary, requires that business managers continue to look for opportunities to improve performance. This will primarily be achieved by improving effectiveness in the areas of winning/retaining customers, developing organizational competence and financial control.

Competition For Dependence

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.
There are two certainties in decision-making: the people who make and implement decisions are fallible; and the context in which decisions are implemented will be subject to change. So implementation must be monitored to ensure that information management and reporting procedures are built into the process.
The reason that 20 percent of businesses earn 80 percent or more of the profits in every industry is because they have a well-thought-out strategy. The absence of, or the failure to apply, a single essential strategic principle can lead to downfall and defeat of an army or a corporation, and it has—thousands of times.
Understanding customers, market developments and technology leads to customer-focused decisions and these, in turn, provide the most certain route to profitability. However, to realise these benefits requires a keen understanding of where a market is heading and how opportunities can be exploited. It is easy to dismiss customer-focused decision-making as self-evident, whereas in reality it is often difficult to incorporate customer issues accurately into decisions.

Model The Right Behaviors

Organic growth can happen because the market is growing or because a firm is doing increasingly better than its competitors or is going into new markets. Exploiting a product advantage can sustain organic growth; examples are a law firm with a star partner or a software firm with a unique programme. But there is only so much growth that one person or one product can generate and people eventually retire and products mature, so organic growth normally requires launching new products or product extensions, entering new markets or establishing wider distribution networks and sales agency agreements, or licensing or franchising.
The most important success factor in creating new markets is to ask your customers. The goal is not to ask them about products but about problems. If you ask about products, they’ll frame the problem in the context of those products. Your goal, however, is find ideas for new products. Let customers describe what they think would be the best solution to their problems; those solutions will point to new products or services.
A blue-sky objective is usually a simple restatement of the desired state of affairs or of the challenge. It skips over the annoying fact that no one has a clue as to how to get there.
Build some tolerance for variance into your numbers. Your budget stops being accurate the moment you finish it, and when variances occur—and they will—make sure the numbers allow opportunity for your managers to act creatively. Although budgets should be designed to create accountability, accountability should be related to the real issues behind the numbers, not the numbers alone.

Phases Of Strategy Formulation And Implementation

A good business strategy does not separate strategy formulation from execution. Although this disconnect may be a hallmark of most companies’ practices, our research shows it is also a hallmark of slow and questionable implementation and mechanical follow-through at best.
Business relies on hard management factors such as finance,technology and processes, yet also on soft factors such as leadership,communication and creativity. Every where we look, paradox seems to be the companion of economic progress.
Market research and market sensing are important in providing an in-depth awareness of the market and informing issues relating to product development, pricing, marketing channels and sales techniques. Getting the product offer right is also essential. This means ensuring that the whole package, from product attributes and benefits to packaging, pricing and intangibles such as reliability and service, is based on an understanding of market conditions, customer needs and competitiveness. Sales forecasting tests the viability of the venture and can be used to check that there is an ability to meet demand.
What’s your competitive advantage? Who are your key customers and stakeholders? How will you respond to disruption in the marketplace? Do you have the capabilities in place to succeed, and are your people aligned? Are you planning for the future—the right way?

Avoiding Pitfalls

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.
A strategy is successful if it focuses your efforts and time on what you do very well. Strategic planning is not only about what you need to start doing based on your strategy choices. It’s also about what you need to stop doing.
What are your customers’ psychographics? What are their goals, ambitions, desires, and aspirations? What are their fears, misgivings, or suspicions that might cause them to hesitate from buying your product or service?
Admitting that you have both strengths and weaknesses in any area is an important step forward. Deciding to withdraw from or abandon a market where you cannot achieve victory is often the most intelligent strategic decision of all.

Put Purpose At The Core Of Your Strategy

We always hope that a brilliant insight or very clever design will allow us to accomplish several apparently conflicting objectives with a single stroke, and occasionally we are vouchsafed this kind of deliverance. Nevertheless, strategy is primarily about deciding what is truly important and focusing resources and action on that objective. It is a hard discipline because focusing on one thing slights another.
A good strategy will help you make good investment decisions, like how and where you would like to spend money. It also helps to provide guidance on project prioritization and other activities within your organization. Allocate and optimize resources, and make profits that generate above-average returns.
Having a clearly thought-out and communicated strategy also allows decision making across your organization to align, so everyone is moving in the same direction. Leaders and employees alike can then prioritize the correct projects and initiatives, focus on the right metrics, and invest in the most crucial areas. And they can make smart changes in response to new competitors or stakeholder interests.
As industry history shows, new market spaces are being created every day and are fluid with imagination. Buyers prove that as they trade across alternative industries, refusing to see or be constrained by the cognitive boundaries industries impose upon themselves. And firms prove that as they invent and reinvent industries, collapsing, altering, and going beyond existing market boundaries to create all new demand.

Know Where The Risk Lies

All marketing is differentiation. All selling is differentiation. All business requires that you differentiate your product or service so that it appears superior to that of your competitors and is viewed as a better choice.
Rational decision-makers start by asking whether the decision relates to a permanent, underlying or structural issue, or whether it is the result of an isolated event. Some decisions are generic and are best addressed with a consistent rule or principle; isolated events are exceptional and are best resolved when they arise. Furthermore, a response depends on the particular features of each situation.
A price-skimming strategy involves charging high prices for a product, particularly during the introductory phase. A small company will use a price-skimming strategy to quickly recover its production and advertising costs. However, there must be something special about the product for consumers to pay the exorbitant price. An example would be the introduction of a new technology.
A good mission statement should be clear, specific, measurable, and capable of being both understood and embraced by everyone responsible for achieving the mission. By this measure, most mission statements are vague and unclear. They do not give guidance and direction to people in the company, and no one has any idea when or whether the mission has been achieved or how close you are to accomplishing it.

Customer Focus

Create a blueprint that defines your most distinctive capabilities. Build and refine them, and then bring them to scale across your enterprise. These capabilities are complex and highly cross-functional combinations of processes, tools, knowledge, skills, and organization—all put in place to reliably and consistently deliver a particular outcome.
Plans take the form not of carefully specified blueprints but of rough hypotheses based on the best available data. In testing them out, strategy must be tightly linked with or embedded in operations, to best capture change signals and minimize information loss and time lags.
Almost by definition, a strategy can never actually be fully implemented because everything that you necessarily assumed when formulating it—about customers, technology, regulation, competitors, and so on—is in a constant state of flux. CEOs and their business unit leaders must continuously evolve their strategies if they are to remain relevant and competitive. And if that’s the case, there will always be a gap between where their companies are and what their strategies call for.
It’s no wonder that few strategic plans lead to the creation of new business opportunities or are translated into action. Executives are paralyzed by the muddle. Few employees deep down in the company even know what the strategy is. And a closer look reveals that most plans don’t contain a strategy at all but rather a smorgasbord of tactics that individually make sense but collectively don’t add up to a unified, clear direction that sets a company apart—let alone makes the competition irrelevant.

Motivate Employees

Always be open to the possibility that you could be doing the wrong thing. Your business model may be obsolete. What seemed like a good decision at one time, in one or more of these areas, is no longer a good decision today.
The most basic idea of strategy is the application of strength against weakness. Or, if you prefer, strength applied to the most promising opportunity. The standard modern treatment of strategy has expanded this idea into a rich discussion of potential strengths, today called “advantages.”
While strategic plans identify what your organization should do differently, very few provide a road map for how to build the skills, knowledge, and processes needed to carry out and sustain the critical changes. But without building these capabilities, it’s very difficult to achieve the results you want.
Capabilities lie at the heart an organization’s ability to achieve results, so it’s hardly a surprise that different results require different capabilities. But strategic plans often get this simple equation wrong.

Agility And Speed Of Movement

A hallmark of true expertise and insight is making a complex subject understandable. A hallmark of mediocrity and poor strategy is unnecessary complexity — a flurry of fluff masking an absence of substance.
Even companies operating with models that favor global standardization over local responsiveness have to invest in localization and translation to be successful. That’s because regardless of the level of local responsiveness, your customers in foreign markets expect to interact with you in their language.
People who have worked in a culture of mutual accountability tend to remember it all their lives. They are in an environment where everyone is dedicated to everyone else’s success. At its best, the purpose of the company becomes the fulfillment of its members’ potential. This is not just because the company expects a return on its investment, but because it knows that the accountability of key employees is critical to distinctive capabilities.
Information can be used to develop and sustain competitive advantage, it is the way people in organisations express, communicate and share their knowledge with others, to accomplish their activities and achieve shared business objectives. If knowledge – our experience, skills, expertise, judgment and emotions – primarily resides with people, then by using information, people can inform each other and be informed about the decisions, actions and results of their work in companies.

Comments

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