Enterprise Growth Strategies Class 12 – The real value of your strategy can only be realized when it is translated by an organization that understands the business’s priorities and goals. 5 steps to turn strategy into a department: 1. Define and define strategy. 2. Define operational priorities. 3. Define the planned steps. 4. Engage and organize the community. 5. Measurement, monitoring and correction.
In the previous GrowthBit, I talked about my ideas and how to implement a successful business plan. Today, I want to focus on the art and science of turning strategy into action, because this is where smart, talented companies often stumble.
Enterprise Growth Strategies Class 12
Planning is important, but it’s only the first step. When the plan is translated into concrete actions, timelines and responsibilities, the organization achieves its primary goals. Without this layer of execution, it will be difficult to follow the brightest, most basic plan and not achieve the desired effect.
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When working with our portfolio companies, I guide them through a multi-step process to translate strategy into action, while building assets to drive things forward:
For the most part, strategies are defined in general terms, in terms of guiding principles, and often lack a detailed, precise definition. For example, this trick
This may sound good, but it cannot be implemented until the following issues are resolved. “Which areas should we expand into (or avoid) and why?”, “Should we build, buy or consolidate our way into each market?” and “Should we expand in a certain way?” indicate the type of reasoning that needs further clarification.
One method I’ve found useful over the years is 1) What does it mean? 2) Why is this important? enhancing everyone’s thinking and identifying areas that need additional analysis or thinking.
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Once the plan is defined, it is important to determine the priorities. Typically, I challenge management teams to identify and align priorities at three to five levels over the appropriate timeframe (ie, calendar year, multi-year view, etc.). What are the three to five most important things to do? How will it advance your strategy and competitive position? Sometimes leaders prioritize broad activities (eg
I don’t rush whether tasks or broad goals are set as priorities when the leadership team defines what it means and why it matters.
For a plan to work, it needs to be broken down into specific initiatives that people and/or groups can own and implement. Each step should have clear objectives, responsibilities, milestones and time expectations. For example, the technology business I work for has a goal of increasing customer satisfaction by 20% over the next 12 months and improving service delivery is critical to achieving this. They developed a strategy for customer advantage and divided one of the main advantages into the following steps:
There are a few simple templates or guidelines to help you identify and plan the main steps. An example of a “work plan” is shown below. As you can see, it links a set of initiatives to priorities in a simple planning template that anyone can use.
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When it comes to strategic execution, the key to success is engagement and organizational alignment. This starts with identifying clear and credible owners and stakeholders who will work on important initiatives and translate them into the organization through defining goals, aligning incentives and continuous communication. This can be a straightforward process depending on the complexity of your business and the amount of ongoing initiatives. Grand plans and schemes fail because of lack of corporate ownership. To combat this, remember the “Q x A” equation: Quality of Plan TIME to Adopt = Effectiveness of Results. Paying enough attention to the “A” in the equation will get you the results you want.
After turning the plan into an action plan and distributing it to the organization, the last step is to track your progress against the action plan.
This should be a separate task from the monthly financial statement and annual review. Reporting on monthly financial statements isn’t enough because it doesn’t tell you what drives those finances. And while annual reviews are an important way to measure progress, one year is too long to wait. When you’re a fast-growing company, you can’t go half a year before you realize you’re on or off track with key strategic initiatives.
Two top trends emerged across all LLR portfolio companies. The first is regular monitoring and reporting of strategic initiatives concurrently with monthly financial reporting based on leadership team and “red/yellow/green” status reporting. This ensures that key steps are visible while providing a common forum for discussing progress and challenges.
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A second best practice is to carefully review and evaluate strategic progress during a quarterly in-depth review (QBR), often before the quarterly meeting. During the in-depth review, managers meet to assess the effectiveness of the initiative’s performance and progress and determine if course corrections are needed. Some companies carefully examine each strategic plan and activities related to “what’s working and what’s not working,” and then adjustments are identified and implemented. By doing this regularly, managers can stay on top of important strategic efforts while making critical changes.
Planning is critical to success, but it’s only half the battle. The real value of your strategy can only be realized when it is translated by an organization that understands the business’s priorities and goals. Put important things first. Define key steps and assign them to specific people. Work on extensive acquisitions. Then measure, monitor and adjust as needed. If you can maintain this discipline, you will see incredible value in the plan you worked so hard to create.
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We mostly hear about acquisitions of big well-known companies because these big and important deals dominate the news. In fact, mergers and acquisitions (M&A) often occur between small firms and large corporations.
Companies acquire other companies for various reasons. They can scale, diversify, increase market share, increase cooperation, reduce costs or offer new niches. Other reasons for profit include the following.
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If a company wants to expand its operations in another country, acquiring an existing company in that country may be the easiest way to enter the foreign market. The acquired business will have its own employees, brand and other intangible assets, which can ensure that the acquiring company has a solid footing in the new market.
Perhaps the company is facing physical or logistical constraints or running out of resources. If a company is dressed like this, it is easier to find another company than to expand itself. Such a company can look for promising small companies to incorporate and incorporate into their revenue stream as a new way to generate profits.
If there is too much competition or supply, companies can look at ways to reduce excess capacity, eliminate competition and focus on high-performing suppliers.
Sometimes it is more cost-effective for a company to acquire another company that has successfully implemented a new technology than to spend time and money developing the new technology.
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Corporate officers are responsible for conducting due diligence on target companies prior to acquisition.
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In general, “purchase” primarily describes a transaction