Anyone who's been on London's Underground will have heard the world famous warning for passengers. "Mind the Gap" was introduced in 1969 to warn passengers about the space between the train carriage and the platform. Just like passengers in a hurry or who think they know best run the risk of falling between the two, businesses need to maintain conscious awareness of the very real and tangible gap existing between their strategy and desire to achieve effective operational change. Business Strategies are specific when it comes to the organisation's mission, vision and objectives; Direction is clear, ROI specified, and growth expectations and market share targets listed to support both.
Strategic planning is a part of your business that demands to be taken care of. Without an effective strategy or plan in place, your company will never become successful. It will always help if you have a clear goal in mind and then develop a path to reach that goal, at any rate necessary. Make sure that you do what is in the best interest of your business, because that's really all that matters in the long run. If you aren't sure where to start, you can find companies that will help you with the strategic planning that you need, no matter what that might be. Strategic planning is going to make all the difference in the success of your business, regardless of what type of assistance you need.
When casting their eyes upon the horizon that is their marketplace, a majority of CEOs and Business Owners in Northeastern Wisconsin look no farther than the nose on their face. When it comes to business, The Long View is considerably shorter these days... With all the economic indicators and gauges available on their corporate dashboard, CEOs up here on the Tundra seem more concerned with the Speedometer than that annoying, periodic Oil Change Idiot Light. They're barreling down the road faster than a 16-year-old with a new license and a hot date. They're living in The Now, right now! According to data collected last month by the Nicolet Bank Business Pulse, 77% of the CEOs and Business Owners in Northeastern Wisconsin use only glancing reliance on the economic data being "on starred" to their dashboards.
A Procurement Sourcing Strategy is a document that fulfills a number of purposes. For example, one purpose is to succinctly summarise the rationale and evidence for how business requirements will be met and savings made. Another purpose is to act as an internal sales document that gets senior management buy-in to the strategy. The more purposes your strategy needs to meet, the more difficult it is to decide that the strategy is complete and ready to be issued. So, here are 12 tests you can apply to see if your sourcing strategy is ready to be shared with others in your organisation. 1. Do you have a crisp, persuasive and comprehensive summary of the future sourcing strategy?
Every employer needs to perform risk assessments in the workplace to ensure the safety of its employees. By performing this simple task, you can reduce the risk of employee injury and the need for workman's compensation claims. If you are in an office setting, a slow walk through the areas may be all you need to do to complete the task. Making sure walkways are free of obstacles, electric wires are in place and fire exits are easily accessible are some of the most common hazards that can be corrected. If your business uses any types of chemicals or hazardous materials you need to ensure that they are properly stored and that a wash up sink is available incase of spills or contamination.
Share Your Strategy to Unlock Its Full Potential The power of your company's strategy is fully unlocked when everyone in the company embraces it. Therefore, ensure that all staff, including the janitor, thoroughly understands how your strategy relates to them. Consider these two scenarios: Company A doesn't share its strategy with staff. Staff are hired and paid to do a specific job and then supervised to ensure that they do their job to a minimum performance specification. For example, their janitor, Frank, is paid an hourly wage to keep the floor "clean enough". Company B's strategy is, in part, to "grow to 100, 000 unit sales per year by 2012". Their janitor, Suzanne, has been taught that keeping the manufacturing floor as clean as possible optimizes the manufacturing process so that more units can be built.
Strategy is a key element to any organization or individual's success. Traditionally, Small & Medium Businesses have been deprived of a good strategic document. I have usually observed that founders' vision becomes their strategy. As the organizations grow, their course is governed by several factors other than the strategy itself. Believe me, its very common! With large corporations, the story is very different. A robust and well thought through strategy is crafted by the best brains with the help of extensive analytics, in-depth market research, detailed understanding customer behavior, economic conditions, financial barriers, global trends, etc.
When you play the business game, you have to follow the rules, if you want to win. The path to success is never straight-forward, but you can save yourself some zigzagging by deciding to leap over the most vertiginous precipices. From prices to mindset, here are seven dangers to avoid... Operate without a plan Running a business without a crystal-clear plan is like driving a car blindfolded - a disaster. You lose time, money, energy, not to mention self-confidence and belief in prosperity. So, write down what your vision is, and design a plan to move you toward the goals this vision consists of. Knowing the direction you're heading in will open your eyes for the opportunities to be taken right off the bat, and help your better prioritize your projects and tasks.
This is a case study of a quick assessment conducted to a small and medium enterprise who is looking for ways to improve your bottom line profit. The CEO of this SME is eager to find out the financial standing in terms of profitability of his company and what he could to improve it to a level which is at par if not better than the industries average of 10%. He disclosed that the previous year business performance gotten worst as compared to the year before. The background of this small and medium enterprise (SME) are as follows:- Natural of Business = Assembly Plant Workforce = 140 consist of 20 executives, 10 clerical staffs and 110 assembly line workers Location of Assembly Plant - Malaysia Sales turnover = $40 million Sales portfolio - 35% export, 65% local Overall profit after tax = $100, 000 The above data are some background information of the performance of this Small and Medium Enterprise )SME).
Is Strategy Appropriate for a Small Business? Many executives in small businesses (less than 250 people) flinch at the mention of the word "strategy". It's for large businesses. It's complicated. It's expensive. It's time-consuming. It's tough to understand. To all of this I say, "Nonsense." Strategy is as relevant, important and accessible to you as it is to a large business. In fact, strategy is even more important to you because the consequences of mistakes are often more profound. A Small Business Approach to Strategy As a small business, you can likely define your strategy in a matter of hours. It is, after all, simply understanding what your unique advantage is and what you want to achieve in the next few years.