Summary:
According to the latest research from CarringtonCrisp, the UK-based business school consultancy service, the financial crisis has not deterred prospective MBA students from taking up the degree.
One surprising finding of the survey was in the area relating to curriculum. While content such as strategic management and leadership placed as a high value with respondents, there were four areas that languished at the bottom of the popularity lists: taxation, logistics, outsourcing and……. ethics.?!
The survey was conducted online with prospective students through a range of sources such as Facebook and LinkedIn. A total of 91 countries participated, with the largest group coming from India, followed by Australia and the UK.
Article Quote:
“According to the report – Crisis? What crisis? – only 7 per cent of the 723 prospective students surveyed reported that their attitude towards the MBA had become more negative as a result of the financial crisis.”
Link:http://www.ft.com/cms/s/0/30cab94c-1644-11df-8d0f-00144feab49a,dwp_uuid=02e16f4a-46f9-11da-b8e5-00000e2511c8.html?nclick_check=1
While is is appropriate for strategic management and leadership to have a high value in curriculum content, it is surprising that ethics ranked so low on students’ list of importance.
If we are to improve investor confidence, ethics needs to be valued by the new group of business leaders entering the job market. If ethics is not valued, we are likely to see a repeat of the financial lending institution scandal which put the global market into a recession, or scandals such as those of the 90’s.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Strategic planning and strategic thinking are not the same. Strategic planning is a process of identifying goals and creating a path to reach those goals. By contrast, people who have the ability to think strategically can step outside their normal frame of reference and understand that it’s only one of many possible frames.
Executives often become too focused on the task of exceeding last quarter’s numbers, that they fail to see the broader landscape. For instance, in a four-week executive-education course, students were presented with this challenge using the example of Apple’s iPod — how did a small computer company with only a 5 percent share of the market come out with this revolutionary new product, while Sony Corp., which had all the components inside its organization to create the iPod, failed to do so? The answer: simply because Sony executives failed to see outside the box and instead stayed within their comfort zone.
Article Quote:
“Planning is, by definition, a sense that there’s a Point A and a Point Z, and simply a number of steps from point to point — it’s a linear process. Strategic thinking, by contrast, is a way of conceiving of a problem or challenge more holistically.”
Link: http://www.hreonline.com/HRE/story.jsp?storyId=330860356
When strategic thinking is fostered in an organization, people can more easily identify problems areas and circumvent them before they become giant headaches. Employees become more aware of the company goals, thus becoming more engaged in the execution of the strategic plan.
For more on strategic planning and execution, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Gerald Nanninga uses the analogy of running a race and compares it to running a business. In the race, one runner is superbly equipped for several conditions (and must carry all of the equipment) versus a runner that packed light with only essentials. Of course the runner that packed only essentials will win the race. Companies that strive to be well equipped in all areas often find themselves burdened down, whereas a company that focuses on elements that help achieve the strategic plan are in a far better position to win.
For example, Toyota built their strategic position and their key focus of their efforts around improving the dependability in the way they designed and manufactured cars. For years, this strategy has paid off for Toyota.
Consumers’ belief in Toyota’s dependability meant Toyota could charge a premium price. Yet, somewhere along the way Toyota tried to do too much by building cars as well as trucks -and they wand to do it for every consumer segment, even segments that may not be able to afford reliability. As a result, dependability as a core focus didn’t get the attention it needed and corners were cut. Thus resulting in mass recalls.
Article Quote:
“A winning strategy points out your company’s point of focus (where it will win) and then makes trade-offs on where to place your energy so that you can win the race at that point of focus.”
Link: http://planninga-from-nanninga.blogspot.com/2010/02/strategic-planning-analogy-306-focus.html
Keeping the focused on core aspects most critical to your company’s strategic position and downplaying or outsourcing other factors allows your company to succeed without peripheral distractions. If a goal or an objective doesn’t add subsistence to the focus of the company, then it should not be pursued.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Every commercial operation needs a plan; therefore, you must be speedy to emanate a commercial operation plan, according to this author. After a plan is developed, you need a process to safeguard which devise is implemented; this is where vital formulation comes in to play. You need to understand the people in your group and their skillsets, set measurable milestones for completion of tasks, keep an open mind and encourage thinking outside the box, and post goals in highly visible areas for all to see.
Although having a monitor present typically isn’t referred to as an required component, it should be. The monitor should be a non-staff chairman or other person with an objective view. Their pursuit will be to keep the review relocating forward. They are not there to carry out the conversation, but to safeguard that everybody gets a chance to be heard. This keeps the loudest and most persistent personalities from dominating the conversation. It should be a protected place for people to share ideas.
Article Quote:
“Strategic planning, in simplest terms, is the routine of receiving your commercial operation devise and creation it in to movement items. Identifying what you’ll outlay time accomplishing in sequence to encounter your commercial operation devise objectives.”
Link: http://www.noplc.co.cc/strategic-planning/
Strategic planning and execution focuses attention and resources on future goals. Having an efficient monitor present during the planning stage increases participation and keeps the group focused and moving forward. Moving beyond the planning stage, execution of the plan should be broken down into time lines that translate all the way down into daily tasks. This will keep the plan active as objectives will be continually worked on.
Performance technology can greatly assist in not only developing the plan, but also by enabling everyone in the organization to have access to goals and tracking progress. Being able to drill-down all the way down to the individual increases follow through and accountability.
For more on strategic planning and execution, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Although a strategic plan translates to a greater ability to accomplish goals, few invest the time necessary to actually create a plan. Strategic planning involves a lot of marketing research, forecasts, and a clear understanding of the business.
Management should review the company’s mission, vision and cultural statement and assess goals, objectives, strategies and a tactical plan to get from Point A to Point B. A good plan usually covers 3-5 years and should be a living, breathing document providing focus, but that allows for changes in direction should opportunities or threats arise.
The first step in developing a business plan is to understand what these plans are supposed to achieve. A good business plan should provide detailed guidelines, objectives and action that will enable you to:
1. deliver a product that satisfies the customer
2. become more efficient than your competition
3. become more profitable
Article Quote:
“I am amazed how many people spend weeks planning their vacations, but never set aside time to plan the year(s) for their business or life. I also see the opposite, people who over complicate their strategic planning and get overwhelmed and discouraged in the process.”
Link:http://small-business-management.bestmanagementarticles.com/a-35901-how-do-you-or-should-you-do-your-small-business-planning.aspx
Developing a strategic plan is only the first half of the battle, executing the plan is the second. In order to successfully execute a strategic plan, it needs to be broken down into actionable steps that easily translate into to-do’s and objectives. This enables leadership to monitor results and make course corrections when necessary, while at the same time keeping the plan alive.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/