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Suggest You - Strategy as Invention
Finance in relation to business is concerned with the task of providing funds needed by the enterprise in terms that are most favorable in the light of its objectives. The finance function of a business is concerned with procurement of funds and its effective utilization in business. It covers financial planning, forecasting of cash receipts and disbursements, realizing of funds, using and allocation of funds and financial control. Financial planning helps in defining financial goals, setting objectives and developing a plan to achieve them. Planning is not master-minding the future, and any attempt to do so is foolishness. Human beings can neither predict nor control the future. For this reason, management has to clarify their objectives and determine what actions must be taken, when, by whom, and at what cost to achieve the cherished goals. Financial planning is the process of evaluating different investing and financing opportunities available to a firm and selecting the best one from the available options.The planning requires a long-term estimate of profits which
Change management and fast-moving high-tech companies can be devastating for the efficiency and innovative spirit of the company. All too often high-tech executives will find other work and leave the company to go work for another corporation. Most sophisticated high-tech companies understand this dynamic and therefore you strategies such as stock options and golden handcuffs to keep their managers and executives in place as long as possible.Wall Street is also concerned with change management and fast-moving high-tech companies and they realized that when there is corporate shakeup at the executive level this could interfere with the company's productivity, efficiency and therefore profitability. Remember shareholders equity in quarterly profits are the most important thing to Wall Street and if the company cannot beat the Street with increased per-share earnings then there will be held to pay in the stock price.Of course if there are executives or management teams, which are not working out in the various departments or divisions of the high-tech company t
Strategic planning is not strategy
Strategic Planning, often synonymous with Annual Planning, details how you are going to get where you have decided to go. It is a description of how you will achieve your goals -- those milestones you established in structuring your business plan. Strategic Planning is operational in nature, it examines the particular actions you intend to take over the coming period. Strategic Planning can be critical -- and after you have a Strategy, it is often a good idea to develop a Strategic Plan.
But Strategic Planning is not Strategy. Strategy is the "what" you and your organization are going to be, and the broad approach to how you are going to do that. For instance, your company will become the number one vendor of internet-hosted medical records applications, achieved through freeware distribution to HMOs and clinics, paid for with a back-end, per-patient royalty. Strategic Planning looks at the details of how you will get there -- which associations you will joint-venture with, how many sales people you will add this year, what type of advertising you will use, whether to pay for page-views or click-throughs, etc. The strategic plan will itemize the specific actions you will take in a given time frame, and the specific results those actions will produce.
But imagine filling your new car with gas, turning the ignition key, putting the car in gear, getting on the freeway, and putting the pedal-to-the-metal. Full speed ahead. Imagine that for a moment. Wait a minute -- where are you going? Many organizations jump headlong into the strategic planning process, without becoming clear about where they are going. Sure they have a direction - North, perhaps; into the Internet Applications space, perhap
If a company is bumping along with the same profits year after year it often lacks one or more of: strategic growth plan marketing plan appropriate sales approach project scheduling monitored customer service Unplanned operational processes Missing just one of these leads to wasted effort for the whole company. Sometimes with costs that are hidden by "just doing business."For example, think of Mr. Smith ringing to report a problem with the tap on his bathroom suite... XYZ Customer Service Agent (XYZ CSA): "Hello The Sunny Bathroom Company.How may I help you?" Mr Smith: "Ah, good morning. I bought one of your Kon-Tiki bathroom suites and you installed it for me last week. Unfortunately one of the taps doesn't work and we didn't realise until your plumber left and we couldn't get hold of him to ask him to come back." XYZ CSA: "Oh that's a shame. Unfortunately I d
But Strategic Planning is not Strategy. Strategy is the "what" you and your organization are going to be, and the broad approach to how you are going to do that. For instance, your company will become the number one vendor of internet-hosted medical records applications, achieved through freeware distribution to HMOs and clinics, paid for with a back-end, per-patient royalty. Strategic Planning looks at the details of how you will get there -- which associations you will joint-venture with, how many sales people you will add this year, what type of advertising you will use, whether to pay for page-views or click-throughs, etc. The strategic plan will itemize the specific actions you will take in a given time frame, and the specific results those actions will produce.
But imagine filling your new car with gas, turning the ignition key, putting the car in gear, getting on the freeway, and putting the pedal-to-the-metal. Full speed ahead. Imagine that for a moment. Wait a minute -- where are you going? Many organizations jump headlong into the strategic planning process, without becoming clear about where they are going. Sure they have a direction - North, perhaps; into the Internet Applications space, perha
Many small businesses struggle to recruit the right people.They consequently spend excessive ammounts of time and energy on recruitment and training activities instead of growing their businesses.However, finding the right people on a consistent basis is not a question of luck - but about taking some specific actions:1. Construct a powerful visionPeople are drawn to businesses that know where they are going and have a plan for success. Craft an exciting vision for the future and communicate it to potential hires all the way through your recruitment process.2. Make ‘finding and keeping the right people’ a priorityMake recruitment and retention a priority now and you will save time and money well into the future. The key is to focus your time on the right activities so that you deliver results quickly and consistently.3. Build a picture of the external marketplaceYou don’t need to be an expert – but it is important to have an awareness of your marketplace. What is happening in the local economy, the employment market an
But imagine filling your new car with gas, turning the ignition key, putting the car in gear, getting on the freeway, and putting the pedal-to-the-metal. Full speed ahead. Imagine that for a moment. Wait a minute -- where are you going? Many organizations jump headlong into the strategic planning process, without becoming clear about where they are going. Sure they have a direction - North, perhaps; into the Internet Applications space, perha
Obtaining a long distance education was once thought to be for students with little or no responsibility, or had the ability to be attached to their computer at the same date and time every week, with positively no interruptions. If a family was a responsibility, it was almost easier to drive to and attend classes on campus, as keeping little ones quiet while taking a course was nearly impossible.Fortunately, the internet era has allowed us to morph into the world of asynchronous classes for long distance learning needs. These types of classes make taking online classes very flexible and easily fit into life’s planned and unforeseen events. Long gone are the days in which you had to be at a computer at the exact same time each week.This is how asynchronous classes work. Each week, your online college course of choice downloads a class for you to access at your leisure during a particular week. During this time, you can study and work as little or as much per day as you choose as long as all necessary assignments are completed by the pre-d
But imagine filling your new car with gas, turning the ignition key, putting the car in gear, getting on the freeway, and putting the pedal-to-the-metal. Full speed ahead. Imagine that for a moment. Wait a minute -- where are you going? Many organizations jump headlong into the strategic planning process, without becoming clear about where they are going. Sure they have a direction - North, perhaps; into the Internet Applications space, perha
Here are some guidelines that will improve your gross sales, and quite naturally, your gross income. I like to call them the Seven Commandments. Look them over; give some thought to them and adapt them to your own selling efforts.1. If the product you're selling is something your customer can hold in his hands, get it into his hands as quickly as possible. In other words, get the customer "into the act." Let him feel it, weigh it, admire it.2. Don't stand or sit beside your customer. Instead, face him while you're pointing out the important advantages of your product. This will enable you to watch his facial expressions and determine whether and when you should go for the close.3. In handling sales literature, hold it by the top of the page, at the proper angle, so that your prospect can read it as you're highlighting the important points. Don't release your hold on it, because you want to control the specific parts you want the prospect to read. In other words, you want the prospect to read or see only the parts of the sales material you're telling him
Have you bothered to think about where you want to go recently? Most entrepreneurs, most companies, started with an idea of what they were trying to create. But that may have been a long time ago. Perhaps it's time to consider this question again.
Strategy is not a set of options
Imagine you are in your car again. This time, it's Sunday, and you and the family are going for a drive. Where are you headed? "We'll let's see", you say to yourself, "How much gas do we have, and which roads have the least traffic?" Many companies think strategy is about evaluating a set of options, often in terms of available resources, or a competitive response. They say things like -- "We have only 12 development resources available to us, which means we can bring two key program feature sets to market, and XYZ Co. has just announced compatibility with our databases. What are we going to do?"
Strategy is not incrementalism or inertia
Or they consider strategy in terms of increments. Last year you increased profits by 20%; does that mean this year you should shoot for increasing profits by 20%. Or 25%? Or, since you added three new modules last year, and r
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