Archive for the ‘Planning’ Category

Can Strategic Planning Pay Off?

Tuesday, November 18th, 2014

“The most fundamental weakness of most corporate plans today is that they do not lead to the major decisions that must be made currently to ensure the success of the enterprise in the future.”Key factors to make strategic planning pay off

It sounds like something I might have written in one of my blog posts because the point applies equally to owner-managed businesses.

But, regrettably, it wasn’t.

It’s from an article written by a 31-year-old, who then goes on to say:

“…..Nothing really new happens as a result of the plan, except that everyone gets a warm glow of security and satisfaction now that the uncertainty of the future has been contained……”

Does that sound familiar? The author goes on to say:

“……too many managements fail to…….recognize that the end product of strategic analysis should not be plans but current decisions.”

He then lists the reasons why decisions aren’t made:

• It’s risky – a bad decision could jeopardize the company.

• It’s difficult – “Strategic planning….deals with the most complex questions facing a company……synthesizing critical issues and strategic options to resolve those issues….is fundamentally a creative process. Many…..find it an elusive, uncomfortable task.”

• It requires leadership – making controversial decisions requires a willingness to be tough-minded.

• The value system works against it – owners often emphasize short-term results, which have little to do with long-term strategic success.

Next the author points out that “Many planning systems simply….produce forecasts of financial results, or statements of objectives”.

This is “….momentum” planning as opposed to dynamic planning that is attuned to the realities of external change……..

To deal with this, emphasis must be given to 3 things – evaluating the external environment; thorough evaluation of competitive strategies; and developing contingency plans.

Finally, the author provides 2 recommendations for motivating the people who can make or break a strategy. Involve those who will actually have to execute the strategy and adapt reward systems to recognize longer-term performance and the achievement of strategic goals.

So, which of today’s leading thinkers wrote the article? None of them did.

An up-and-coming member of the McKinsey team called Lou Gerstner (of IBM fame) wrote the article in 1973.

I like the article because it addresses all 4 of the Risks we believe growing companies face – having a Clear Growth Plan; linking it to Action; getting Buy In and holding people Accountable.

You can find the full article here.

 

If you enjoyed this post you’ll also enjoy Strategic Planning – 3 Things That Are Wrong With It

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

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Recommended Reading – Winter 2014

Tuesday, November 11th, 2014

Hello, winter!  Snowflakes are dancing on the air and covering the land in a wardrobe of white.  A touch of arctic air is pinching our noses and cheeks.  Time to get comfortable and pick up a good book. Here are some of the personal favourites we’ve selected from the various “best books in 2014” lists published recently on 800ceo read’s blog:

Drawing upon a six-year research project at the Stanford University Graduate School of Business, James C. Collins and Jerry I. Porras took eighteen truly exceptional and long-lasting companies and studied each in direct comparison to one of its top competitors. They examined the companies from their very beginnings to the present day — as start-ups, as mid-size companies, and as large corporations. Throughout, the authors asked: “What makes the truly exceptional companies different from the comparison companies and what were the common practices these enduringly great companies followed throughout their history?” Filled with hundreds of specific examples and organized into a coherent framework of practical concepts that can be applied by managers and entrepreneurs at all levels, Built to Last provides a master blueprint for building organizations that will prosper long into the 21st century and beyond.

Obviously, there are lots of things that matter now. But in a world of fractured certainties and battered trust, some things matter more than others. While the challenges facing organizations are limitless; leadership bandwidth isn’t. That’s why you have to be clear about what really matters now. What are the fundamental, make-or-break issues that will determine whether your organization thrives or dives in the years ahead? Hamel identifies five issues are that are paramount: values, innovation, adaptability, passion and ideology. In doing so he presents an essential agenda for leaders everywhere who are eager to…move from defense to offense, reverse the tide of commoditization, defeat bureaucracy, astonish their customers, foster extraordinary contribution, capture the moral high ground, outrun change, build a company that’s truly fit for the future. Concise and to the point, “What Matters Now” will inspire you to rethink your business, your company and how you lead.

A guide for protecting your wealth in an age of turbulent business cycles. In “Prosperity in the Age of Decline”, Brian and Alan Beaulieu offer an informed, meticulously-researched look at the future and the coming Great Depression.

Surprisingly, most companies fail not because demand is low or conditions are difficult, but simply because they don’t know how to manage, nurture, or even maintain their own growth and success. At each developmental stage, they become vulnerable to chaos, no matter how strong or expert their leaders. Most leaders feel a sense of isolation, assuming they have to know it all and end up making critical mistakes. Dando calls these critical mistakes the 12 Warning Signs of Success, and he helps leaders across industries identify, anticipate, and avoid them on the way from startup to Fortune 500. Maybe you’ve hired the wrong person, have too many direct reports, or say yes to everything; you might believe your own hype, incentivize failure, or lose track of your core values. Dando, known in leadership circles as the Company Whisperer, encountered all the same challenges as a C-level executive in a high-growth billion-dollar business, and he knows that these moments of truth determine whether the leader and the company become a strong, mature, and sustainable organization, or drift toward an uncertain future.

If you’re aiming to innovate, failure along the way is a given. But can you fail “better”? Whether you’re rolling out a new product from a city-view office or rolling up your sleeves to deliver a social service in the field, learning why and how to embrace failure can help you do better, faster. Smart leaders, entrepreneurs, and change agents design their innovation projects with a key idea in mind: “ensure that every failure is maximally useful. In “Fail Better”, Anjali Sastry and Kara Penn show how to create the conditions, culture, and habits to systematically, ruthlessly, and quickly figure out what works, in three steps:
1. Launch every innovation project with the right groundwork
2. Build and refine ideas and products through iterative action
3. Identify and embed the learning
You may be a “Fortune” 500 manager, scrappy start-up innovator, social impact visionary, or simply leading your own small project. If you aim to break through without breaking the bank–or ruining your reputation—“Fail Better” is for you.

An insider’s look at how a successful leadership pipeline can make or break a company Starting out at GE, where he headed up the company’s leadership institute and revamped the leadership pipeline under Jack Welch, Noel Tichy has served as a trusted advisor on management succession to such leading companies as Royal Dutch Shell, Nokia, Intel, Ford, Mercedes-Benz, Merck and Caterpillar. Now Tichy draws on decades of hands-on experience working with CEOs and boards to provide a framework for building a smart, effective transition pipeline, whether for a multi-billion dollar conglomerate, a family business, a small start-up, or a non-profit. Through revealing case studies like Hewlett Packard, IBM, Yahoo, P&G, Intel, and J.C. Penney, he examines why some companies fail and others succeed in training and sustaining the next generation of senior leaders. He highlights the common mistakes that can generate embarrassing headlines and may even call an organization’s survival into question, and reveals the best practices of those who got it right. Tichy also positions leadership talent development and succession where they belong: at the top of every leader’s agenda.

The market for business knowledge is booming as companies looking to improve their performance pour millions of dollars into training programmes, consultants, and executive education. Why then, are there so many gaps between what firms know they should do and what they actual do? This volume confronts the challenge of turning knowledge about how to improve performance into actions that produce measurable results. The authors identify the causes of this gap and explain how to close it.

According to a study published in “Chief Executive Magazine,” the most valued skill in leaders today is strategic thinking. However, more than half of all companies say that strategic thinking is the skill their senior leaders most need to improve. “Elevate” provides leaders with a framework and toolkit for developing “advanced” strategic thinking capabilities. Unlike the majority of books that focus on strategy from a corporate perspective, “Elevate” gives the individual executive practical tools and techniques to help them become a truly strategic leader. The new framework that will enable leaders to finally integrate both strategy and innovation into a strategic
approach that drives their profitable growth is the Three Disciplines of “Advanced” Strategic Thinking:
1. Coalesce: Fusing together insights to create an innovative business model.
2. Compete: Creating a system of strategy to achieve competitive advantage.
3. Champion: Leading others to think and act strategically to execute strategy.
Every leader desperately wants to be strategic – their career depends on it. “Elevate” provides the roadmap to reach the strategic leadership summit.

“Escape Velocity” offers a pragmatic plan to engage the most critical challenge that established enterprises face in the twenty-first-century economy: how to move beyond past success and drive next-generation growth from new lines of business.
As he worked with senior management teams, Moore repeatedly found that executives were trapped by short-term performance-based compensation schemes. The result was critical decision-makers overweighting their legacy commitments, an embarrassingly low success rate in new-product launches, and a widespread failure to sustain any kind of next-generation business at scale.
In “Escape Velocity”, Moore presents a cogent strategy for generating future growth within an established enterprise. Organized around a hierarchy of powers: category power, company power, market power, offer power, and execution power, this insightful work shows how each level of power can be orchestrated to achieve overall success.

In this work, noted consultant Erika Andersen helps the reader approach business and life strategically, explaining why it is important, what’s involved in doing it, and how to do it. 

For a full listing of best books in 2014, please visit http://800ceoread.com/

 

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

Strategy, Motherhood, The Dog and Its Tail

Tuesday, November 4th, 2014

Do you remember that old expression “The tail’s wagging the dog”?The tail's wagging the dog or, the process is more important than the result

It was used to describe situations in which, for example, a process for doing something takes on more importance than the result it produces.

Why did I think of that now?

Simply, for many companies, this is the time of year in which they begin their strategic or business planning.

This process is often viewed as unproductive, frustrating, even pointless or a waste of time. So it may not be welcomed with enthusiasm.

Why is that?

After 13 years of working with business owners and their teams, I have a few ideas:

1.  Strategy development is a difficult, creative, iterative activity. But in many organizations the ‘planning’ process has to be completed in a predetermined period of time, in the same month or quarter, every year. That’s the tail wagging the dog.

2.  We use terms like strategic planning, business planning, and even budgeting, interchangeably as if they all refer to the same thing. They don’t.

  • Strategy development involves making well thought out choices about the future.
  • Business planning is about the activities that have to be completed in the next 12 months to execute the strategy.
  • Budgeting is estimating the financial outcomes of the activities in the annual business plan.

3.  If we’re not clear about what we’re setting out to do, everyone will expect a different outcome and no one will end up getting the result they wanted.

4.  Worse, the results we do get may not be useful. By trying to do more than one thing at a time, we end up doing none of them well. The result is a breathtaking series of ‘motherhood’ statements that are neither a strategy nor focused action plans.

5.  We begin the process with a budget, the financial targets the owner wants to achieve, and make the ‘strategy’ fit those. That, to use another metaphor, is putting the cart before the horse.

6.  Even if the results are useful, we don’t follow up. We are so busy dealing with day-to-day challenges there is simply no time. In reality, we lack discipline – not time.

Is it surprising that many business owners, executives, managers and employees are cynical about ‘planning’?

 

If you enjoyed this post you’ll also enjoy Strategy and Planning – How Business Owners Think

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

Good Strategy Execution Pays Off

Tuesday, October 28th, 2014

I’ve believed for many years that how a company executes its strategy is more important than how it develops the strategy.Good strategy execution pays off well when you focus on these 7 key capabilities

I’m talking about the business strategy, the one that deals with all parts, departments or functions of a company.

My point could also apply to departmental or specific strategies; for example, sales or marketing strategies, since theoretically, these all flow from the business strategy and are integrated with it.

Previously, I’ve never had any evidence to support my belief since common sense, apparently, does not qualify as evidence.

No more.

Earlier this year, no less an authority than McKinsey & Company¹ gave me evidentiary support for my arguments.

They used their Implementation Capability Assessment to separate companies that are good at execution from those that aren’t. The survey then found that good implementers:

  • Maintain twice the value from their prioritized opportunities after 2 years.
  • Score their companies 30% higher on a series of financial performance indicators.

So there! Executing well pays off – literally.

How do you know if your company is a good implementer or a poor implementer?

McKinsey identified 7 key capabilities for executing well. Every company may have them to some extent. Yet businesses which are good at execution, are almost twice as good at them.

The 7 capabilities are:

  1. Ownership and commitment to execution at all levels of the company.
  2. Focus on a set of priorities.
  3. Clear accountability for specific actions.
  4. Effective management of execution using common tools.
  5. Planning for long-term commitment to execution.
  6. Continuous improvement during execution and rapid reaction to amend plans as required.
  7. Allocation of adequate resources and capabilities.

Finally, here’s the good news. Good implementers believe that execution is an individual discipline, which can be improved over time.

Does this confirm my belief that how a company executes its strategy is more important than how it develops the strategy?

Partially. More importantly, it does demonstrate that time spent improving a company’s ability to execute is time well invested.

As for the comparison to developing a strategy – I’ll just have to keep on looking.

______________________________________
¹ “Why Implementation Matters”, McKinsey & Company Insights, August 2014

 

If you enjoyed this post you’ll also enjoy To Grow or Not To Grow – That Is The Question

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

How Do You Know If Your Company Will Fail?

Tuesday, October 21st, 2014

Let me go back almost 20 years to give you some context.How do business owners know if their company is on the path to decline?

My last real job (that’s what my wife calls the jobs I had before I became a consultant) was running the Canadian subsidiary of a 100-year-old, multi-national corporation.

Our owners, a much larger, publicly listed corporation, had bought us years before as a ‘cash cow’. There was, therefore, very limited investment in any aspect of the operations.

When I joined, the core business was rapidly being replaced by a new technology. We developed a new strategy for Canada and quickly set about executing it.

But, even when we appeared to be having some success with the new strategy, I used to ask myself if it was already too late – and how I would know if it was.

Now let’s return to the present day.

I’m re-reading Jim Collins’ book “How The Mighty Fall”. It was written as a result of a CEO asking how he would know if his company, successful as it had been, was already on the path to decline.

Imagine me asking the same question as the CEO of one of America’s most successful companies – several years before he asked it. It would indeed be remarkable, were it not for a few important details.

Clearly the circumstances were different. The CEO was being more farsighted than my employers had been.

And, more importantly, I’ll bet that many business owners have worried – and still worry – over the same question. I’m sure they started long before I asked it and some are still asking it now.

So why even raise the topic?

For one thing, if Collins’ book had been available in the mid-1990s, I would have had my answer. I would have known that, in time, the company would be sold to a competitor and, when that didn’t work, be absorbed by another competitor and almost completely disappear.

For another, “How The Mighty Fall” should be mandatory reading for all business owners. Or at least for those who understand that their past successes offer no guarantee, or even protection, for the future.

One point that caught my attention – and I’m only on page 48 – is that complacency was responsible for only one of the failed companies.

Another is that being an innovator was no protection from failure.

I would have assumed the opposite in both cases. So, perhaps I’m not as far ahead as I thought…………

 

If you enjoyed this post you’ll also enjoy Targets Are Targets, Results Are Reality

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

Knowing and Doing – The Difference Affects Results

Tuesday, October 14th, 2014

There are advantages to getting older.Knowing the right thing to do and doing it to get results

Knowing the right thing to do.

One is you realize that to be successful, you only have to apply a few simple principles, most of which contain an element of common sense.

Another is that you learn that applying those principles is surprisingly difficult to do.

This last pearl of hard-earned wisdom helps when I read articles and posts about ways to improve business results, that we’ve known about for years.

It prevents me from becoming cynical – even when the authors package them as a new breakthrough that only they were capable of making.

Why is that?

It’s because I know that we – owners, executives, and even consultants – are constantly blind-sided by the day-to-day pressures of running a business. And that makes us lose sight of these fundamentally simple, common sense concepts.

So there’s a real benefit to having them repeated.

Doing the right thing.

Someone much smarter than I am once said “Knowing the right thing to do isn’t difficult. Doing the right thing is what’s difficult.”

I know that’s true.

We work every day with business owners and their teams who often know what to do to be successful (they have a good strategy) but who have difficulty actually doing those things (executing their strategy).

We’re no smarter than they are.

But we have the benefit of being able to focus on linking their strategy to action, helping them get buy-in throughout their organization and then holding them accountable for doing what they said they would.

No distractions for us.

Staying focused on a manageable number of activities which will have a high impact on the future and produce a high return on the resources invested in them, produces good business results.

No surprises there, right?

I could have used a bunch of big words to make the same point.

Or I could have proclaimed this was a new technique that would guarantee results.

But it’s not. It’s wisdom that’s been well proven over time.

Something, however, that bears repeating by a third party that, because of their perspective, can see woods without being blinded by the trees.

It’s worth thinking about as many of us head into annual business planning season.

 

If you enjoyed this post you’ll also enjoy A Lesson in Strategy Execution from a Successful Business Owner

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

7 Ways to Hold Consultants Accountable Now

Tuesday, September 23rd, 2014

7 ways to hold consultants accountable nowMy wife will tell you I like giving other people advice.

That’s probably why I’m a management consultant.

But even consultants have to take some of their own advice – and change in order to grow.

For example, we must find a process for linking our compensation to our results in a meaningful way.

There’s no doubt this is hard to do. But that’s no excuse for refusing to try.

However, at the risk of making a huge understatement, it’s going to take time.

So, while we’re waiting, what can a business owner do to make sure the consultants they hire actually deliver results?

1. I talked about our own solution to linking compensation to results last year in a post called “Let’s Hold Consultants Responsible For Results”. It isn’t perfect, but it’s better than the traditional model.

2. Four years ago I suggested how owners can keep control when they work with consultants.

3. Around the same time I highlighted 3 reasons why consulting engagements fail. It’s really not difficult to avoid making them.

4. Look for consultants who have had practical, “hands on” experience operating a company. They have 2 clear advantages over consultants who have spent their entire career in consulting roles, as I pointed out in 2011.

5. There are also clues that you can listen for. Consultants who are effective tend to say certain things.

Here are 2 more things that I thought about this week.

6. Yesterday I was talking to a business owner who had been referred by an existing client. He asked if I would go out and meet him. I agreed immediately because that’s the only way to determine if there’s any chemistry between us.

Some people might consider the idea of “chemistry” to be foolish. But I can tell you from experience, that without it, the risk of a project failing increases dramatically.

7. Ask what success will look like. It’s more than just a description of what the consultant’s going to do and the services they’ll deliver. It’s about knowing how, when and what they will do to help you get the results you want.

Success, they say, comes not from doing one big thing well, but from doing many little things well. Perhaps change is like that too.

We at ProfitPATH, and lots of other consultants, are chipping away, doing the necessary things that will bring change to our business.

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Jim StewartJim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

One Big Reason Why Strategies Fail

Tuesday, September 9th, 2014

the main reason a strategy fails is based in how it’s executedI often argue that a strategy isn’t important.

It’s the benefits a strategy delivers – more profit, increasing the value of a company – that are important. They put more money in the owner’s pocket.

To reap those benefits the strategy must, of course, be successful.

A strategy can fail for many reasons.

It could just be a lousy strategy. But that happens less often than you might think.

Even a poorly conceived strategy can deliver results – if it’s executed with focus, energy and passion.

I believe the main reason a strategy fails is based in how it’s executed.

For example:

  • There’s no link between the strategy and the actions which have to be completed if it’s to be successful.
  • Most people don’t know what the strategy is – and the part their job has to play in making it successful.
  • People, at all levels, do know what their role is – but there’s no accountability if they miss targets.

Some examples are less evident.

One in particular is quite insidious. It goes like this.

After intense discussion, the owner and management team reach a consensus on the strategy for the next 3 years. Everyone goes off determined to do the right things to execute it successfully.

However, since much of their time is taken up with running the business day-to-day, after a while, that begins to affect their perspective.

And that gradual, subtle change in perspective can have a major impact on the execution of their strategy.

It is possible to detect it and fix it. But that requires the discipline to do 2 things.

First, hold regular strategy review meetings. Second, keep the agenda off day-to-day stuff, and on measuring progress toward the 3-year goal.

Any shift in perspective can be spotted by asking one question. “Are all of the projects being discussed integrated/aligned with the strategy we chose for the next 3 years?”

The odds are there will be some drift.

That’s because the company is made up of people. And people tend to have their own priorities, concerns, agenda, and goals – which may be directly opposed to the next person’s. In the face of day-to-day pressures, people find it hard to keep the whole company perspective in mind.

But it can be restored – and one big reason why execution fails can be easily avoided.

If you enjoyed this post you’ll also enjoy Strategy Execution – How You Do What You Do

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Jim StewartJim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

3 Growth Strategies That Always Work

Tuesday, September 2nd, 2014

Here are 3 strategies that work for privately owned businesses in any economic conditions.

3 strategies that work for privately-owned businesses in any economic conditions

Guaranteed.

I’m going to be really bold and also say they will work in any industry.

Interested?

1. Keep costs down – but quality up.

Twenty small and medium-sized companies, based in the U.K., managed high growth by keeping their production costs under control and their prices competitive.

Even when the economy slumped, they kept their quality up even though that meant their prices were slightly higher than their competitors.

That way they kept their customers satisfied – and avoided price wars.

2. Differentiate on tangibles – not intangibles.

Thirteen of the companies were consistent innovators, regularly introducing new products, services or processes.

Five of them, all manufacturers, consistently allocated a large percentage of revenues to developing new products.

In contrast, 15 of the 20 spent relatively little on traditional marketing activities, using their sales force and the Internet to keep customers up-to-date on their new products or services.

3. Customization.

Almost half of the companies stayed very closely in touch with their customers, delivering solutions tailored to specific needs and adapting products as needs changed.

Even those who produced standardized products invited small changes or provided complementary services.

Flouting conventional wisdom, 75% of the companies spurned niches for the broader market. They took time to figure out their competitors’ strengths and weaknesses, then exploited their knowledge to increase their market share.

The 20 companies in the study grew at a consistent rate over a 4-year period—outpacing their competitors by more than 50 percent while operating in declining industries – for example, the clothing industry.

Think about it – keep your costs under control; understand what your customers need, and then give it to them; introduce new products and services regularly.

Put that way it almost sounds like common sense.

So, if these approaches work in a tight economy or mature markets, why wouldn’t they work in good times and healthy markets?

The short answer is that they will.

I’ll make 2 more points as a wrap up.

  • These 3 approaches aren’t mutually exclusive. In fact, the British companies used a combination of them – usually the second and third.
  • The authors of the study commented that the owners and managers saw the situation as offering a challenge and lots of opportunities. As they say – attitude is everything.

If you enjoyed this post you’ll also enjoy The Keys to Executing a Strategy and Getting Results.

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Jim StewartJim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

 

Stick to Your Knitting or Reinvent Yourself? What’s the Right Answer?

Tuesday, August 19th, 2014

Don't knowIf you focus on what you do best, you’ll prosper. Look at Coca-Cola or Southwest Airlines or Disney.

So, understand your core competencies and stick to your knitting.

Good advice, correct?

But what about companies like Kodak and Nokia? They stayed focused on what they did best. And it really didn’t work so well for them.

So, perhaps it’s not such good advice after all.

My Dad used to say “rules are for the guidance of wise men – and the blind obedience of fools.”

Just because we drop that magic word ‘strategy’ – as in strategic consistency – into a rule, that doesn’t make it an exception to be followed blindly.

Kodak, Nokia, and a host of others like them, did understand their core competencies. But they either didn’t see, couldn’t understand – or simply ignored – a reality.

Something else started going on in their industry that made those core competencies obsolete or insufficient. In Kodak’s case, it was digital photography; in Nokia’s, the advent of the smartphone.

Perhaps a better rule for business owners is to stick to the knitting, but keep looking outside of the company in case something fundamental begins to change.

And as soon as that change becomes evident, begin reinventing – around the capabilities that brought success to the company in the first place.

That’s what Lou Gerstner did at IBM and Andy Grove did at Intel. (Much as I dislike using only large corporate entities for examples in my blog posts, they are usually well enough known for everyone to be aware of them.)

So the reinvention comes from adding new capabilities to the ones that brought success in the first place.

Ken Favaro, who wrote the article, that inspired this post and for whom I have the greatest respect, says that if you do this, you can manage the tension between strategic consistency and reinvention.

Perhaps I’m over simplifying but I see it as using common sense to deal with the changes that have, and always will occur in an industry.

But, as Stephen Covey pointed out, common sense is not that common. And it’s particularly difficult to hang on to it in the face of never ending pressure to make deadlines, maintain quality, fight off competitors, keep staff motivated – and, of course, make the payroll.

 

If you enjoyed this post you’ll also enjoy Strategy Working? Then Don’t Make These 5 Mistakes

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

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