YOUR BUSINESS STRATEGY ON ONE PAGE
Bernard Marr is an internationally bestselling author, futurist, keynote speaker, and strategic advisor to businesses and governments. He advises many of the world's best-known organizations on strategy, digital transformation, and business performance. And in addition to following him extensively, I've discovered that he has countless very useful templates on a variety of topics, which I hope you will also find useful. Today's template is the foundation of every endeavor, as it addresses your company's strategy. I'll summarize his insights for you.
Delivering on your strategic plans is very difficult if you're not clear about exactly what you want to achieve and, in turn, which areas of your business you should focus on to achieve those goals. The idea is to have a clear and concise tool, preferably a one-page document that absolutely anyone in the company can easily understand.
To help companies create their one-page strategy, Bernard Marr developed this SMART Strategy Board. It's divided into six simple sections, which form the six critical areas that every business strategy should cover.
Let's look at each section in turn:
Your Purpose
Here you should set the stage and provide an overall context for your strategy, in simple terms, by laying out exactly what your company aims to achieve. A great way to do this is to include your purpose and ambition statements. These are two different statements, which serve different purposes.
The purpose (or mission) should be a short and simple statement that perfectly summarizes why your business exists. As the name suggests, it answers the question, "What is our purpose?" A mission statement is generally intended for internal use. It communicates your company's intentions, motivates internal stakeholders, and defines what success looks like for your company. It should include your target audience, what services or products you offer, and what makes your offering unique.
An ambition (or vision) statement defines what the organization wants to achieve in the future, detailing where the company is headed. Available to internal and external stakeholders, a vision statement sets out your ambitions in an inspiring way. A good vision statement should inspire employees to perform at their best, inspire customers to choose you over your competitors, and inspire shareholders to invest in the business.
Your Customers
This is key: understanding your customers, specifically: what you already know about them, what you don't yet know, and what you need to know if you're going to implement your strategy successfully.
This falls into two key areas: your target market and your value proposition.
First, you need to establish who your target market is. For example, are you targeting a particular segment, geographic region, or demographic? Define exactly what you need to know about the target market to improve your chances of success.
Next, you need to clarify your value proposition: what you offer your target market. Essentially, you need to define why customers will choose you. Is it quality, innovation, customer service, price, or something else?
Your Finances
In this section, you should clearly state the company's financial goals and ambitions. What is your business model? How will you generate revenue with your strategy? What are your specific revenue objectives? What about profit, cash flow, and growth goals? Additionally, you need to consider how you will fund the strategy. It is vital that you have the funds to properly implement the strategy.
This section naturally follows the "customer" panel, as pinning down your market and value proposition will help you define exactly how you will drive revenue and profit growth.
Your Operations
Here you need to carefully consider your operations, or the things you need to focus on internally and be really good at in order to implement the strategy. This section is divided into two sections: partners and core competencies.
Start by defining which partners, distributors, suppliers, or other parties are vital to implementing your strategy. Do you already work with these partners, or do you have to create the relationship from scratch? If you already work with them, is the relationship healthy? If you don't yet work with them, how will you go about forming that relationship?
Next, look at your internal competencies in terms of the competencies your organization needs to execute the strategy successfully. Define whether there are gaps and, if so, how you plan to fill them. Also, look at what systems and processes need to change or improve if you want to achieve your goals.
Your Resources
The goal of this section is to define exactly what resources you need if you want to execute your strategy successfully. This covers IT systems and data, infrastructure, people, talent and culture; and value and leadership.
This means you need to carefully consider a number of questions. For example, what IT systems and data will you need? What infrastructure (property, machinery, or plant) will you need? What are your talent and people requirements? Do you have the right people, and if not, how will you find them? Do you plan to train your current staff or recruit new people? And finally, what are the key culture and leadership outcomes that will enable this strategy to succeed?
Your Competition and Risks
This section is often missing from strategy documents, but it's a key threat most organizations face when implementing their strategies. Therefore, in this panel, you should consider what competition you'll face as you work to implement your strategy and what risks you may encounter along the way.
Ask yourself, what is your core competition and why? What external factors might threaten my success, whether specific market, regulatory, customer, or competitive risks? What internal financial, operational, or talent risks do I face? Identifying these threats before you begin implementing your strategy is the best way to mitigate them.
Remember, a strategy doesn't have to be complicated to be effective. In fact, the easier it is to understand, the more likely it is to succeed. Therefore, I urge all companies to try the one-page approach and create their own SMART Strategy Board.
The full note is available at: https://www.bernardmarr.com/default.asp?contentID=759
200 CEOS SAY SHAREHOLDERS VALUE IS NO LONGER EVERYTHING
Shareholder value is no longer the primary focus of some of America's top business leaders.
The Business Roundtable, a group of chief executives of major U.S. corporations, issued a statement with a new definition of the "purpose of a corporation".
The reimagined idea of a corporation abandons the old notion that corporations operate primarily to serve their shareholders and maximize profits. Rather, investing in employees, delivering value to customers, dealing ethically with suppliers, and supporting external communities are now at the forefront of American business objectives., according to the statement.
"While each of our individual companies fulfills its own corporate purpose, we share a fundamental commitment to all our stakeholders," said the statement signed by 181 CEOs.. "We are committed to delivering value to all of them, for the future success of our companies, our communities and our country.".
Wall Street consciousness has been at the forefront of American business and politics recently, as issues of economic equality and fair trade practices dominate the 2020 election season and the general news cycle.
The Business Roundtable, founded in 1972, has issued many statements on corporate governance principles since the late 1970s. It said that this new definition "replaces" past statements and describes a "modern standard for corporate responsibility".
"The American dream is alive, but frayed," he said in a press release. Jamie Dimon, Chairman and CEO of J.P. Morgan Chase and chairman of the Business Roundtable.
Along with Dimon, the statement received signatures from chiefs such as Amazon's Jeff Bezos, Apple's Tim Cook, Bank of America's Brian Moynihan, Boeing's Dennis A. Muilenburg, and GM's Mary Barra.
“Leading employers are investing in their workers and communities because they know it's the only way to achieve long-term success. These modernized principles reflect the business community's unwavering commitment to continuing to drive an economy that serves all Americans.", Dimon said.
Another signature is from BlackRock chief Larry Fink, who previously called on CEOs to reevaluate a corporation's purpose, specifically the "inextricable link" between purpose and profit.
"The purpose is not the sole pursuit of profit but the driving force to achieve it.", Fink wrote in his 2019 annual letter to shareholders. "As divisions continue to deepen, companies must demonstrate their commitment to the countries, regions, and communities where they operate, particularly on issues central to the world's future prosperity."".
Fink said fundamental economic changes and the U.S. government's failure to provide lasting solutions have forced society to look to corporations for guidance on social and economic issues, such as environmental safety and gender and racial equality.
The original note in: https://www.cnbc.com/2019/08/19/the-ceos-of-nearly-two-hundred-companies-say-shareholder-value-is-no-longer-their-main-objective.html
8 KEYS TO START GROWING
At Nice People Group, we always keep this in mind: “Your attitude can multiply your results.” So I’ve translated and summarized an article published by Entrepreneurs magazine, consulting Deep Patel on this topic. Here we go…
Profound changes come from within. You can put on makeup and see a change. But to make it truly possible, the metamorphosis must be an internal process. You’ll feel it in your mind, putting your heart into it. These are Deep Patel’s eight tips. I’ll share more and different ones in future posts, but Deep knows what he’s talking about.
- Mindset for Living with Intention.
This isn’t easy, like any first step. But you either believe in what you do and how well you can do it, or you won’t convince anyone. Apply this to your personal and professional life, act with intention, and maintain your effort and motivation over the long term.
- Identify your power.
The most common mistake: You spend more time thinking about your faults and mistakes. Does this sound familiar? Well, this diminishes you. And so your power slips away.
The Tippex: We all have a source of internal power that fuels us. Yes, everyone. It’s that force from which you draw your ability to overcome obstacles. Write down at least three things you feel you do well at work. Write down the three that are holding you back. Cross these out. And continually visualize the good things you have.
- Focus on quality, not quantity.
The vast majority of humans don’t have unlimited resources. Learn to keep things simple. This mental shift keeps you focused on using your resources wisely, so you’ll conserve your time, money, and mental and physical energy.
When undertaking a project, focus on areas where you have expertise. This way, you’ll naturally thrive and excel. You’ll then have a better chance of standing out not only for your exceptional work, but also for building a reputation to continue driving your business forward.
- Value others and stop being self-centered.
Helping others isn’t just a nice-to-have. When you help others, you also gain in return. After all, while giving leads to getting, more importantly, it leads to personal growth and feeling good. Show genuine interest in others and be authentic in your dealings with others. Nothing is as mind-blowing as allowing yourself to see the world from someone else’s perspective. When you focus on the value you provide to others, you begin to see other people’s needs more clearly. And that makes you grow.
- Understand your worth.
Be careful with this statement: “People see you through the lens of how you project yourself.”. Every interaction is an opportunity to showcase exactly what you have to bring to the table and exactly why you stand out from the rest. The energy, confidence, and attitude you bring with you are key to projecting yourself as someone confident and optimistic. Never underestimate your value. It’s not just about your credentials, education, and experience (although those things are great). Rather, it’s about your ability to show the world how amazing you are in your day-to-day dealings with others.
- Think and act big.
Stop being “business as usual.” Bury the phrase “We’ve never done it this way before.” Instead, ask yourself how I can act bigger. How can I go further? What’s the next level I hope to reach? That’s where you’re aiming. Stop allowing old thought patterns, fears, and archaic beliefs to hold you back. Embrace bigger thinking. But give it a bear hug.
- See failure as a necessary step towards success.
Failure always depends on how you frame it. Instead of seeing it as a mistake you’ll have to live with forever, recognize that failure isn’t personal. Your approach failed, and you made a mistake. But you, as a person, didn’t fail. Don’t let your ego blind you. Analyze: Where did you go wrong? Hone in on the problem and see how it can be solved. What path could you have taken to achieve a different outcome? Learn not to make those same mistakes again. Most importantly, learn to move forward.
- Focus on your personal “why”.
Take a moment and ask yourself: “Why do I do what I do?” Understanding your “why” is knowing your purpose and will help you tap into your deepest motivations. This is key to understanding how to achieve the things you truly want in life. Why do you focus on the things you do? At the end of the day, are you satisfied with what you’re doing? Does your focus lead you to success that makes you feel good? If not, you don’t have the right “why.” When you feel lost about the next steps to take in business or in life, you can always return to “why.” It will act as an internal compass, always pointing north.
These 8 points will help you shape your attitude. And with the right, focused attitude, you are closer to starting to grow. Now get to work, or if you prefer, call us so we can work together to help your business grow.
You can read the original article here.: https://www.entrepreneur.com/article/337256