The chances are that at some point your company will have to undergo transformation in order to respond to shifts in the market, new technologies or disruptive startups.
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The difficult question of how boards should deal with the financial crisis is discussed by top consultants Ram Charan and Tom Neff via an interview by Geoff Colvin at Fortune.
What’s the most valuable attribute that a manager can possess and develop?
Whose business is it in an organization to look for ‘concepts’?
Because concepts can occur to anyone at any time, it is everyone’s business to look for concepts. Like many things that are ‘everyone’s business’, concepts end up by being no one’s business. Of course, corporate strategy teams do a lot of concept thinking.
When work is offshored, whether to India, China, Russia, etc, one key question that the end-user organisation needs to resolve is how to staff the operation. Offshore staffing issues are prevalent, whether the firm offshores to a captive operation or to a third party supplier. To maintain and improve the level of service, it is crucial that the highest quality of staff be found.
The offshoring of business processes to low-cost countries, having grown substantially over recent years, has become an increasingly important part of the senior management agenda at most Fortune 1000 companies. The trend has been led by institutions in the UK and US, and is far more developed in some industries.
When the CEO of the mighty Wal-Mart asks the UK government for protection from competition from Tesco, one fifth its size, it is clear something significant is going on. The rise of Tesco is not explained by its being better at dominating its home trade than Wal-Mart in the markets it serves in the US. Both benefit from enormous scale and purchasing power.
The reasons why companies lose customers ('customer attrition' is the marketing jargon for this) are easy to identify in theory, particularly when you take the customer journey approach – examining all the stages in the recruitment process from first contact through to the time when the contract expires and the customer is free to move.
A millionaire reader once told me that he had built up his eminently successful business by following these dozen points from my 1980 book, The Business of Winning...
How would you like to achieve the financial benefits of a major company shake-up…
That giant of customer service, the late Sam Walton, advised other managements to 'break all the rules.'
Everybody makes mistakes. But the biggest mistake of all is failure to learn from error. The lessons of misjudgements, miscalculations and mismanagement teach more than success - if you're prepared to face the realities of failure.
You don't change for its own sake - you change to realise the strategic vision.
What does Mercedes-Benz have in common with H.J. Heinz and Coca-Cola?
Quality is a word from which few managers can hope to escape for long these days. That's not quality meaning 'goodness, beauty, luxury, brightness or excellence' (to quote guru Philip Crosby), nor even meaning a product free from fault.
The concept of the all-powerful customer is nothing new; Peter Drucker wrote long ago that 'there is only one valid definition of business purpose - to create a customer'.
The easiest task in management is buying another business – you only need to identify the acquisition target, work out how much you want to pay, and make your offer.
Strategy has been having a wonderful run for management's money.
How far is my company away from failure? The question itself sounds like an admission of inadequacy. The confident manager surely doesn't walk around waiting for nemesis to strike. Rather, confident people strut the stage like a colossus, with all the certainty, say, of Bill Gates.
When markets are changing rapidly and unpredictably, strategies and tactics must also be flexible.
So revolutionary companies, within a broad visionary context, delegate strategic planning to business units which are able to adapt swiftly to shifting markets. Using IT, the centre controls without interfering. One of the key controls is planning itself.
This is how NOT to buy a business...
Business history is littered with the corpses of companies that were hailed and deeply admired, not just by ephemeral stock markets and their acolytes, but by highly experienced and intelligent management gurus.