Category: Audit

ENSURING YOUR STRATEGY WORKS AT ALL LEVELS IN YOUR FIRM

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ENSURING YOUR STRATEGY WORKS AT ALL LEVELS IN YOUR FIRM

High-level strategy gives direction to the management team of a business. However, such high level plans can often prove to be of little use to other workers within the organisation. Aspects of the strategy must be distilled down to actions and plans which will drive the various areas of the business towards the common goals outlined in the overall strategy.

strategy

It is often said that a strategy doesn’t fail in its formulation but in its implementation. The key to implementing a strategy successfully is communication.

Many leadership teams, in their excitement and enthusiasm to turn their strategy into reality, fail to take the necessary steps to ensure that it can be delivered effectively by the various departments in the firm. Taking the time and energy to translate your strategic vision into operational success, demands that you focus on the following:

Communication – Your strategic intent and agenda should form the basis of all your communication with the business. When you make and communicate a decision, for example, you should clearly state how it will help move the strategy of the business forward.

Resources – Resources should be allocated on the basis of their ability to deliver the agreed strategy, and not simply reflect historic trends and decisions.

Alignment – The goals of the business must align with the objectives of the departments and people within the firm. Tiny differences of opinion in the boardroom can become huge divisions across the organisation, rapidly reducing your chances of successful implementation.

People – Your best and most appropriate people should be leading the delivery of your key strategic objectives. Not only does this increase the firm’s chances of success, but it also sends a signal to the business about what management considers to be important.

Accountability – The individual performances, and the collective performance of the team, should be directly based on implementing the strategy.

Measurement – Your KPIs should mirror the strategy, as should your associated rewards and bonuses. If you are serious about your strategy you will define appropriate ways to track its delivery and effectively report on progress.

 

MENTORING

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MENTORING. mentoring

 Business leaders are not born – they are created. Effective training and mentoring are the foundations of most successful managers, chief executives or business owners. Business leaders of the future must learn from those that are in leadership positions today.

Future proofing your business means investing in your people to create the next generation of managers.  A willingness to learn and sometimes sacrifice in order to reach goals is an absolute requirement in today’s fast-moving corporate environment – but somebody needs to guide the next generation.

Training is important in any field. Proper training is even more important in today’s demanding business environment. As a business owner or manager you should invest in the future of your business by mentoring those who are willing to learn. These people will take your business to new heights. They will bring fresh insight and in years to come keep the business moving forward.

In choosing to become a mentor for one or two talented people in your team, you should prepare to impart your knowledge, experience and tips for success. The advice and instruction that you give could be invaluable to the future of your business.

Natural talent is very difficult to find. However, if you have one or two talented people in your team take them under your wing and help them to develop their skills. Those that are mentored will bring an eagerness and flow of new ideas to your business. Your mentoring programme should be built on the following foundations:

  • Providing career development advice
  • Offering your future managers / leaders an opportunity to develop new skills and expertise
  • Providing access to new, commercial perspectives
  • Enhancing networking opportunities for your team
  • Setting goals (SMART objectives)

Refining organisational awareness and “big picture” thinking.

 

MAPPING THE CUSTOMER JOURNEY

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MAPPING THE CUSTOMER JOURNEY

Customers of a business go on a journey that turns an initial enquiries into a sale.  The best businesses really understand the journey they take their customers on. Some businesses call it Customer Experience Mapping, others call it Customer Journey Mapping and some even refer to Customer Touchpoints. The thing to understand is that the companies that use these practices recognise higher levels of customer satisfaction and customer loyalty. The reason for this is relatively simple: it adds structure and encourages the adoption of customer service standards across your business.

Mapping the ideal customer experience sets a clear expectation and consistency for customer interactions with your firm. During the mapping process, many companies also find holes in their systems, outdated or irrelevant processes, or policies that make doing business more difficult, rather than easier, for the customer. This is the perfect opportunity to address those issues or shortcomings, eliminate, improve, or enhance them, and create an even better experience for the customer. The companies that take the time to do this understand that while we all might have a great idea in our heads on what we’d like the customer to experience when they choose to do business with us, unless you have it well planned out, it’s unlikely to happen.

Customer Journey Mapping should be done to identify, as closely as possible, the ideal experience that you would like to be able to deliver to your clients. Consider the journey of the customer through your company as they do business with you. Each time the customer interacts with a person or department, this is a “Waypoint” on your map. Briefly describe (3 or 4 bullet points) the ideal experience at each waypoint. Now keep going through each step of the process until you finish at the point of sale. Then keep going for another 2 or 3 waypoints – we can’t forget about after sale follow-up…

The great customer experiences that people refer to when they talk about companies like Apple, Disney or BMW don’t just “happen”. These experiences are created. They are mapped out step by step and then clearly communicated across the business. Just because your business is smaller than these international giants, doesn’t mean you can’t learn from them. Great customer experiences create great reputations. Great reputations build great businesses.

 

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