I recently attended a professional programme on Strategic Business Management at Harvard, and I want to share my experience with my fellow readers. In brief, my experience at Harvard has been superb: tuition, location and fellow students were magnificent and greatly contributed to make this overseas trip a unique experience.
As you may know, Harvard is the leading academic institution which has been shaping the domain of business strategy and management over the past 40 years.
The most successful companies in the western world have applied the teachings of Micheal Porter, university professor at Harvard Business School, which in the early 80’s coined competitive advantage and the value-chain model.
His works about competitive advantage, strategy and value-driven models received global acknowledgement and academic recognition in such a way that basically every university-grade management programme over the globe mentions his studies.
As one can imagine, the programme about Strategic Business Management I attended at Harvard was largely based on his works.
Out of an intensive 2 days programme, I have made a personal list of the top teachings I learned and that I feel that any company should keep in mind to make its business strategy work as expected.
1 – Old principles are still valid
Considering that the Porter’s studies were formulated in the 80s, many could argue that these principles are outdated. But as you’d discover the ideas about value-driven businesses and competitive advantage are evergreen.
Take as an example the many start-ups referring to the “Business model canvas” (and “Value proposition design”) formulated in 2008 by Alex Osterwalder to explain their business strategy.
At a closer look one can recognize that Osterwalder’s tools are largely inspired by Porter’s work and develop from the very same old principles.
In Porter’s vision, competitive advantage cannot be sustained without a unique set of internal, value-adding activities. Similarly, Osterwalder’s Business Canvas Model emphasises the value adding activities perceived by the customer as “your unique value proposition” (in the center column of the canvas).
2 – Every organisation needs a strategy
Just like every human being should seek a “purpose” in life, every company shall understand its purpose and how to achieve it. Without a clear-defined strategy, organisations are left into an “idle-mode”, a “still life” that simply aims at surviving to the rollercoaster of market trends.
Unfortunately, “idleness” in business will often translate into incorrect direction and wrong business decisions being taken by the company. And our history is full of examples where difficulties in shaping (and executing) strategies have led companies from huge profitability to legendary business disasters (e.g. Kodak, Nokia).
To my opinion, this is much more applicable nowadays where competition is fierce in global markets, in private and public sectors, thus having a strategy and the resolution to execute it are mandatory commandments for modern managers.
3 – Strategy does not mean complicated
A majority of the executives I spoke with feels that formulating a business strategy is complicated, requires thorough experience and will ultimately find resistance to get it approved and executed.
Indeed most businesses are currently in very dynamic markets and formulating a strategy that can last the various ups and downs of the industries can appear a complicated and exoteric topic.
But it doesn’t have to be that way.
For a good strategy to work, it must be simple and easy to understand.
Not necessarily easily achievable, but easy to explain and communicate to the rest of the world.
If you are in struggling in finding a “sweet spot” between you and your customers, a good start is to review Micheal Porter’s main 2 strategies: cost leadership and differentiation. In cost leadership your goal is to attain the cheapest cost in the industry to build your product or service, while differentiation aims at proposing a unique service or product not found in your current market (finding your niche). Porter’s strategies are not overly complicated, nor require more than one sentence to be explained.
Nevertheless, an important aspect of your strategy is to be unique, not to lead your organisation to become a fac-simile company. In facts, it is the unique blend of internal, value-adding activities that makes your business profitable above your competitors.
As a friend of mine likes to say “you can make big money by selling the same stuff but in a smarter way”. It is your mission to find out how.
4 – Communication is key
Once a strategy is well-defined, communicating it along the business lines of your organization is very important to share the objectives it is supposed to achieve.
Defining a strategy is only the first step of a larger challenge, where prevalent efforts should be spent in communicating and disseminating its precise objectives.
Organisations shall explain the new business direction as soon as it gets out of the board room, possibly with an open presentation, with the entire company.
Failure to do so can generate confusion and can ultimately be frustrating for the workforce.
Imagine a company targeting a “cost-saving” strategy which has put small efforts in explaining to the employees how this is going to be achieved. In such circumstances, a sales manager may not feel any more at ease to offer premium discounts to his most loyal customers because he may not be aware how this decisions will impact company’s profits. It is very much likely that
Hence the key is to have a successful “propaganda” of your strategy.
I like to share some teaching from another reputable source, Harley Lovegrove’s Change Manager’s Handbook: we shall always seek the answers on “why we are doing this?” and “what is the problem we’re trying to solve?”.
Once you know the answers, use them to popularise your message and make your strategy a success.
For this reason, having a good communication plan will definitely help your company in spreading the correct message all along the various business lines of your company.
As an example, use well designed “motivational posters” with your strategy message, or engage your audience in plenary sessions to explain the “Why” and “What is the problem you want to solve”.
5 – Strong leadership is required
So far, we learned that well-thought strategies can be effective only through strong communication. But communication is challenging and a daunting task even for the most experienced manager which often needs to face resistance from the workforce and must deal with dispersed teams with different cultures and regulations.
To overcome any risk of derailment of your strategy, executives must ensure that the organisation is ready to embrace the change required to achieve your goals. They must play the role of “ambassadors” of your strategic plan to educate the workforce about your planned objectives.
First, a best-practice is to select the “influencers” or strong leaders – not necessarily managers – which have a consistent number of “followers” in the workplace so that they can easily share their vision with their peers.
Secondly, you shall not underestimate your opponents and you must keep close your detractors: avoid that “misbelievers” spread nuisance in the company and pull the workforce apart endangering your strategic plan.
An example I like to recall is how Fujifilm survived to the digital photography phenomenon that killed his main competitor Kodak. Mr. Komori – FujiFilm CEO at the time – led a strategic revolution in 2003 to redirect the company’s business to diversify into pharmaceutical, healthcare and cosmetics.
The reorganisation caused strong resistance but this couldn’t have happened without a strong leadership and an effective communication strategy.
The world has offered many examples of organisations that have successfully designed and implemented business strategies and the five topics examined above can be found in a lot of them.
Make sure you use these to make your strategy a success.
Major thankies for the post. Really looking forward to read more. Keep writing. Roze Wallas Vaules
Oh my goodness! Incredible article dude! Thank you, However I am going through difficulties with your RSS. Hali Kingsley Bettencourt
Hello! I know this is kind of off-topic however I had to ask. Marilee Harley Jakob
I truly appreciate this article. Much thanks again. Cool. Patience Israel Sink
I was looking at some of your articles on this site and I believe this internet site is really instructive! Keep on posting . Jamima Cross Blas
Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Shelagh Wilek Joliet
Some genuinely select content on this website , saved to my bookmarks . Rica Alastair Algie
http://maps.google.com.jm/url?q=https://hornyporns.com/
Please bring the continuation of the nice posts, I will be glad if you approve the comment.
thank you admin
thank you admin
Thank you for this nice article, dating my site with comments please escort confirm and support
Thank you for this nice article, escort dating my site with comments please confirm and support
tadalafil 20 mg – generic tadalafil online tadalafil cost
http://www.gaziantepkonaklari.com/
generic tadalafil 20mg – buy tadalafil buy tadalafil generic
I follow your nice sharing site from time to time. please please me, escort I recommend you
I follow your nice sharing site from time to time. please please me, escort I recommend you
propecia results reddit – propecia and beard growth finasteride for men
Outstanding post, you have pointed out some fantastic points, I too conceive this s a very fantastic website. Audy Deck Law
india pharmacy drugs generic pills
prescription drugs without a doctor
finasteride half life – propechl.com finasteride tablets
tadalafil prescription online – tadalafil pfizer tadalafil prices
Ctpsrs – http://virviaga.com/ sildenafil for sale
optimal article, i love it
Mrgliq – generic stromectol Nleexo rgfikl
Czjrwe – how to get cialis Frnfty poyknb
http://prednisonest.com/# can i buy prednisone from canada without a script
Nyfocs – lasix 40mg Zuwvyw hftgxv
https://gabapentinst.com/# neurontin buy from canada
En Güzel Kaliteli Amatör Videolar için Sitemize Bekleriz http://cse.google.com.au/url?sa=i&url=http3A2F2Fwww.okdoe.com2F
Ssiwcy – erection pills that work Qgsjyr wigdcp
Atgnuz – cheap cialis canada pharmacy Gmknrc jsacow
free phone chat lines
free dating site
Otwavv – research paper cover page Dhfwve bioarv
Jyymzc – viagra coupon canada Ecgdqd egerao
En Güzel Porno izle, Sikiş Seyret, HD Porn Sex, Türk Porno Videolari için Sitemize Bekleriz http://maps.google.li/url?q=http3A2F2Fokdoe.com2F
Gcgmgl – proscar finasteride 5mg buy online Ppuylu wqreeg
Etwnqx – viagra deaths Avlktq wkznkl
Suunfv – generic propecia reviews Rxioqd dgultn
En Kaliteli ,Porno64 Sikis Seyret, HD Porno Sex, Türkçe Porno Videolari için Sitemize Bekleriz http://maps.google.co.ao/url?q=https3A2F2Fokdoe.com2F
Xujbtj – essay writing using kolb’s theory Vwcwsk npdohp
Gzyesm – sildenafil shelf life Tfxmhg vbxfyh
Jrvvtl – music essay writing Pydnjp fvaewc
Sorry baby
The road seemed to stretch on endlessly before us, but Alexis assured me that our journey was near an end. We’d turn before long into thick woods and travel through narrow, winding roads until we reached her family’s cabin. I had no choice but to trust her as GPS had given out nearly 20 minutes ago.
“There’s good wifi and okay reception at the cabin,” she’d told me, “but you can’t get there unless you know the way.”
https://medium.com/@hesseljcold38/quicksilver-20dd83b72440
So here I was, driving alone in the middle of god knows where with a girl who was my student just a couple of weeks ago. Her and her four best friends had been together from first grade all the way through high school and now they had graduated with very different futures ahead of them. They had decided to kick off “the best summer ever” with a week long stay at Alexis’s family cabin. Alexis and I were heading up before everyone else, the four other girls and four guys.
Mfwiwl – furosemidelasixx.com Hulnus yhupyp
Fryvwr – how to buy vardenafil Wlbmjk uxpoib
Irzxbh – silagra 100 mg tablet Ukqqve gpgxeb
Lxqbku – buy tadacip 20 mg without prescription Dbgveh gqzibn
Prnubo – spedra 45896 Ohmvre yhluju
buy tadacip 10 mg – buy tadacip 20 tadacip 20mg tablet
prednisone 10 – deltasone cost prednisone uk
compare viagra prices uk – viagra australia 2013 org buy professional sildenafil citrate online
can you buy viagra online legally – comprar viagra generico online order sildenafil online usa
lyrica 300 mg price in india – buy lyrica australia lyrica 100 mg
Hello there, just became alert to your blog through Google, and found that it’s really informative. I?m going to watch out for brussels. I?ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Cheers!
how much is nexium 20mg – zofran generic cost nexium generic tablets
stromectol 0.1 – stromectol generic name where to buy stromectol online
ivermectin gel – stromectol generic stromectol prices
zofran generic 4mg – zofran 4mg cost generic zofran online
We wish to thank you just as before for the beautiful ideas you offered Jesse when preparing her own post-graduate research and also, most importantly, for providing the many ideas in one blog post. If we had been aware of your web page a year ago, we may have been saved the useless measures we were taking. Thanks to you.
ivermectin 0.08 – ivermectin 2% stromectol 2mg
ivermectin gel – ivermectin nz ivermectin uk coronavirus
purchase plavix – buy plavix online canada plavix 75mg tablets
analysis of vmx pills for ed – top five ed pills ed medication
Thanks for any other magnificent article. The place else may anybody get that type of info in such an ideal means of writing? I’ve a presentation next week, and I’m on the search for such info.
estelle 35 ed pill review – levlen ed missed pill ed a hist pill
sildenafil hoe lang – sildenafil kopen zonder recept wat als vrouwen sildenafil nemen
compra de viagra – viagra 50mg viagra online
bactrim ds 800 – generic of bactrim bactrim 160 mg
It is appropriate time to make some plans for the future and it’s time to be happy. I have read this post and if I could I wish to suggest you some interesting things or advice. Perhaps you could write next articles referring to this article. I wish to read more things about it!
Its excellent as your other posts :D, thanks for putting up.
online pharmacy indonesia – cialis professional generico tadalafil for female
generic pharmacy online: us online pharmacy – legitimate online pharmacy uk
Touche. Sound arguments. Keep up the great effort.
Thanks for the auspicious writeup. It in fact was a leisure account it. Look complicated to far delivered agreeable from you! By the way, how can we be in contact?
cymbalta 60mg – cymbalta 40 mg duloxetine brand name cost
thank you admin escort site help me
levothyroxine 75 pill – levothyroxine 0.88 levothyroxine 088 mg
Touche. Solid arguments. Keep up the good effort.
walmart amoxicillin price – amoxicillin for sale in us amoxicillin without dr script
generic vardenafil online – vardenafil user reviews vardenafil usa
generic levitra online – levitra 20mg order vardenafil 10 pills
mexican pharmacy online – canadian pharmacy no rx canadian pharmacy levitra value pack
Indoor Cardio Pro
Quality content is the key to invite the people to pay a visit the web page, that’s what this site is providing.
amoxicillin over counter flagyl antibiotic – antibiotic resistant infections
cialis prescription online usa – where to buy over the counter cialis cheap cialis in usa
cheap sildenafil tablets uk – cheap viagra 100mg uk best viagra uk
Quality articles is the main to invite the visitors to visit the web page, that’s what this web site is providing.
vardenafil free trial – brand name vardenafil online order vardenafil online cheap
is generic vardenafil real – buy vardenafil uk generic vardenafil images
ivermectin generic – stromectol lotion buy ivermectin uk
Incredible points. Sound arguments. Keep up the amazing effort.
women viagra pills in india – viagra 20 mg daily how to get viagra tablets