When combined, strategic thinking tools discussed in earlier columns compose a kind of tool kit that provides the essentials required for a detailed business strategy. But these tools must be used effectively to meet their potential. We will, therefore, consider the factors necessary (and, we hope, sufficient) to create a detailed business strategy and see how the tools can enable the development of that strategy. The following examples serve simply as a starting point.
When combined, strategic thinking tools discussed in earlier columns compose a kind of tool kit that provides the essentials required for a detailed business strategy. But these tools must be used effectively to meet their potential. We will, therefore, consider the factors necessary (and, we hope, sufficient) to create a detailed business strategy and see how the tools can enable the development of that strategy. The following examples serve simply as a starting point.
The High 5 can also be used for organizational purposes. It serves the internal customer (the employee), as well as the external customer. Having a High 5 of the most important considerations needed to satisfy employees can go a long way toward maintaining the team's focus on its most precious resource: people. For each employee, a plan can easily be put in place to make sure that each of the elements of the individual's High 5 are in place.
The choice of path from the now (present service and market segment) to the future target (new service and market segment) depends on the strategy and its associated risks. One alternative is to maintain the market segment while changing services. The other alternative is to maintain the service being offered while changing the market segment. Ultimately, one would consider both new services and new market segments.
Applying strategic thinking tools in this way leads to the satisfaction of key strategic criteria and, consequently, the attainment of an overall business strategy.
Ronald Schilling is an editorial advisor to Diagnostic Imaging and president of RBS Consulting in Los Altos Hills, CA. Comments can be addressed to ronald11341@aol.com.
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