Company shareholders love profits soaring hinting unbeatable growth. Markets love it when your company operates at its maximum capabilities. You may come up with an excellent strategy but even that is of no good use if you are not putting sufficient efforts in implementation of the same. You may promise moon but how are you going to achieve that? Here is some strategy mapping tips for devising a sound business strategy.
Before plunging at a Business Analysis training program, be prepared with high level understanding of the following:
- Provide a well-defined overriding objective
- What is going to be dominant value proposition
- What are going to be the key financial strategies
- What are your primary customer related strategies
- Make a suitable plan for your learning and growth strategies
Tip #1 – Provide a Well-defined Overriding Objective
What does it take for an organization to be successful? There should be sufficient amount of clarity on what is an achievable overriding objective and what are the strategies it has in place to achieve the same. It happens to be different from the ultimate objective such as having satisfied customers, being leading service provider and low cost services and so on. For instance, some overriding objectives could be:
- Increase in profit margin from x% to y% within z number of years
- Increase company share price by n% by a specified date
- Increase in total shareholder return value
Tip #2 – What is going to be dominant value proposition?
Here the company chooses the value proposition which will help it to scale the markets. The three value propositions as defined in the book: “The discipline of market leaders: Choose your customers, narrow your focus, and dominate your market” are as follows:
- Customer Intimacy
- Operational Excellence
- Product Leadership
Tip #3 – What are going to be the key financial strategies?
Here are the three key financial strategies that company defines namely:
- Revenue growth
- Asset utilization
Every organization needs to dedicate sufficient time and effort into devising strong financial strategies for moving ahead.
Tip #4 – What are your primary customers related strategies?
‘Customer is the king’ and without any doubt the end customer is the primary focus for every business. Your organization should strive hard to:
- Add new customers and retain the existing ones
- Increase in revenue earned per customer
- Reduce cost incurred per customer
Each one of these strategies demands sufficient attention from your company. However, your choice of value proposition will define how much focus you decide to give to each one of them.
Tip #5 – Make a suitable plan for your learning and growth strategies
This step is all about identification of skill and learning gap and making every possible effort to bridge the same. There are three primary learning and growth areas:
- Information capital – How well the company makes use of various databases, files, networks and other information systems to gain an edge over competitors.
- Human capital – The economic value derived from investment in increasing the knowledge and skills of the employees of the organization.
- Organization capital – It refers to the capability of an organization to connect the corporate goals with individual employee goals.
It takes a lot for successful strategy mapping for fetching reliable insights for trade analysis. Organizations willing to go new heights ought to make use of the same to scale new heights and outperform their competitors.
A career in Business Analysis could be lucrative and all you need to do is seek professional Business Analysis course.