Businesses are driven by dreams and ambition. An organisation’s competitive future is built by setting and aligning goals, which should happen via a sustainable path to achieve Excellence in Management. To accomplish this there are these 8 essential steps:
First, the business’s ambitions for the next 3 to 5 years must be defined. What does the company want to achieve? What changes are needed to improve current results? By answering these questions, strategic initiatives are prioritised to realise the ambitions.
Second, establish a governance framework to achieve the company’s defined ambitions. That is, define each person’s responsibilities in the process of strategy elaboration and implementation.
The third step is the search for evidence to sustain the ambitions. These are analyses of stakeholders, market, and value chain, amongst others.
During the fourth step, productivity, the expected deliverables are defined. This is the moment to list structural projects and create the annual book of goals for the business.
The fifth step addresses technical quality. The question in this phase is: Is our team capable of delivering the expected strategy? The team’s management maturity and technical knowledge should be analysed and evaluated.
The sixth step brings discipline. The planned actions and strategies must be implemented. A formal follow up routine is implemented to frequently check the plan’s progress, comparing actual results to targets and the progress of projects, as well as the status of all actions arising from the action plans.
In the seventh step, the return on investment of each initiative is evaluated, identifying their financial impact and holistic contribution to the business’s ambitions.
The eighth and final step, accountability, ensures the company’s regulatory and policy compliance. The details of the strategy’s communication to all stakeholders are also defined at this stage.
Are you ready to achieve Excellence in Management?