Having a purpose is important. If you don't have one, then people make assumptions as to what is important and focus on that.
With every project, there are two broad focuses: value creation and project administration. Many businesses often sacrifice significant value creation in preference of placating the internal process auditor!
Here’s the punch line: think of corporate renewal as proactive business turnaround.
Effective execution through strategic alignment.
How you treat it determines its performance.
Many organisations have a list of values, often highlighted in fancy frames on foyer walls. It seems only a small percentage of workplaces have shared definitions of their values and even less have determined the behaviours that can be measured in order to ensure the day to day living of values.
Enron, WorldCom, Tyco, and HIH Insurance executives in jail. These are the headlines and the key business stories of today. Aggressive accounting procedures. Corporate governance. Business honesty. Corporate reputations being destroyed. Share prices dropping at the first hint of any financial shenanigans. These are the topics that keep Board Directors awake at night. And they all relate to one critical management subject - the Corporate Image.
Many businesses use Key Performance Indicators (KPIs), and many managers agree that KPIs are an important element of sound management practice. But how do you choose and implement KPIs in a way that will take your business where you want it to go?
Mission statements have had a bad press in recent years. They should be exciting, visionary and meaningful. They should motivate your staff.
The primary focus of many businesses is shareholder wealth. The drivers of this (I don’t believe they deserve to be called leaders) fail to understand, or perhaps choose to ignore the fact that, shareholder wealth is one of many possible outcomes of good business practice, not a reason for being in business.
No matter how much desire you have for change and innovation, if you don't develop the capacity of people's business literacy and project management, you will be spinning your wheels.
Setting goals, while relatively simple, must be done correctly to ensure success. If you desire success you must commit to learning the correct techniques that will guarantee achievement. While it is impractical to attempt thorough explanations here, following are some starting points.
Strategic planning is a powerful tool to provide a focus for the few key things that an organisation must do in the next few years. Strategic planning must also be able to add value to the activities of that organisation.
The management of most organisations is driven mostly by ‘budget considerations’ and, to a far lesser extent, by ‘business practices’. However, although these issues should be reversed in terms of importance, there is something far more powerful than both and it is rarely discussed.
True leaders are visionaries. Leaders provide direction and bring about change. Leaders not only directly affect financial markets and the fortunes of other stakeholders but also the careers of their people.
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