Vision, Mission and Company development strategy
- Company Development Strategy.
- Company Vision and Mission Developing.
- Strategic sessions.
COMPANY DEVELOPMENT STRATEGY
Research and organizational work in order to work on developing the strategy of the company-customer or its subsidiaries
It is conducted based on the accumulation of data on the status of a company, a holding company, or a market, as well as of the experts team opinions.
It is important that the experts are focused on implementation of developing strategy and forming mechanisms for its introduction into the living tissue of a company.
Forming a strategy is an important and responsible task that the owners and / or top managers of an enterprise are personally responsible of.
Strategic goals resolving determines the company priorities sometimes for quite a long term.
Therefore, strategic errors cost much more expensive than operational errors, even those of the same executives.
Operational errors are easier to notice and quickly to correct.
The process of strategy development should be balanced and thoughtful. The company will require skilled management resources.
Efforts should be spent to collect and analyze information, to determine a set of alternatives, to be check whether the alternatives are viable and attractive.
Strategy development should be based on information from various sources, reflecting:
- The vision and aspirations of top managers and shareholders of the company;
- Global trends in the industry (events in similar industries in other countries over the last 10-20 years, and field development trends in the world);
- Key trends in the domestic market;
- Industry expertise (knowledge of industry experts, including international experts);
- The vision and expectations of the company managers.
An effective strategy must:
- Contain a clear idea of how the company can generate economic benefits (profits) resulting from the planned activity;
- Be a tool to regulate effective interaction of the business parts, in order to achieve success by the whole business;
- Allow the use of emerging market opportunities to improve the company performance;
- Ensure effectiveness of participation in activity by corporate administrative officers.
LiCO consultants propose the following approach to the strategy development:
- Select main activities (directions) or business units in existing company;
- Develop brief concepts for the development of each business unit;
- Develop the first version of the corporate strategy;
- Develop detailed strategies for the business units and the most relevant areas of business;
- Refine corporate strategy based on detailed strategies of business units;
- Develop a detailed plan for implementation of the strategy based benchmarks for periods;
- Create a system of incentives for management, enabling management to achieve the goals;
- Make appropriate changes in the organizational structure;
- Ensure the company's management with resources required in accordance with the approved strategy.
Monitor the implementation phases of the strategy and make adjustments to operational plans.
VISION AND MISSION DEVELOPMENT
Joint efforts of LiCO consultants and top managers of the Customer company to search for the purpose, unique to this one company, for the picture of attainable future, to formulate concepts clear to the staff of the company and to its customers. These actions are aimed to reach cohesion in the actions of employees, the uniformity of their views and the development of positive relationships with customers and partners in the long term.
Vision is one of the basic guidelines in finding strategic alternatives for a long-term business strategy.
Formulating a vision is a key step. Accurate representation of the aspirations of the key stakeholders will help the company's management to properly set the priorities and scope of the necessary research. This stage will also significantly reduce the risk <to be misunderstood> during the presentation of the strategy to shareholders.
Mission is an ideological core of the company, based on which managers make decisions. It is a corporate ideology, values of which the company's employees correspond to, and its philosophy is reflected in their work.
The formulation of the mission is a process that combines creativity, vision of further business development, and marketing analysis. Mission is not just a slogan, but a brief and understandable definition of the meaning of all the activities of the company. It accumulates that energy, which is embedded in powers, calculations and ideas being the driving mechanisms of the company.
The process of developing a vision and mission include:
- situational, marketing and expert analysis;
- search for alternative wording;
- creative process and offer of wording options complete from the point of view of the meaning;
- options discussion;
- approval of the best option, and its completion;
- formation of ways to get the vision and / or mission to the target customers and the company employees.
The work of key executives and the company experts over major elements of the company strategy under guidance and moderation of the LiCO consultants
Strategic session is a process that aims to address the most important challenges of the company development. Before strategy session several tasks may be assigned:
- The inclusion of key employees in the process of the changes initiation and the promotion of their intellectual capacity in order to implement the strategic goals;
- Running and discussion of drafts of strategic alternatives with a view to a comprehensive expertise;
- Coming up of strategic decisions by different methods;
- Solving practical cases in order to train key staff to solve strategic tasks;
- Group analysis of the market situation and market outlook;
- Systematization of disparate expert opinions and their consolidation to prepare administrative decisions;
- Working out of individual blocks of strategy of the company business units or the company itself, that requires teamwork.
Strategic session can be constructed as follows:
- Study of crosscutting case from industry (business game);
- meeting (or series of meetings);
- team building activities;
- panel discussion, moderated ("brainstorming");
- thematic teamwork with the elements of education and / or training to smooth the discussion.