For any business to take shape, frameworks and standards of business are mandatory to get things done. Without planning, administration, and right investments- return on investments and profits are far from the reach. The necessary steps to implement the strategy frameworks are choosing a right framework, application of the framework to the goals, and reviewing of plans against the decided frameworks.
- McKinsey’s Strategic Horizons: There are different horizons under this global strategy and leadership framework. Some of these well-known strategies are:
Core Business- Immediate activities related to revenue generation fall under this category. For example, day-to-day activities like marketing, selling, and servicing for customers and products which add actual revenue to the bottom line.
The Emergence of Opportunities- Opportunities are to be grabbed by its head and taken advantage of by penetrating those markets you are not for new revenue models. New product lines have to be launched with an expansion of business into new geographical areas.
Blue Sky- When you head out into new horizons, chances are you may encounter unprofitability for some time, which is a given. This encompasses pilot programs and research projects along with significant investments that they may require.
Having people/strategist adept in complete business principles is a boon. Especially a person with a business strategy certification.
- Value Disciplines: This appreciates the assumption that organizational excellence is what companies like to follow as their global strategy and leadership standards. The pillars of discipline, such strategy is dependent on are:
Operational excellence- Dell, Wal-Mart, RyanAir, EasyJet, and Federal Express are the followers of such standards. They try to eliminate errors and focus on streamlining processes to the maximum.
Customer intimacy- Companies based on such strategies take steps to ensure one-on-one solutions are developed to create a long-lasting relationship with customers. Staples, Frito-Lay, and Kraft are proponents of this strategy.
Product leadership- Innovation and breakthroughs in products mark the standards of followers of this global strategy. New products are smaller, faster, and cheaper. This philosophy is followed by Philips and Apple.
To commit to higher and higher standards of value disciplines, hire people with a business strategy certification emphasizing greatly at skills related to these parameters.
- The Balanced Scorecard: The theory of this strategy hovers around 4 quadrants which are:
Customer- Improving customers’ experience and satisfaction is the prominent feature of this strategy. The origin and end of every planning, implementation, and brainstorming revolves around the customers.
Financial- Liquidity and margin must be improved as Key Performance Indicators (KPIs) for companies and as an improvement factor for the bottom line of companies.
Internal business process- Improvement and streamlining of business processes internally to serve better to give greater customer experience and improved end-user satisfaction.
Knowledge, education, and growth- Training, learning, and development are important instruments to capture knowledge and expand it.
Not to forget, companies which are pursuing these quadrants must have people on board who can help with the implementation, certainly, an individual with a business strategy certification specialization in the balanced scorecard quadrants.