Management Challenges In Turbulent Times
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The presentation shows how Micro, Small, Medium Enterprizes can improve their performance and survive in these times of Global meltdown.
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Management Challenges In Turbulent Times
- 2. Excellence unLimited, Rajkot In this highly competitive world, and in Global meltdown situation, Darwinian Principle of “ Survival of the Fittest ” will prevail. It is, hence, imperative for MSMEs to be fit. Also Big fish eats up small fish, if she does not protects itself. Moreover in bad times, Weak is hitted hard.
- 3. Excellence unLimited, Rajkot Individually, MSME may feel weak and Vulnerable, but collectively, they are very strong ! Collectively, they contribute 48 % of total industrial production and 40 % of total exports !! However, in this slowdown, their output have reduced 2 % in current fiscal. More and more units are getting sick. Challenge is, how to regain previous health.
- 6. Excellence unLimited, Rajkot Strategy is about long term future of an organization based on a deep analysis of what a company’s competencies really are and then What is Strategy ? Strategy is undelegable function of top leadership. a creative process of finding external opportunities to encash those competencies to create a competitive advantage.
- 7. Excellence unLimited, Rajkot Tactics, as opposed to Strategy, is near term actions to solve specific problems or accomplish specific goals. What is Tactics ? Its planned and ad hoc actions are meant to meet the demands of the moment. Strategy is designed by leadership , While tactics is actions implemented by management to achieve strategy.
- 10. Excellence unLimited, Rajkot Strengths and weaknesses are internal to an organization, while opportunities and threats are due to external environment. SWOT To fully understand the external environment, one has to analyze it by – PESTLE Analysis and Porter’s 5 Forces Analysis
- 12. Excellence unLimited, Rajkot Porter’s 5 Forces Analysis One has to understand the impact of new entrants, substitute products, buyers, suppliers & competition.
- 13. Excellence unLimited, Rajkot After understanding oneself ( SWOT ) and deciding on where to go and how to go ( VMV ) , the next step is to translate the vision into Strategic Plan . Strategic plan has necessarily 2 components, Short Term and Long Term. Both of these run concurrently. Strategic Plan
- 14. Excellence unLimited, Rajkot The strategic plan is implemented through SMART short and long term goals . Both of these run simultaneously. SMART = S pecific, M easurable, A chievable (with a stretch), R ealistic and T ime bound. The tool to implement Strategic Plan is Balanced Score Card ( BSC ) devised by Kaplan and Norton.
- 15. Excellence unLimited, Rajkot I do not believe you can do today's job with yesterday's methods and be in the business tomorrow. ~ Nelson Jackson
- 16. Excellence unLimited, Rajkot MSMEs have to change their ways to be in business, Both in short term ( tactics ) as well in long term ( Strategy ).
- 21. Excellence unLimited, Rajkot ISO 14001 OHSAS 18001 ISO 9001 etc. TQM, TPS, WCM, TPM, Six Sigma etc. National Quality Awards Based on MBNQA, EFQM and Deming Award Build your capabilities by Systematic approaches . . Tools like 5 S, SPC, COPQ, PDCA, Best Practices Etc.
- 23. Excellence unLimited, Rajkot Wish you all the Best Thank You