Chris Moore: Developing Coherent Strategy in Turbulent Times
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The document discusses developing coherent strategy in turbulent times. It notes that the current environment features changing times, globalization, low barriers to entry, commoditization, consolidation, instability, and increasing buyer power and technology. It then discusses defining a strategic framework, refining the business model through experimentation, measurement, and learning from experiments. It advocates for a "lean strategy" approach of empowering local experimentation within strategic boundaries to explore innovations and market trends, using metrics to learn from customer feedback and market data, and revising strategies based on learning. The overall message is that a clear strategic perspective allows organizations to effectively learn and adapt rapidly for competitive advantage.
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- 1. Developing Coherent Strategy in Turbulent Times Chris Moore, MD Specialist Language Courses www.specialistlanguagecourses.com
- 2. The times they are a-changin’ English everywhere Low barriers to entry Commoditisation Market Consolidation Political and economic instability Buyer power Technology
- 3. So, how to survive… and thrive? Entrepreneurship without strategy leads to chaos. David Collis, Harvard Business School Entrepreneurship is the pursuit of opportunity beyond resources controlled. Howard Stevenson, Harvard Business School
- 4. What is strategy? Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different. - Michael Porter If you don’t have a competitive advantage, don’t compete. – Jack Welch
- 6. Growth opportunities - the Ansoff Matrix
- 7. The value proposition canvas
- 9. The essence of strategy is choosing to perform activities differently than rivals do. Michael Porter
- 10. What does strategy do? BUT.. Articulates a viable growth opportunity for an organisation to create and capture value. Enables an organisation to stay focused on the prize. Aligns people, resources and activities within an organisation. Allows an organisation to make the necessary commitments and create processes to make it real.
- 11. “Everybody has a plan until they get punched in the mouth.” Mike Tyson
- 12. Strategy breakdowns Internal • Saying Yes to opportunities outside the strategic framework • Strategy is not clear or clearly communicated to everyone • Company depts are not aligned or on-board • Momentum fades - ‘too busy’ culture, BAU • Early failures, unwillingness to iterate and change External • Competitors copy you • Disruptive products or models emerge • Consumption patterns change • Politics!
- 16. Define the strategic framework • Strategy owner/manager • Articulate and communicate it • Align people and resources • Commit
- 17. Refine the business model
- 18. Lean strategy 1: Experiment • Empowered local experimentation • Explore innovations within strategic boundaries • Predict change • Keep ahead of market trends
- 19. Lean strategy 2: Measure • Strategy provides a framework for… • Defining metrics • Talking to customers proactively • Getting the right data • Interpreting your market feedback • Responding effectively
- 20. Lean strategy 3: Learn • A clear strategic perspective enables organizations to effectively learn from experiments. • Organization then builds new internal capabilities • If necessary, revise the original strategy. • Then the process begins all over again. An organization’s ability to learn and translate that learning into action rapidly is the ultimate competitive advantage. – Jack Welch
- 21. Lean strategy: review • Review process – who, what, when, how often? • Success/fail/change – what are the metrics? Are they the right ones? • What’s in the way? What do you do about it? • What do we do now? • How do we communicate this?
- 23. Chris Moore chris@specialistlanguagecourses.com www.specialistlanguagecourses.com Thoughts, questions, feedback?
- 25. Who are you customers – empathy maps