Business Strategy Navigation 2009 – Part 3
July 23, 2009
Welcome Back. We've got lots of in depth business strategy to share with you today.Right Now: Current Reality Assessment
As Magellan gazed at the mouth of the waterway to bear his name, he had a choice. He could worry himself blind about the future; turn left and take the (safe bet) long route; stab blindly into potentially vicious waters; or take stock of his situation and make an educated guess. Fortunately, he chose the last. The first step in business strategy is similar: confront reality. Kaplan and Norton say it well: “Merely slapping performance measures on existing processes may drive local improvement but is unlikely to lead to breakthrough performance for the entire organization.” Your “existing processes,” mindsets, and goals must be assessed before strategy can begin. Without knowledge of your company’s present situation (or “current reality”), movement from that situation is arduous, if not impossible.
Elements to consider in your current reality assessment include:
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Determine the key performance metrics
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Determine where business performance is weak.
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Assess where you are strong.
Tomorrow we’ll continue this discussion with Setting Objectives.
Strategically Yours,
Bob
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