5 Ways to close the Strategy to Execution Gap

The Harvard Business Review has suggested ways to bridge the gap between the corporate strategy on paper and its actual executing. Organizations such as PepsiCo, Apple, Haier and Amazon have done this extremely well. First of all, these organizations must agree to a certain identity which it will follow across the board. An honest attempt must be made to execute the strategy on an everyday basis. The company culture must be put to use at the workplace. Cutting down costs may not seem a very glamorous idea, however in the long run, it does work. Finally, firms must look towards the future of the industry and shape their own futures at own terms rather than being reactionary.

Don’t turn your sales team loose without a Strategy

Sales must be seen as a process, yet firms often in the rush to increase numbers allot discounts without heed to long term plans. To avoid this slapdash nature, some firms have developed a Strategic Deal Profile which provides guidelines and parameters which the sales force can use during direct dealings with customers. Alphatech is one such company which has bridged the gap by creating this proper long term corporate strategy to drive sales in concerted manner. Firstly they identified good customers who would be loyal to the firm. The sales processes and incentives were then streamlined across the organization. Crucially, the strategic deal profile was to be followed which included- a common language used by sales representatives, the attachment of value to each product and pricing policies. Discounts can only be fixed within the process and not ad-hoc.

How to change the 8 bad business habits before they break your Company

Certain undesirable habits have been identified which in the long run destroy organizations. The first of them is poor communication skills within the firm and with the external world. An effective CRM must be built to tackle this problem if it exists. Talent recruitment is a major failing for many organizations, thus firms must be clear about the kind of requirements they have. Keeping track of inventory is essential and thus inventory management systems must be embraced. Also the top management needs to be in touch with team finance as not doing so has may have severe repercussions. Data must be protected at all costs and leaking of the same will lead to rivals gaining undue business intelligence. Firms must also be careful to offer products which have market value and relevance. A bad habit afflicting several organizations is a lack of flexibility towards annual plans. Finally a point often ignored, but crucially sound health habits can have positive impacts on employees at the workplace. 

10 Ways how Digital Leaders outperform their Competition

Management consulting giant PwC has identified ten ways in which digital leaders can defeat their industry rivals. The CEO needs to take ownership of this aspect and encourage the entire firm to digitize rapidly. An effective digital based corporate strategy must be set by the top management before plunging in. This must include a timeline based roadmap. The team working towards this digitization drive must be continuously engaged. Strategy based ideas must be circulated and shared across the work team. External experts must occasionally be roped in to provide unbiased industry views. Data based business analysis must be conducted frequently to assess the existing and predicted trends. This measurement has to be conducted consistently. To achieve all this cyber security has to be given top importance.

The Value of Culture Shock in your Multicultural Marketing Strategy

Culture shock is often associated with the feeling of disorientation at experiencing something one is not overtly familiar with. As part of the marketing strategy in today’s multicultural work environment, it is essential that organizations understand other cultures and incorporate in their respective strategies. Cultural norms may be separate for different regions and one such example is the usage of phrases invoking apology or gratitude. In the USA, an explicit ‘thank you’ is necessary to imply politeness whereas in a more high-context culture such as that of Spain, non-verbal gestures are given high weightage. As part of any organization’s marketing corporate strategy, it must also be understood that one’s preferred mode of communication need not always be ideal. A written agreement is binding in the USA, but may not be in the UAE, while verbal agreements are considered sacrosanct in Japan.