Diversity of competitiveness in today’s market scenario makes it difficult to become an all-rounder in all facets of business. And with new ventures that is a requirement to wear multiple hats! However, the focus should be targeted towards creating your own niche without compromising on key factors. We shall be touching upon critical aspects for setting the correct goals and further translating it into actionable points for all the team members on ground.
1) Shifting the Business Paradigm
The most important part is creating breakthrough experience, which allows the organization to shift from the current business paradigm and embrace a beneficial change. The concept of Blue Ocean Strategy, which involves creating an uncontested market space and makes the competition irrelevant, can throw good insights on the same. The identification of an opportunity which will help in adding value to the organization and demarcating how its offerings will be unique for the customers. Negating the competition gives a massive scope for continuous improvement.
2) Identify the True Potential
It helps in identifying and lining up the organization’s strategic goals (short term as well as long term). This step helps in prioritizing the focus directed towards a particular direction. Identifying true potential can mean defining the organizational value proposition in terms of the customers’ needs and wants. This is crucial not only to avoid another Kodak and Nokia of future but also to be of relevance in current scenarios. This path would be in alignment with the vision and mission of the organization.
3) Goal Setting Exercise
Goal setting in an organization acts as a key driver to motivate the team members and stake holders as well building a healthy culture. It acts as a light house guiding organizations to steer well against the tide and emerge as market leader to achieve exponential growth. The process of goal setting is a preliminary step and requires thinking of a company on a journey toward a specific destination. It will align all the key stakeholders and facilitate organization to find ‘The True Path’.
4) Getting the Linkages Right
Policy deployment acts as a foundation stone and ensures that all the three layers (strategic, tactical and operational) of any organization are in proper alignment with the goals. It helps in determining objectives of an organization and cements all functions together. To deploy the policies in an organization, it should be able to define broad level strategies and micro plans to achieve these goals. These steps gives clarity in terms of objectives for the real value adder on the ground and linkages can be built within various layers. The concept of LightHouse exercise is a simple yet powerful tool for getting the linkages right!
5) Regular reviews
Due to the changing dynamic forces of market place, the goal setting & deployment process should be accompanied with a robust review mechanism. It assists in assessing if the teams are progressing and moving in the right direction. This could be a potential answer to one of the most serious issues concerned to prioritizing. Asana has emerged to be an effective collaboration and task review tool. Regular reviews act as foundation for a transparent and objective performance management system for teams and individuals.
These steps will help in considering all the major business aspects that affects business and helps in achieving goals. There is a necessity of a strong fabric, which bonds the team together so that they work in unison with a strong vision and mission.
Written by: Faber Jalay Pandya
Faber Jalay Pandya is Director and one of the founding partners of Faber Infinite Consulting (www.faberinfinite.com), with operations in Asia Pacific, Africa & Middle East. He holds a masters degree in Marketing Management with his 1st degree being in Engineering.
This article was originally published on Enterperneur.com. Original link available – here
