An Executive Summary of Simple Strategy Simply Said by Robert Murray
Prepared by Jordan Gabriel and Maria Kosinevska, Hogg, Shain & Scheck P.C., CPA Students
The seminar presented by Robert Murray focused around the development of a simple and easy to understand strategy for organizations, including values and benefits it can bring to your business.
Importance of Values
- Create a strategy that encompasses your organizational values
- Evaluate the values of current and potential employees to ensure they are in line with your organizational values
- If an employee and organizational values do not align, the employee should be asked to leave
- For every wrong hire, it costs 2X their salary to replace. What makes an employee highly engaged?
-They are praised recently and frequently for quality work. They have opportunities to learn and grow
-Their opinions count at work
-Their colleagues are committed to quality work
Employees come first, then your clients – because your employees are the ones serving your clients, according to Richard Branson, Virgin Mobile. By appreciating skills and values of employees, they should be highly motivated and engaged in your workplace.
The Strategic Compass
- In determining a strategic direction, companies need to understand not all points on the compass can be the point of focus.
- To build an effective strategy, pick a point on the compass and become great at that direction.Example: companies such as Apple, Google and Intel have established their point on the compass as Innovation.At HSS ours is Customer Experience.
Creating an Effective Strategy:
1. i) Create your Strategy by determining where you came from and where you want to go
ii) Vision has to be practiced every day to be brought to life
iii) Vision helps organizations move forward ONLY when every member of the organization understands the vision
2. Think 3: Ensure you have 3 strategies or less. For example; Always incorporate the culture of the organization
i) Fix a weakness
ii) Maintain and develop a strength
iii) Enter a new market
By creating 3 strategies or less, you are 84% likely to achieve. For more than 3 strategies, you are 17% likely to achieve.
Execution: The Disciplines of Getting Things Done
Determine the most important organization goals Ø All goals must have a start and a finish line
- Leading Measures vs. Lagging Measures
To get things done and engage teams, focus on leading measures
- Develop a Scoreboard
Great teams know at every moment whether or not they are winning
Set up a regular cycle of governance
- The Importance of Communication
Take the time to ensure your employees understand the company’s vision,together with the part they will play in executing the strategy
Leaders need to blend culture with strategy and have an action plan for execution. Take personal responsibility for “Walking-the-Talk” by leading by example. Culture eats strategy!
Would you like a copy of Robert’s presentation? Are you interested in learning more about strategy and leadership? Please contact us.