I have found that in developing Strategic Business Plans, it is critical to incorporate the concerns and requirements of customers, suppliers, and other key stakeholders. An important role of leadership is to constantly monitor these key stakeholders to obtain and update information about their changing requirements and expectations. This information will enable your business to be proactive in adjusting the strategic positioning of your company. The next challenge is to create an environment in which innovation and flexibility flourishes underpinned by a motivated and committed workforce.
Corporate governance is also a challenge which businesses face today specifically on delivering value for all key stakeholders and is a strategic commitment of all management. To be an effective business you require an effective structure with systems, policies and procedures when combined will underpin the direction a business takes. It will also develop a framework of accountability for all decision-making processes including a means of communicating outcomes to all shareholders, employees, and statutory authorities. Corporate governance ultimately delivers a robust and structured business.
There is no doubt that the powers of technology has presented incredible opportunities to more than compete on the world stage. This coupled with Australia’s ability to innovate and make the most of our low volumes has really set a springboard for great optimism of success for those working with an effective ‘Strategic Business Plan’.
Technology today has presented business with a means of extending growth and profit strategies in the market it deals with and can extend to through targeted vision and commitment. Technology is not merely about what we normally think about relative to equipment but everything else that extends the powers of the operation over the market environment.
Business now has technological powers that are infinitely more extensive but can be more complex. The challenge is to strategise how both of these elements can be balanced to bring about sustainable improvement to the business and provide you with a uniqueness that sets you apart from any opposition.
Technology if strategised properly will assist your business survive in a most challenging and volatile marketplace. If adopted properly and economically will develop a sustainable growth and profit pattern. However, you must keep in mind that your synergistic capabilities must also be strongly considered when making an investment in capital, underpinned by an effective risk management assessment.
The business environment today is being modifies much more rapidly than in the past. You can see that the pace of change is breathtaking. And this rate of change is accelerating which will demand management being proactive in a best practice way, with a unique ability to benchmark what the successful companies around the world are doing. There is simply no time to re-invent the wheel. In fact there is no need to re-invent the wheel.
Business today is in the midst of an industrial revolution which demands the communication and implementation of best practice/lean principled concepts. There are plenty of opportunities that exist in newer industries which look to reduce fuel usage, lower the weight of components, look for alternative materials, and consider investing in new innovative proprietary products.
There is so much to be said today for considering joint venture agreements, licensing agreements, technology agreements or even acquisitions.
If you own a world class technology but are struggling for capital to commercialise it, then strategise to license the technology on an annual basis with negotiated royalties on each unit sold.
While there are new industries enjoying rapid growth, there are also those who, through tunnel vision are flagging, and unless they quickly change their strategic thinking are doomed.
We are in a time of mass production and mass consumption and in order to maintain this demanding flow business leaders need to be ahead of the pack knowing that technology now transcends international boundaries.
We all see the rise and rise of China. They are known for internationally low prices. But in my many trips to China, I have become more aware that if Australia gets all of the basics in place we can be more than competitive. I have always said, let us respect China but not be intimidated by them. They have an under-valued currency and with their internal growth, it will soon be extremely challenging for them to maintain internal supply let alone to the rest of the globe.
In our mass production/mass consumption age, individual companies will not reach their true potential by themselves.
But we will reach true levels of international competitiveness by collectively exerting our influence, capabilities, technology and innovation. Working together in effective partnerships/collaboration through industry representatives, governments, unions and other best practice companies.