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Strategy Implementation

Strategy Implementation. Internal Planning to Meet Strategic Objectives. Problem. Wells Fargo Mortgage Unit. Repeat customers and one stop shopping for all financial services. 7% increase in revenues. Interest rates are increasing slightly and refinancing is unlikely.

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Strategy Implementation

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  1. Strategy Implementation Internal Planning to Meet Strategic Objectives

  2. Problem • Wells Fargo Mortgage Unit. Repeat customers and one stop shopping for all financial services. 7% increase in revenues. Interest rates are increasing slightly and refinancing is unlikely. • What is your tool(s) to increase revenue?

  3. You are a production manager • Need to increase production capacity 10% with no new employees. Slaughter house production line. • What is your strategy. • First what are the different ways to increase production? • Keep in mind you could also have been expected to worry about food quality/health. Different strategic goal.

  4. Definition • Planning a decision making process that focuses on the future of the organization and who it will achieve its goals

  5. Types of plans • Varies as a function of level in the organization and time frame • Strategic—discussed already • Tactical translates strategic plans into specific goals for different parts of the organization. • Operational plans—translates tactical plans into specific goals for smaller units.

  6. Top down control of organizations

  7. Book views it as a step process Decision making heavily framed with strategic plans. Skip analyze environment (more strategic planning). But getting information is important for all decisions. Set objectives criteria as information for determining requirements. 5% revenue growth for a division of the firm. Lots of ways to get that. Examples? 5% increase in market share. Different focus leads to different requirements or options.

  8. Determining Requirements • What are the basic processes we will use to us from here to there. Listed them earlier. Which ones are right. Information is important here. What have other firms done to….. (benchmarking). • What is the weakness of the competitors product/situation. How do turn this into an opportunity. • Predatory pricing and bank?

  9. Assess Resources • What is available and what is required to meet objectives? Money, people, resources, connections, training.

  10. Develop an Action Plan • Step process and time frame. • What needs to happen and when. How do you know when it is achieved. • Market share—repeat customers. • What do you need to do to increase it. • What is the plan. Give me one tactical plan—going to take 3 years to complete it.

  11. Lets go with that. • How do we get there in time. What needs to happen and in what order.

  12. Implementation • Gets into leading and talking about that later.

  13. Monitor • Gets into controlling and talk about that later.

  14. The critical element • Translating Objectives into an action plan. • What are we going to do and how are we going to get there.

  15. Goal Setting • Linked to planning • SMART • Specific goals • Measured goals • Agreed to goals • Realistic goals • Time Bound

  16. Add to that • Feedback and support to meet goals.

  17. Cascade effect

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