Using the traditional strategic-planning model, managers attempt to forecast how markets will evolve and competitors will respond, and then define a multiyear plan for winning in that future state. The organisation is then called upon to execute that plan. Performance is routinely monitored, ostensibly to keep everyone on track. That approach worked well when markets …
Continue reading Forego Strategic Planning in Turbulent Times?
For most of the last 15 years, capital has been cheap. Since the 2008/9 final crisis the cost of borrowing has been very low. All that changed last year, when the world’s central banks began raising interest rates to curb rising inflation. As seen below, whilst in previous years, a 10 year Malta government bond …
I many times feel sorry for many business leaders who get a sense of entrapment between a rock and a hard place. They feel so because on one hand they realise that they need to constantly transform their organisations to make them more resilient, more efficient and more responsive to changing consumer preferences, whilst on …
Continue reading Can businesses transform & change, during a tight labour market?
If there is a topic which family businesses like leaving on the back burner, that is succession planning. A research article just published a few days ago explains why. This research article (click HERE to read it) concludes as follows "While the need for succession planning and plan preparation is clearly expressed, no steps are …
Continue reading Succession Planning – The Back Burner Resident
There seems to be a new wave of thinking, that in essence believes that businesses should move away from strategic planning and budgeting, as by doing so they are stifling innovation. I find this thinking to be complete hogwash. Strategic planning and innovation actually move hand in hand. They can help consolidate a company and …
It is invariable true, that the hallmark of any great SME or family business is an overriding culture of empowerment i.e the ability for team members and employees to make decisions which in turn enhances motivation and contributes to higher levels of performance and well-being. The other side of the coin is that it gives …
In the digital era, how firms create and capture value has changed profoundly. But most SMEs and family businesses aren’t keeping up. Various published research show that SMEs & family businesses leave at least 50% of potential digital value or more on the table, compared to leading and larger firms. So how can SMEs & …
I keep meeting family businesses and SMEs that seem to be stuck in some sort of time warp. The reality around them has changed but they did not. Then they act surprised as to why clients are not flocking to them as they once did. Every interaction between a company and a customer is an …
More than talking, listening is of paramount importance when leading. Moreover, when uncertainty is high, knowing where you stand — and learning about your mistakes while there’s still time to fix them — is more important than ever. To be able to adapt to changing conditions and ensure that your team continues to feel supported …
The business environment is materially changing from the economics of the ‘80s and ‘90s and the 20th century. The fundamentals of accepted business practice was based on competition, which then influenced business vision, strategy and decision-making. Businesses were built like machines with various silos each fulfilling its own function. The change brought about in the …
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