Tag Archives: Growth
Benchmarking is a systematic tool that allows a company to determine whether its performance of organisational processes and activities represent the best practices.
Benchmarking models are used to determine how well a business unit, division, organisation or corporation is performing compared with other similar organisations.
A benchmark is a point of reference for a measurement. The term 'benchmark' presumably originates from the practice of making dimensional height measurements of an object on a workbench using a gradual scale or similar
The term 'benchmark' presumably originates from the practice of making dimensional height measurements of an object on a workbench using a gradual scale or similar tool and using the surface of the workbench as the origin for the measurements.
Traditionally, performance measures are compared with previous measures from the same organisation at different times. Although this can be a good indication of the speed of improvement within the organisation, it could be that although the organisation is improving, the competition is improving faster...
FIVE TYPES OF BENCHMARKING
- Internal benchmarking (benchmark within a corporation, for example between business units)
- Competitive benchmarking (benchmark performance or processes with competitors)
- Functional benchmarking (benchmark similar processes within an industry)
- Generic benchmarking (comparing operations between unrelated industries)
- Collaborative benchmarking (carried out collaboratively by groups of companies (e.g. subsidiaries of a multinational in different countries or an industry organisation).
Whether you’re starting or growing your business, you need a business plan.
Your plan will provide the roadmap to achieve the success you want. The question shouldn’t be IF you write your plan, but how to write a business plan that will take your company where you want to go.
In its simplest terms, a business plan is essentially the answers to a comprehensive list of questions.
The first and most important question is this: where do you want your business to go? Stated differently, what do you want your business to look like in three, five or even 10 or more years? What level of revenues and profits do you want to have at that time? How many employees? How many locations? And so on.
Likewise, your business plan should answer these questions for a shorter time period, particularly one year. That is, what are your business’ goals for the current year, and what must you accomplish to make the year a success.
In answering these business planning questions, you naturally have to answer questions pertaining to each of the core business plan sections as follows:
The world of work has changed. Successful organisations know something others don’t: slow, steady and consistent no longer win the race.
Competitive businesses today are fast, flexible and – most importantly - agile.
They create fewer obstacles to responding quickly. They take unpredictable, dynamic market trends in stride. They sidestep when necessary to keep moving forward because they’ve built a workforce based on a non-traditional model that is adaptable, fluid and responsive. They adopt simple, cost-effective processes through which they manage a workforce that is both connected and autonomous.
Competitive businesses today are fast, flexible and – most importantly - agile. They create fewer obstacles to responding quickly.
They take unpredictable, dynamic market trends in stride. They sidestep when necessary to keep moving forward because they’ve built a workforce based on a non- (more…)
Six reasons why information systems are so important for business today include:
1. Operational excellence
2. New products, services, and business models
3. Customer and supplier intimacy
4. Improved decision making
5. Competitive advantage
The emergence of a global economy, the transformation of industrial economies, the transformation of the business enterprise, and the emergence of digital firms make information systems essential in business today.
Information system is a foundation for conducting business today. In many businesses, survival and the ability to achieve strategic business goals is difficult without extensive use of information technology. There are six reasons or objectives why businesses use information system:
Operational excellence. Business improve the efficiency of their operations in order to (more…)
There comes a time in the lifespan of every organisation when the price to stay the same outweighs the price to change; when the old ways of working are no longer sufficient or get in the way of growth.
It is at this time that organisations, no matter their size, must examine the best organisational design for continued success.
Moving from startup to established business, pursuing new markets, or assimilating a newly acquired company all represent an opportunity and a challenge for leaders.
When organisation design is mentioned, many leaders minds quickly jump to the organisation chart — the “boxes and wires” of an organisation. While this is one of the more tangible, visible parts of organisation design, the process is about so much more than moving lines on paper, as simply changing reporting relationships rarely has a lasting impact on the way a company functions.
In fact, you should leave the organisation chart until the end of the design process.
Good organisation design establishes new ways of operating, of relating to one another, of getting work done; it is fundamentally about using the architecture of the organisation to translate business strategy into operational reality. And while this can feel daunting, creating a strong organisation design does not require an army of consultants. An advisor with skills in this area can be useful but is not required if leaders understand the basic components of organisation design. Those components include:
During the lifetime of any organisation, it may from time-to-time require the support of an external business advisor, consultant or coach – but what is the difference and how can they help?
There’s a certain amount of confusion in the business community about these three roles. Ask ten people, and you might to get ten different answers.
Here is just one set of definitions for you to consider.
Change is a common thread that runs through all businesses regardless of size, industry and age.
Our world is changing fast and, as such, organisations must change quickly too and be agile in the marketplace they operate in. Organisations that handle change well thrive, while those that do not may struggle to survive.
The concept of "change management" is a familiar one in most businesses today.
But how businesses manage change (and how successful they are at it) varies enormously depending on the nature of the business, the change and the people involved. And a key part of this depends on how far people within it understand the change process.
One of the cornerstone models for understanding organisational change was developed by Kurt Lewin back in the 1940s and still holds true to some extent today. His model is known as Unfreeze – Change – Refreeze, which refers to a three-stage process of change.
However, some 70 years on, the model may appear dated to today's agile organisation because, by its very nature, 'refreezing' isn't appropriate as change is an everyday event and the 'refreezing' of processes and mindsets goes against their culture and business model.
To download an explanation of Lewin's model, click on the following link: Lewin's Change Management Model