This week I will discuss how our team are working together. I will also talk through what I¿ve thought about in relation to the readings on strategy for this week. I¿ll finish off with a summary on what I can do differently next week.
This week my team came together as a whole for the first time. It was great to get everyone involved in making the decisions together as a team. It was also interesting to see the group dynamic evolve. I believe it is a key part of my role as CEO to ensure that everyone in the team is heard and that they have the best opportunity to put across their thoughts and ideas. Facilitating this within a group can be a challenge so I will continue to work towards this goal in our next team meeting.
I found the readings this week really engaging. I often enjoy reading about different ways to consider strategy. I found the reading ¿Charting your company¿s future¿ to be particularly useful (Kim & Mauborgne, 2002). I think the idea of strategically charting your performance in various areas against your competitors is a really useful idea. I can see how it could be applied by our team to truly understand our strengths, weakness and gaps in the market. I will talk with the team about how and if we may want to use this as part of our strategic planning.
The other readings focused on building business models and finding gaps in the market. I certainly understood the message from the paper on building business models to be one of simplicity (Magretta, 2002). The themes that seemed to repeat themselves were examples of simple business models that understood their market and customer base. Effective execution of these simple business models was also a key theme. Based on what I learnt from this reading I¿m comfortable that our proposed business model meets these criteria. We have a clear and simplistic vision which should hopefully see us gain a good market share as well as high shareholder value. The second reading was about finding a gap or space in the market. I believe that gaps will become clearer as we move through the earlier stages of this game and that those who identify them early will be in the strongest position to enter these spaces. Teams who are success in this area will, so to speak, change the game.
In summary, I will be thinking differently about our approach to strategy next week. I believe the readings from this week have given me an opportunity to take a different approach to how I look at and consider our overall strategic vision.
Kim, W. C. & Mauborgne, R. (2002). Charting your company¿s future. Harvard Business Review, 80(6), 76---83
Kim, W. C. & Mauborgne, R. (2004). Blue ocean strategy. Harvard Business Review, 82(10), 75--84
Magretta, J. (2002). Why business models matter. Harvard Business Review, 80(5), 86--92