Our team decided that this week was a pivotal week for us, we were sitting on a reasonable SHV for our company relative to the rest of the class however we are well off of our goals that we set in our initial strategy plan. This was our main problem for the week, we were not even close to achieving our goals that we had set ourselves for this week. A problem like this is not easy to analyse, as none of us have ever really done a simulation like this or been this involved in the business world to this depth it is hard to fully understand why we are not growing as fast as we would like too.
As i said in my journal from last week and also as last weeks readings stated it is important to learn from your mistakes and then use this new knowledge to grow your business. We again tried to analyse our business from top to bottom however also keeping in mind not to over think anything. Two of our team members went over the whole budget and the rest of the finiancials which really helped us to see where we could cut costs and improve the balance sheet for investors, someone else was reading over certain parts of the mikes bikes manual to ensure we were performing some of the more critical tasks the right way. From this analysis of our business model we think that we have made some key changes to the way we do things in order to help us succeed in the future.
This weeks reading "Is your growth strategy flying blind?" really aligned with how our team went this week. As we stated earlier with only 3-4 weeks left in the simulation we sat down and analysed how we can achieve at laest some of our more basic goals in terms of SHV etc. The reading says to grow your business you need to "identify microsegments of customers, geographic regions, and products wiht the strongest market momentum.." this is what the two people who rad the manual back to front focussed on. By knowing the market responses to different facets of each bike they were able to establish what we should be spending on PR & Advertising etc for each bike and also the best areas to advertise in. Being able to do this should allow us to focus on the market and who is actually buying our bikes.
Based on the work we put in this week im hoping that we should be able to make a big chunk into achieving the goals that i have talked about.
Baghai, M., Smit, S., & Viguerie, P. (2009). Is Your Growth Strategy Flying Blind?. Harvard Business Review, 87(5), 86-96.