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I think all of my team mates would agree with me when I say that from the very first rollover our company has been on a rollercoaster ride. It seems that that our success in one week has always been meet with a downturn in the following. I had a mixed reaction to our results this week, on one hand we achieved a target that we had been trying to reach for a while, but on the other our profit, cash and shareholder value all plummeted. I feel like my team and I are continuously going around in circles. Don’t get me wrong we have certainly identified WHERE we have gone wrong in our past decisions, but I feel like our problem is that we don’t really learn from our mistakes.


Baghai, Smit, & Viguerie (2009) talk a lot about growth strategies and strategic direction, but it has dawned on me this week that we never established a sound business strategy as we were too occupied in trying to enter numerous markets. If Peter were to ask me what our strategy is, I wouldn’t really know what to say. Was this where all of our problems started? It makes sense that without a clear goal and an action plan, we would focus more achieving short term success. Our spending allocations have never really been wholly justified and most of the time we have spent our cash with just the upcoming rollover in mind. Thinking back to the financial decisions that I made the week before last and I can see a pattern that has re-emerged this week which means that I have failed to carry out my proposed actions. I have once again been too naïve and not assertive enough in my budget limitations as CFO because of my lack of confidence and desire to keep my team happy. After reading the article by Thomas (2006) I’m beginning to realise the importance of seeing Mikes Bikes and all its interconnectedness as a whole, and not just from my CFO point of view. At the end of the day, I’m not fazed by the fact that we‘ve made mistakes as from the very beginning my team has always been a very learning-orientated one. However what does concern me is that i/we seem to make the same mistake multiple times. This leads me to question whether or not I actually learnt from my mistake last time, or whether I just saw it as a wee hiccup along the way.


Heading into this next week I know what I have to do to help my team improve. Vigorous analysis of our financial plans and various other reports is needed so that I am able to go into our next time meeting as prepared as I possibly can. Sitting down and honestly discussing what our strategy will be for the rest of the semester should “highlight a need for significant changes in how the company allocates resources, deploys people, and reviews results” (Baghai, Smit, & Viguerie, 2009 p.88) and hopefully see us heading on the right track.  As we have now been taken over by a company that has consistently done relatively well, I believe that there is a lot I can learn from my parent company’s CFO and I will be drawing on their advice. 

 

References:

Baghai, M., Smit, S., & Viguerie, P. (2009). Is your growth strategy flying blind? Harvard Business Review, 87(5), 86---96.

Davenport, T. H. (2006). Competing on analyticsHarvard Business Review, 84(1), 98--107.

2 Comments

  1. Hi Tayla,

    Firstly on the note that I'm suppose to comment on my previous feedback given to you in week 4, I was unable to find any feedback given on your week 4 journal. So sorry for not being able to comment on that aspect.

    I found your journal interesting and I can relate to a lot of the experiences and difficulties you have expressed. I thought it was effective how you outlined what you thought was your teams main problem of a lack of strategy and clear direction from what I gather. The journal gives good insights and thoughts about your problem and touches on the later aspects of Daudelin's stages for effective reflection. 

    However I think It would have been more effective to incorporate and relate the readings to your situation and problem then try to draw on potential solutions that you and your team can work leading into the next weeks roll overs. 

     

    Over all I thought it was an effective learning journal. Good luck for the remainder of the semester.

  2. You are clearly following Daudelin's structure for reflection and you are even reaching the higher levels of Bloom's taxonomy of learning through integrating your own experiences with that in both readings. I found your piece concise and personal and very difficult to fault. Even though your team may be having a hard time- you aren't with the journal. I like that you questioned "whether or not I actually learnt from my mistake last time, or whether I just saw it as a wee hiccup along the way". These types of questions send you into the double looped thinking that gets to the heart of the matter.... use more of those questions that deal with your underlying assumptions

    ... and answer them too