Recapping MikesBikes results:
This week we were aiming to get as much stock sold as possible to make money (Moola baby) and trying to elbow our way into the market. Even the slightest 0.001 % would help, we were quite happy that we had $18 Mill in cash to spend and last rollover our strategy paid off well. Then again that could be attributed to the huge effort to stick to our strategy, this week we had a lot more optimism and free reign in terms of spending. Thus we amped up our marketing budget to $4.5 Million and pooled our energies and resources to increase our quality systems and distribution. I personally was ecstatic we increased staff to 90 people, and increased training hours from 45 hours to 60 hours, training staff should encourage them, and provide a means to add more versatility in their resumes. Wages didnt change because simply put, I was over cautious with expenditure especially since all the other departments were throwing cash around. Yet their expenditure was mandatory and justifiable, in my case while it would be nice and beneficial to our company in the long run it wasn't an immediate need that had to be fulfilled. So it was important to focus more funds and time towards distribution, quality and marketing, since our awareness was zilch nearly and our quality was shockingly low. This roll over we saw loss of sales in our commuter and adventurer market which was expected but I was disappointed with the loss of sales with commuters. Surprisingly turnover dropped to 0.01, motivation and skill indexes increased, but our SHV still didnt increase as such. Other companies are too strong and established within the market for us to now get on par with them, even though we dropped our prices we arent selling as much we would like to. On the whole there was a lot more positive outcomes but we need to make faster progress if we are to end up in an okay position within our region.
This week's theme of being analytical encompassess any teams journey thus far in this course. This course requires analysing whatever it is you do, ranging from the reports used to manoeuvre your teams decisions or whether it be the double loop learning and internal reflection. To compete and be successful there are many factors that need to align in order to create the right environment for success. Some of the factors are focus, culture, technology and people (Davenport, 2006). Focus should directed towards maintaining or sticking to a strategy (Davenport, 2006). Our team executed this well last week but prior to that we didnt follow through on our strategy and even this week we didnt really focus as such on an overarching strategy, rather we created individual strategies that complemented each product and market. This makes me ponder is it more efficient and effective to have a combination of an overarching strategy with individual strategies for certain markets and products or is it too complex and hard to translate the message downwards in a hierarchical organisation. Culture is another thing that reinforces values and provides strength to the organisation (Davenport, 2006). Our team culture is something I havent really considered, but I would say that our team culture was work hard and play hard. We did get off track in meetings sometimes but when I compared how much effort, time and energy we collectively put into this course relative to other teams I felt that we work quite hard. In comparison to other teams, Ive heard, that members are missing at meetings and most of the group isnt present. I do comprehend its hard for the whole group to be present and while we as a team have experienced this maybe 3 or 4 times all of our members put in effort to be present to most meetings. The right people in the right roles is essential to any executive level team or lower leveled teams (Davenport, 2006). It is important to have a good balance of people that can express their concerns and also analyze figures to predict influential trends and communicate this across to others in easy to understand manner (Davenport, 2006). Luckily for us our CEO had a friend who had done MikesBikes before and he readily joined our group and helped analyse figures and the market en large. He has been an asset to us, he explains complicated issues in a manner that anyone could comprehend and encourages us at every step, most importantly he questions our decisions and tries to caution us to any harmful decisions we may make. We also have a good mix of extroverts and introverts within our team, not that it matters anymore we are comfortable enough to voice our opinions no matter the outcome. Davenport (2006) also talked about how it is important to use the appropriate technology, I had to figure out to read and use the tables and reports to my advantage with understanding what happened each roll over and how it impacted our company. Doing weekly reports also aided an in depth examination that in turn helped us whilst allocating funds, and highlighting important issues that needed to be addressed such as quality of our bicycles.
Baghai, Smit & Viguerie (2009) talked about reviewing performance at each step, how it is essential to see how the market reacts to what our output. This is essential to our team I feel going forward, we become too comfortable and little too trigger happy and we need to constantly look back and see how far we have come and what we need to do next. Our team will benefit the most if we focus on the next step and not on competing so to say and keeping up with the rest of the region, we need to focus on ourselves. The article mentioned that this was a rather time consuming management practise, but what management practices aren't, everything requires a certain level of effort especially executive teams (Baghai et al, 2009). Nothing good can come without obstacles or issues of some sort and to end this journal I'll leave with a quote "sometimes we need to stop analysing the past, stop planning the future, stop figuring out how exactly we feel, stop deciding exactly what we want, and just see what happens" (Bradshaw, n.d).
Baghai, M., Smit, S., & Viguerie, P. (2009). Is your growth strategy flying blind? Harvard Business Review, 87(5), 86—96.
Bradshaw, C. (n.d). Retrieved October 3, 2014 from https://www.google.co.nz/search?q=analysing&es_sm=91&source=lnms&tbm=isch&sa=X&ei=jSEuVOvsE5fpoASzyoLQAg&ved=0CAgQ_AUoAQ&biw=1092&bih=679#tbm=isch&q=analysing+quotes&facrc=_&imgdii=_&imgrc=8jZ0kUNoc9W3GM%253A%3B_23fuN5eD3Lw-M%3Bhttp%253A%252F%252Fi.imgur.com%252FPxzwAMk.jpg%3Bhttp%253A%252F%252Fsayingimages.com%252Fsome-times-we-need-to-stop-analyzing-the-past-stop-planning-the-future%252F%3B554%3B424
Davenport, T. H. (2006). Competing on analytics. Harvard Business Review, 84(1), 98–107.