CHANGING STRATEGY TO IMPROVE COMPANY PERFORMANCE
“Strategy is simply resource allocation. When you strip away all the noise, that’s what it comes down to. Strategy means making clear cut choices about how to compete. You cannot be everything to everybody, no matter what the size of your business or how deep its pockets.” - Quote by Jack Welch.
Every few year’s companies need to go back to the dragging board and board rooms to discuss the road map, the way ahead, processes, and ideas for the future. This is the only way to keep the wheel turning and new ideas brimming with hope for a brighter future. One of the latest strategies/theories to improve the work of employees is informally known as BXT (Business, Experience, and Technology). In it, these three elements combine together in a holistic manner to deliver results to a firm.
It basically means sharpening the work skills of yourself or your employees to create better experiences and adopt sharper work strategies. The BXT process has the following steps:
Identifying the problem. Talk to everyone top to bottom, across all departments to identify lacunas, issues, problems that deter from the best outcomes being produced. Meetings of teams or on one – on – one can uncover issues buried and hampering the effectiveness of the organisation
Be bold in approach. Obviously, something has not been working for the organisation so a change of tack is required. This can include shifting profiles/departments of people based on their interests, likes, and preferences. Unleash the talent of your colleagues and take bold initiatives in the interest of the company.
Motivate others for ideas. Encourage the employees to ideate. They should brainstorm, challenge themselves, being forth new ideas and use their innate curiosity for the good of the company.
Follow your own path. Instead of getting lost trying to emulate the strategies and processes which work for others, make your own path, unique to your company. Stick to it as you would stick to a health care regimen etc. Be ready to see the bigger picture retaining what works for the company and what does not.
Keep up the momentum. Always get the team/ teams for meetings to discuss all issues threadbare on a continuous basis to keep the brain juices flowing. Never become complacent as they are where the rot takes hold.
Any new approach or strategy takes time to get used to. But the trick is to have faith and not give up. Once you get the hang of it then you can scale the peaks and increase productivity as you wish for the company to achieve. An approach like BXT or for that matter any other corporate strategy needs time for adoption and usage by the company.
Has your company adopted any new strategy in the recent past to overcome the current economic crisis? If yes, do share with the larger Codleo community via the comment section so we can all gain from your insights.