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Strategic transformation of a company is a long term process: Bangladesh perspective

Strategic transformation of a company is a long term process that happens over a period of 3-5 years as the summation of one thing at a time that is gradually executed over a period of time. So, it’s important to visualize the total picture at the beginning.

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Figure: A company should ‘Begin with the end in mind,’ on setting strategic transformation.

In the words of Stephen Covey, ‘Begin with the end in mind’. What this means that it is not only important to understand where we want to reach, but also how to reach there and cascading down the future activities road maps in order to reach the milestones.

So, ideally the master strategy would have the following things:-

  1. Where do we want to reach? Do we have any time line – a road map?
  2. In order to reach there what things are necessary?
  3. How do I have the necessary things?
  4. How to dynamically align the necessary things to adapt with the future changes and disruptions?
  5. How do I synchronize the above over time? Phasing out the activities and milestones over time.

Ideally the organization should start along with a master strategy. But we don’t live in an ideal world which sometimes doesn’t allow us to do the right things at right time. However, once the organization feels that it’s the right time, they can start visualizing the above questions, milestones and road maps.

Strategic-transformation-company

Once the baselines are set, they can start strategizing and building the culture. But the baselines are the foundations of an organization and if necessary it can be revisited and reconfirmed.

The next step is to design appropriate strategy and culture based on the vision, mission, core values and long term goals after SOWT analysis and other fundamental analysis and tools that suits the organization and set a few number of short term goals that needs to be achieved to reach the ultimate long term goals. Balanced Scorecard (BSC) is comprehensive but quite difficult to design, communicate and implement unless the organization reaches a certain level of strategy implication and importance.

A suitable simple methodology for designing the strategy is more suited to start the strategy endeavor. Gradually, over the time, different methodology can be used as each methodology has different pros and corns. In order to develop the culture core values are the guiding principles while mission, vision and long term goals are the boundaries.

At the initial stage, before the organization builds the baselines budget, KPI (Key Performance Indicators) and rewards should not be linked with the strategy but once a strategy is designed, it would automatically generate the necessary information to prepare it or act as the guide to prepare the budget, KPI and reward.

Strategy would also guide resource acquisition, allocation, modernization and utilization. Strategy would eventually guide all functions, activities, initiatives, practices, process, system, assessment, teamwork, communication, risk, technology, innovation and people.

With the implementation of strategy and culture over time organization will start rolling and getting momentum and ultimately reach to its pinnacle as a result of the synergy of people, process and recourses. The next challenge is to keep it on the top level consistently.

The designing, implementing and fine tuning the master strategy activities are comprehensive that includes everything an organization needs to do to truly capitalize the recourses and opportunities of an organization. This job is basically the job of the CEO (Chief Executive Officer).

It not only requires comprehensive knowledge of cause and effect but also needs to be channeled through the organization and guide or coordinate among different functions, activities and people. Visualization of entrepreneur and understanding of on ground reality needs to be bridged that sometimes might initiate engaging management consultants to guide the whole process on a long term basis right from the designing stage of the master strategy.

In Bangladesh there are lots of small, medium and large organizations, both in private and government sector who can think of the master strategy endeavor for long term sustainability. If they run their organizations professionally they would not only achieve long term sustainability, but become socially responsible through providing quality goods and services at competitive price and still earn better return and create great working environment for the next generation.

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