Visual Strategy Management:
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1 FUTURESME IS PART FUNDED BY THE EUROPEAN UNION THROUGH THE FP7 NMP Visual Strategy Management: Engaging everyone in strategic conversations Overview of Visual Strategy Process 4 Strategy Map 1 Guiding Vision 2 Horizon Scanning Dr Aylin Ates Version Internal Analysis October 2011
2 2 Table of Contents Table of Contents... 2 Introduction to Visual Strategy... 3 Who is the Visual Strategy for?... 4 What are the Benefits of the Visual Strategy Tool?... 5 What are you Required to do?... 6 How to create a Visual Strategy Board?... 7 Section 1 Visual Strategy Management Core Methodology How to Apply the Visual Strategy General Guidelines... 9 Section 2 Step 1: Guiding Vision...10 Section 3 Step 2: Horizon Scanning What is happening in the industry?...11 Section 4 Step 3: Internal Analysis...13 Section 5 Step 4: Strategy Map...16 Section 6 Strategy Deployment & Review...18 Summary A thumbs-up from the SMEs!...19 Glossary...20 Attachments - Templates...21 Step 1: Guiding Vision Template...22 Step 2: Horizon Scanning Template...23 Step 3: Internal Analysis Template...24 Step 4: Strategy Map Template...26
3 3 Introduction to Visual Strategy Visual strategy is a methodology to develop and translate strategy into goals and objectives, strategic projects and operational tasks. The methodology encompasses both strategy formulation and implementation process steps. Visual strategy management is fundamental for effective decision making in companies and challenges the following: Visual Strategy allows management to align all processes by translating goals into actions By engaging everyone in strategic conversations How does senior management communicate vision, mission and core values in a way that the desired behaviour is ensured at all levels? How does the staff know what improvement projects and tasks take priority? How do managers and staff know if progress against targets and goals is being achieved? WHY STRATEGY IS IMPORTANT FOR SMEs? If strategy is seen as. the result can be Weak SMEs will only react to changes in the environment with too much dependency to A luxury that only large firms large customers rather than being able to shape the future can afford Failure to utilise the creativity of the remainder of employees, and to capture their inputs Only the job of the managing and perspectives to develop business goals (i.e. horizon scanning, intelligence gathering, director and key leaders following the gossip in the industry) Dominant and top-down leadership A complicated spread sheet with only financial goals Only about game changing smart ideas Lack of involvement by others results in strategy not being accepted Strategy becomes simply an uninspiring activity of filing a shopping list of financial targets and there is little employee engagement Neglect of the potential of incremental learning, development, innovation and adaptation.
4 4 Who is the Visual Strategy for? Visual Strategy is a management tool for Managing Directors and senior managers who are responsible for strategy making and implementation in the organisation Line managers and project managers should use the implementation boards to track and measure, to assure that the results meet the goals Visual Strategy is applicable to all organisations; it has been developed in an SME-friendly way that is simple and visual and is not a lengthy excel sheet! It can be modified and customised according to the company needs; it should be your own living document! You are recommended to have your regular management meetings in front of your Visual Strategy Board! Strategy is a roadmap for a business to gain competitive advantage. To me, it means the light at the end of the tunnel. Gilad Tiefenbrun, CEO, Linn Products Ltd., Scotland
5 5 What are the Benefits of the Visual Strategy Tool? It is a visual expression of strategy, rather than a word/excel document that few people read Aligns conflicting departmental goals and individual goals to common company goals Methodology of implementing strategy to get the right things done Helps senior managers translate business strategy into achievable goals, and look at projects and tasks in a greater level of detail A visual communication tool to drive the right conversation, on the right topic, at the right time in management board meetings to review progress Allows everyone in the business to understand their own contribution to the big picture It s very timely for us to be involved in strategy. Due to the downturn, we need to rebuild our strategy. Visual Strategy is a simple tool which works for us. Personally, I like the visual nature of the tool as a constant reminder Jimmy Roche, Roco Ltd, Ireland
6 6 Step 1: GUIDING VISION Step 2: HORIZON SCANNING External Environmental Analysis SWOT Step 3: INTERNAL ANALYSIS KPIs SWOT Step 4: STRATEGY MAP What are you Required to do? There are maturity levels for how you can use the Visual Strategy in your organisation. For example, if you need to develop vision, mission, values and business strategies you may start from the first step and follow the whole methodology. However, if you already have a well-developed and mature strategy process in your organisation and if you require help with implementation, you may start using the tool from the strategy deployment phase. Therefore, this manual firstly describes the core methodology for Visual Strategy. Then, it explains each step in more detail with real life examples. There are links to support content and tools in the left column of the pages, where you can access further support material. The estimated time to complete the manual varies between one or two full days depending on the company s requirements and its strategy process maturity level. Actual implementation in the work environment is a lengthy process, which requires considerable management time and effort. In addition, the reviews should take place at regular (weekly, monthly) management meetings. Find out the maturity level of your current strategy process: 1. Define your vision, mission, and core values...communicate them to the company at all levels to create the desired behaviour in whatever you do personally and corporately 2. Effectively develop your strategy by continuous external scanning and internal analysis based on facts and figures not only gut feeling! 3. Effectively deploy your strategy into process level goals and prioritise strategic projects and tasks 4. Develop and implement a process for scanning and sensing changes in the external environment on an ongoing basis...use this information as an input to monitor and refine your strategies 5. Continuously review the progress of strategic projects against targets...align performance goals and metrics to business KPIs
7 7 How to create a Visual Strategy Board? The process of creating a Visual Strategy Board is simple and follows four dynamic steps. Strategy Map based on Balanced Scorecard is the output of this process. You are recommended to have your management meetings in front of the Strategy Board.
8 8 Section 1 Visual Strategy Management Core Methodology Visual Strategy follows Deming s Plan-Do-Check-Act (PDCA) cycle approach. The following illustration represents this iterative process. This approach is effective because the goals, projects and actions are aligned. To deliver this value, senior management must develop and communicate the Vision, Mission and Core Values to ensure that the desired behaviour underpins all employee actions in the company by adopting appropriate change management methods. Senior managers must also translate business goals into process goals and tasks through project prioritisation. Project managers or line managers are responsible for delivering results along with the project teams. This manual explains the first step of Visual Management System. To access content and Apps for the nest steps got to
9 9 1.1 How to Apply the Visual Strategy General Guidelines The Visual Strategy methodology has four steps. This section identifies the activities required to complete each of the steps: Step 1 - Guiding Vision: In the Guiding Vision process you must identify: o o o The picture of the future (Vision) The core purpose of your organisation (Mission) Timeless guiding principles for your organisation (Core Values) Step 2 Horizon Scanning: Anticipates and senses continuously what is happening in the external environment. It seeks answers to: o o o o What do we want to know? What is the gossip in the industry? How do we get this information? What is happening in the external environment? What are the implications? What opportunities and threats face us? Step 3 Internal Analysis: The internal performance analysis looks at the current operating model (how the business is organised and operates), profit formulae (how the business earns money), customer value proposition (what is the competitive offer, why the customer comes to you rather than your competitors) and the unique selling point (what makes the business different). From this analysis, the management team should question: o Is the current approach still valid? o How can the business build on strengths? o What are the areas for improvement? SWOT: Identify Opportunities and Threats based on Horizon Scanning and Strengths and Weaknesses based on Internal Performance Analysis. Put them in a 2x2 matrix based on SWOT. Then develop goals. Step 4 Strategy Maps: The Strategy Map graphically translates the key goals for each process. It visually represents the strategic projects that will deliver the process goals, using a traffic light system to highlight the progress.
10 10 Section 2 Step 1: Guiding Vision This first step helps you identify your Vision, Mission and Core Values. This poster or board should be visual and communicated to the whole organisation. The organisation s members should refer to the values and the organisational purpose in whatever they do at a personal and a corporate level. You need to have effective vision, mission and values. If you do not have these, you need to develop the statements together with all the stakeholders and communicate them throughout the organisation. This poster/board should be displayed on the shop floor and in the office areas. Support material can be accessed using the link provided in the left column. On completion of this activity, you will have identified your Guiding Vision, which should underpin all actions in the company. s.com provides a methodology to develop an effective vision/mission /values List your vision, mission, values and key success factors on the board
11 11 Section 3 Step 2: Horizon Scanning The strategy development step comprises of two parts: Horizon Scanning and Internal Analysis. You can develop opportunities and threat based on Horizon Scanning and you can identify your strengths and weaknesses from the internal analysis. 3.1 What is happening in the industry? The objective of this step is to assess the key elements in the external environment such as Customers, Suppliers, Competitors, Market, Technology, New products, IT systems, Management tools, Regulation, Legislation, Policy, Economic, Environmental, Political, Social Trends, Exchange Rates, Health & Safety Standards, Quality Standards, Taxes, Financial Institutions etc. strategy/swo T_analysis.ht m provides strategy support tools e.g. PESTEL and Porter s Five Forces Analysis You need to answer specific questions... What is happening in your market? growing rapidly, growing, static, shrinking, shrinking rapidly What is happening to your market share? growing rapidly, growing, static, shrinking, shrinking rapidly What are the implications, opportunities and threats? How does this affect your current strategy? Scanning and seeing the external environment should be the responsibility of EVERYONE in the organisation. The output of this activity will identify the opportunities and threats for the business. The management team should then make decisions about how the trends might affect the current strategy. The Horizon Scanning Process
12 12 We recommend you to have a space on the shop floor, canteen or else to allow employees to write the information. Also you may set up an account so your sales people and other mobile workforce can also feedback this type of key info. salesfeedback@co mpany.com List the potential opportunity and threats Constantly keep an eye on the changes in the environment and assess their significance for the business strategy!
13 13 Section 4 Step 3: Internal Analysis The purpose of this step is to analyze the current strategy and the operating model of the business. In order to conduct this analysis, management team members should be present in a strategy review meeting to evaluate the current strategy. In the management meeting, the following strategic decisions in the value chain/ network should be discussed: Operating Model Process Mapping - How are we organised regarding our business processes? How can we simplify our organisation to speed up decision-making and improve alignment with the business goals? How can we ensure simple and efficient cross-business processes and structures? Deployment of Resources - Which assets and capabilities do we use in connection with specific activities/ processes? Vertical Integration/ Make or Buy Decisions - Whether we decide to carry out an activity ourselves, or to outsource/ sub-contract it to a specialist supplier? E.g. Outsourcing, insourcing, offshoring or near shoring, joint ventures, strategic alliances, franchising. Whether we should sell directly to customers through a direct sales force, over the phone, or through the internet, or sell the products through distributors or retailers. Scale of Operations - Whether we try to gain economies of scale, or other types of advantage, from the scale of our operations in a particular activity? Scope of Operations - Whether we try to share one or more activities across different products and markets? Location of Operations - In which country or region do we choose to locate particular activities? Linkages/ Integration - Whether we try to gain advantage by linking our activities together in a new and different way? Profit Formula How does the business make money to create stakeholder value? Customer Value Proposition (value created as perceived by the customer) What is our competitive offer?
14 14 How do we know it is competitive? Unique Selling Point How can we differentiate our products and services from the competitors? KPIs What are the improvement areas? This step generates a lively discussion on strengths and weaknesses in the above areas! Try to develop strategies for building on strengths and improving the weaknesses. SWOT: strategy/swo T_analysis.ht m Describes the use of strategy auditing tool SWOT analysis On completion of this SWOT activity, the management team should agree on the strategy and goals for the business processes. It is up to the company to decide how far you want to look ahead e.g. one, two, five years. What are the businesses GOALS? (customer facing, financial and other key stakeholders) What PROCESS, PROJECTS and ACTIONS would deliver these goals?
15 15 What are your KPIs? What are the improvement areas? Conduct market and product life cycle analysis which will provide input for developing your goals.
16 16 Section 5 Step 4: Strategy Map The strategy implementation stage is very important in making the strategy happen! Have lively discussions in these workshops about the dynamics in the external environment, internal strengths and areas for improvement. lancedscorecar d.org/ provides information on the Balanced Scorecard system and Strategy Mapping tools Start with asking: How far do we want to look forward? Develop goals to be achieved within this horizon (6 months 5 years) Ask the stakeholders how they want to see the business in this time frame? Each person or team comes up with a list of goals Ask what processes would deliver these goals? Identify the projects that would have the priority within these processes Then construct the strategy map visually Strategy Maps are visual methods to align goals with processes, strategic implementation projects and actions. In this step, companies should understand which projects and actions will deliver the process goals. Therefore, the main principles of the strategy maps are: Strategy is based on a differentiated elegant offering (value proposition) Strategy balances multi-stakeholder requirements and expectations Value is created through continuously improved business processes Strategic alignment determines the value of intangible assets and people Implementation of strategy maps makes companies more adaptive to changing market conditions The output of this activity is a visual display of how the goals will be achieved in the business, presented in a balanced view.
17 17 List your business goals, e.g. financial, customer facing, internal/ process goals as well as environmental, social. List here strategic initiatives, projects and actions. Link them with process goals.
18 18 Section 6 Strategy Deployment & Review Strategy review is the final step in the cyclical process. The purpose of this step is to ensure that the expected results have been achieved against the goals. If not, the review mechanism allows the managers to act proactively if things change in the environment or if there are deviations from the plan. So ask the question How do we know if we have achieved our goals and vision? alitydigest.co m/may97/htm l/hoshin.html provides information on Hoshin Kanri (a strategy implementatio n tool), project management tools and methodologies to support implementatio n Senior management should develop visual project charters and strategy boards to follow the progress against targets. These charters should be easy to understand and follow. Each process owner should clearly know what the goals are and what projects have the priority. People in the organisation should also understand the big picture; how they create an impact to the overall organisational purpose as opposed to only focusing on their own function. On completion of this activity, you will have identified specific projects and tasks to achieve process goals. These review charters/ boards should be linked to KPIs (Key Performance Indicators) Dashboards. KPIs should also be monitored through visual methods and a traffic light system such as dashboards, quality charts, A3, performance charts, problem boards etc. Balanced Scorecard, Hoshin Kanri and Project Management tools are recommended to use in Strategy Implementation and Review! Goals for the processes Strategic Projects Zone Dashboard of visual indicators (KPIs) Improve a project/ task and this directly contributes to the achievement of a process goal!
19 19 Summary A thumbs-up from the SMEs! In summary, Visual Strategy enables companies to effectively and systematically establish and improve their strategic capability and competitiveness. Visual strategy is about understanding: where your business is now and looking at where it wants to go (vision) how it is going to get there and how you are going to behave along the way (the core values) how you are going to differentiate your products and services from the competition (value proposition) It is a methodology to provide a simple and visual process to enable companies, according to their maturity level, to formulate, communicate and implement a coherent strategy for their business. Visual strategy methodology provides a structure for board meetings where managers can quickly see which aspects of their strategy are succeeding and where they are falling short. Visual Strategy Management delivers improved customer satisfaction and bottom line improvements. The introduction of visual strategy management tends to have a number of benefits, including: greater employee engagement, alignment and motivation, as they feel more in control of what they are doing better communication raised quality and productivity faster decision making less waste in management time and scarce resources Visual Strategy tool will make a very positive contribution to future development in our company. Mainly because; The process gets you thinking in a different way It is visual, alive, and dynamic Management team understand each other s viewpoints Result is an action plan that everyone has contributed to and bought into Effective and visual communication tool - Use across all functions Use as a benchmark for the management team. Bill Dickie, Houston Bottling & Co-pack, Scotland
20 20 Glossary Action Plan: A specific series of steps taken to accomplish a particular goal. An action plan generally includes steps, milestones, and measures of progress, responsibilities, assignments and a time line. Customer value proposition: The unique value that your organisation offers to its customers. Value propositions help organisations to focus on a selected market and narrow their operational focus. Organisations should identify those activities that the customer really values and turn them into core competencies and or capabilities. Customers perceive value in image, total care, total service, quality-performance, low prices, and new products. Horizon scanning: A strategic activity used to anticipate and continuously sense what is happening in the external environment. The information is used as an input to the strategy development process, in order to respond to the changes. Operating Model: Describes how an organisation is structured regarding its operations and business processes. It includes make or buy decisions. Operating model provides the foundation and flexibility required to execute the firm s initiatives and business priorities. Profit Formulae: Explains how the business makes money to create stakeholder value. This can be an evaluation of whether the company sells its products or rents it, or makes money by after sales services etc. Strategic capability: The ability to shape and embed a customer focused guiding vision, supported by a clear operating model and a profit formula. It involves balancing opportunistic short-term actions with proactive long-term behaviour. Visual strategy management: A management approach to allow managers to rapidly see what is going on, understand it and see what is under control and what is not. Essentially, the current status of the strategy can be assessed at a glance. Also this approach enhances employee engagement by involving them into strategic conversations.
21 21 Attachments - Templates The relevant template is provided for each of the following: Step 1: Guiding Vision Step 2: Horizon Scanning Step 3: Internal Analysis Step 4: Strategy Map
22 22 Step 1: Guiding Vision Template Guiding Vision of [INSERT COMPANY NAME] [INSERT COMPANY LOGO] Vision (What our ambition is): Core Values (What we believe in): Mission (Why the business exists):
23 23 Step 2: Horizon Scanning Template What do we want to know? What is the gossip? How do we get this information? What is happening in the external environment? What are the opportunities and threats? Who is responsible to sense and scan the environment?
24 futuresme 24 Step 3: Internal Analysis Template Operating Model: Profit Formulae: Customer Value Proposition (What is our competitive offer?): Unique Selling Point Profit/ Loss Account Year-2 Year-1 Current Year+1 Year+2 KPIs Current Target Satisfied? Action: Sustain Q1,2,3,4 Improve Revenue Financial KPIs Profit Markets declining Market Attractiveness(Growth) volatile static growing Customer facing KPIs Market Share
25 25 In this workshop, focus on assessing the strengths and weaknesses of the above areas. Try to develop strategies for building on strengths and improving the weaknesses. SWOT Template criteria examples Advantages of proposition? Capabilities? Competitive advantages? USP's (unique selling points)? Resources, Assets, People? Experience, knowledge, data? Financial reserves, likely returns? Marketing - reach, distribution, awareness? Innovative aspects? Location and geographical? Price, value, quality? Accreditations, qualifications, certifications? Processes, systems, IT, communications? Cultural, attitudinal, behavioural? Management cover, succession? Philosophy and values? strengths weaknesses criteria examples Disadvantages of proposition? Gaps in capabilities? Lack of competitive strength? Reputation, presence and reach? Financials? Own known vulnerabilities? Timescales, deadlines and pressures? Cashflow, start-up cash-drain? Continuity, supply chain robustness? Effects on core activities, distraction? Reliability of data, plan predictability? Morale, commitment, leadership? Accreditations, etc? Processes and systems, etc? Management cover, succession? criteria examples Market developments? Competitors' vulnerabilities? Industry or lifestyle trends? Technology development and innovation? Global influences? New markets, vertical, horizontal? Niche target markets? Geographical, export, import? New USP's? Tactics: eg, surprise, major contracts? Business and product development? Information and research? Partnerships, agencies, distribution? Volumes, production, economies? Seasonal, weather, fashion influences? opportunities threats criteria examples Political effects? Legislative effects? Environmental effects? IT developments? Competitor intentions - various? Market demand? New technologies, services, ideas? Vital contracts and partners? Sustaining internal capabilities? Obstacles faced? Insurmountable weaknesses? Loss of key staff? Sustainable financial backing? Economy - home, abroad? Seasonality, weather effects?
26 26 Step 4: Strategy Map Template STRATEGIC PROJECTS PROCESSES GOALS & OBJECTIVES (Financial, Customer and Internal facing) Thank You!
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