Getting The Most, Out Of Your Most Valuable Asset

MostImportAsset

Business people often say “our people are our greatest asset”.  But often also don’t know how all of their people fit together.  How the business flows from potential to profitability.  How marketing strategies, finance strategies, operational strategies and the customer’s strategies all fit together.

If you don’t know how it all fits together, can you really know how to best leverage your greatest asset?

The following presentation is an offshoot of a presentation titled “Leadership, Strategy & Change Management”.  The purpose of sharing this presentation is to give those that aren’t able attend conferences I speak at, a chance to see how you can use strategy mapping to drive the profitable behaviors of both customers and especially employees.  Your greatest asset.

Please let me know if you have any questions.  Please share this with others. Please help make the world a better place more quickly.  Enjoy.

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Often when you attend a conference, read a business book, read a magazine, talk with a co-worker . . . you collect wonderful gold nuggets.  Gold nuggets of wisdom.  Golden insights.  Moments of clarity.  And much like others, you put these nuggets in your mental bucket.  And then take this bucket back to your desk and then say to yourself, “Now what do I do with this bucket of nuggets?”

This presentation should help you put all the gold nuggets together.  And put them to good use.  One person said, “Ken, if business is a puzzle, you have just given us the puzzle box lid.”

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For CEOs, Organizational Development professionals, HR people, the company can be a chaotic mess of inputs, outputs, and other seemingly random factors.

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“People Analytics” are getting more sophisticated.  But still have a long way to go to becoming the clear, concise directional beacon they could be.

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To try to rein in some of the chaos, some use circles.  Some use grids.  Some use dashboards, scorecards and Key Performance Indicators (KPIs).  And yet still wrestle with what it all means.  How do all of the numbers fit together.  How do we really best prioritize it all.

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Again, people still struggle.  Why?  Because this is never taught very well.  The good news is that there is a much better and easier way to make sense of it all.

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This is the best place to start.

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As an example, the challenge one retailer faces . . . 

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Years ago, when working with a CEO he asked, “How do we best grow the company?” I quickly shared some ideas.  He then paused and said, “What I really need to know is how to best invest in the company”.

In solving the problem for him, it quickly dawned on me that in order to know how to best invest in the company, I needed to how how the decisions in area “A”, affected the decisions in area “B”.  And how these decisions affected all of the other decisions.  Given the flow of the company.  Unless I knew how to do this, it wasn’t possible to know how to best invest in the company.

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In sorting it out, I realized that businesses, products, projects, opportunities all flow from potential to profitability.  With points in between.

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And that there needed to profitability for both the customers and the company.  A separate presentation delves into the details, as to how you can derive what the profitability is for the customer.  At this point just think “the feeling of value” for the customer.

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There needs to be balance between the value / profitability generated for both the customer and the company.  If both don’t win, neither wins.  Because one will walk away from the other.

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Understanding the flow from potential to profitability (for both the customer and the company) can be illustrated simply through a conversation.

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That same conversation above can be built into a business road map.  On how a business, or your business, flows from potential to profitability.  With the most important balancing point.

Balance is incredibly important but never articulated well.  Companies will call in motivational speakers to shout “The customer is our number one priority!”  While later that same day senior management will tout the importance of metrics that drive shareholder value.  The underlying theme being that “The shareholders are our number one priority!”  Without a balancing point, you often get turf wars that reduce the overall value generated for everyone.

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This is a summary presentation.  More detail is given at the conferences.  But to give you the main theme of the slide below, you can use the Kring Strategy Map to understand how your employees fit together.  By overlaying employee data on top of the flow of the business.

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By overlaying business metrics, you can better understand the flow of the business. 

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By overlaying both people and business data, you can determine how to best invest in your company.  To drive the profitable behaviors of both customers and employees.

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The Kring Strategy Map is really a multifaceted, practical business tool.

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With proper guidance, implementation of the mapping process goes surprisingly quickly.

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There is even a worksheet that allows the process to go more quickly.  These are often used in workshops on 11″ x 17″ paper.

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If you were granted a magical wish, and you were the smartest person on the planet, you would be horribly dissatisfied.  Dissatisfied, because your desire improve things means changing things.  And in business, change can be very difficult.  However it is much easier if everyone shares the same copy of the “puzzle box lid.”

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In the conference we quickly go through a “Discovery Version of the Kring Strategy Map for Target Stores”.  It helps illustrate how you can glean incredible insights about a company, using publicly available information, when you know how to put all of the information in order.

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All of this information is meant to be: practical, applicable, results oriented, while helping you build and move forward.  If you need help, let me know.

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This is usually the last slide in the presentation.  The slide represents the guts of the presentation.  The key to knowing how your company flows from potential to profitability.  And the points in between.  And how: marketing strategies, finance strategies, operational strategies and even the customer’s strategies all fit together to generate value for both the company and the customers.  

Again, please send me a message if you have a question, or would like to know more.  Thanks.

Please share this with others. We all need to get to a much more functional place, more quickly. And let me know if you have any questions. As a business geek, I love this stuff.

Additional detail can be found in the book “Business Strategy Mapping – The power of knowing how it all fits together” Link: http://goo.gl/rPpI9

And in additional articles at Link: https://goo.gl/JInBfi.

There are also worksheets and workshops given on this methodology. All designed to make your business life easier. Again, please let me know if you have any questions.

#Strategy, #Leadership, #ChangeManagement, #BigIdeas, #HR, #BusinessStrategyMapping, #PeopleAnalytics, #BusinessIntelligence

Have questions? Want to schedule a “Lunch-n-Learn” or a workshop? You can reach me at kkring@gmail.com

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