Managing Strategy

Managing strategy is all about how the entrepreneur-managers analyse their organisations, and develop and implement strategic plans and options for the overall development of the business. You start with understanding what the culture of the organisation entails, to carrying out strategic analysis, to implementing it, and measuring and evaluating its success.

The Chartered Management Institute, the only chartered professional body in the UK dedicated to promoting the highest standards of management and leadership excellence, in its Checklist Series on Managing Strategy talk about the understanding behind organisational strategy. This particular book focuses on empowering the managers by helping them understand their organisations. In this article, we cover three action-oriented checklists for our entrepreneur-manager reader base: Understanding Leadership Styles, Brainstorming and Choosing a Growth Strategy.

Understanding Leadership Styles

Everything from what an entrepreneur says, to how he says it, to how he leads with example, to how he keeps his reputation, etc., greatly affects his relationship with his colleagues and co-workers. There could be many leadership styles entrepreneurs get their learning from or get inspired from, but staying true to their original personality is what gives them that edge. A difficult leader may be bad for the organisational growth because he will end up discouraging employees. As an entrepreneur, you need to invest in your staff to get the best out of them. A good entrepreneur would know how a poorly trained employee can cost the company even more that what he is worth.

Motivating employees is an equally important component for ensuring your business’s growth. That can make all the difference! If you expect your employees to perform as you want them to, you have to work toward motivating them. Whenever taking a major strategic decision, take care to inform and invite suggestions from the lowest in the hierarchy. The employees feel a sense of togetherness when they are shown that their suggestions are valued. All the entrepreneurs should be flexible in their approach toward their employees and should not restrict themselves to just one style, because every individual you are going to work with is different from another.

(To be continued. . .)

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