In our mission to advise, inform and inspire business owners and managers we offer these ideas for your consideration. 

The detail oriented generalist

Think strategically, but manage the details.

Successful entrepreneurs seem to be able to handle the dichotomy of managing their business strategically while still executing their plans effectively by sweating the details.

It is rare to be good at both. Usually, there are those that are good at the big picture and have the mission, vision and values to provide leadership, but do not want to be bothered with the details. Then there are those industry or technical specialists that are totally immersed in their area of expertise and never notice which way the ship is sailing, or whether it's sinking.

The best way to tie strategy and operations together is to manage by the numbers. Start by quantifying the business objectives so they can be measured and monitored; then break those down into component parts for each operating area - sales, production, finance, human resources.

For example, your sales target might by $1 million in 2008, but at what % gross margin, what level of monthly operating expense, what revenue per employee, how many days average inventory, and what % return on assets? How do your performance targets compare to prior years, industry averages, or your competitors? Remember to also monitor the qualitative performance measures like on-time delivery, % product returns, customer satisfaction, and employee turnover.

Long term business success requires management of the two dimensions: strategic issues and operating performance. If you are not adept at both, then acquire the staff or professional resources to assist.

For more ideas on this subject and other business issues visit: e2e forum.

Del Chatterson

 © April 2008

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