Ponder Less and Do More - Teena Ogbugoh

TEENA OGBUGOH - BUSINESS PROCESSES & PEOPLE TALK WITH TEENA

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Introduction

Strategy is very important in the life of a business. It is a necessity for a business owner not just to have a strategy but to understand the strategy and its impact on the business. 

Strategy in simple terms is a set of action or decisions that a company takes to accomplish its business goals and objectives, allocate resources, meet the expectations of its customers and sustain a competitive advantage in the marketplace. In business, there is always a need for multiple strategies at various levels as a single strategy is not only inadequate but improper too. For strategy to be properly implemented, it requires that the business owner is aware of the strengths, weaknesses, opportunities, and threats in their market as this will help in planning and taking action to achieve set goals.

Show Objectives – The Why
The focus of the show is to reiterate the importance of understanding the business strategy of the company by business owners and employees. This show will help business owners understand the future direction of the company, know how it is positioned in the market and understand its target market. This will help position the company for future growth.

Key Issues - Owner Perspective:

1. Business owners are not fully committed to the strategic plan of the company.
2. Strategy planning does not include key stakeholders.
3. Ambiguity in goals and responsibilities.
4. Business strategy is not adapted to changes.
5. Unclear and insufficient communication from business owners and leadership.

What You Need to Know – The What

1. You need buy-in of stakeholders.
2. Adequate monitoring is part of strategy implementation.
3. Engage the right people in strategy planning.
4. Strategy should align with current realities.
5. Strategic planning should be consistent with action and execution.

What You Need to Do – The How

1. Identify your business’ aspirations and set goals to achieve those aspirations.
2. Start with a smart big AHA for your business.
3. Do a SWOT of your company.
4. Define your targets and market segments.
5. Develop competencies to match resources.
6. Put the right people in the right job.
7. Seek best practices to achieve strategy plan.
8. Review objectives and plans periodically.

 
Welcome to the world of entrepreneurship! Envision>>Empower>>Execute

• Previous: Episode 1  – Getting The First Things Done Right – Starting with putting vision, mission and values in place in the business to enhance strategic planning.
• Next: Episode 3 – What Do You Have in Your Toolbox – How to review the core processes and SOPs in order to harmonize processes within the business.

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Written by: Teena Ogbugoh
The Founder of Joan Lugards Consulting Services; Executive Director for The John Maxwell Team one of the leading and largest global leadership and personal growth organization in the world; and the convener of Growth Mindset Leader Hub, a mentoring leadership and mindset group.

Teena serves as committee chair of the Youth Development Directorate on the President Advisory of The John Maxwell Team.

Connect to learn more of what Teena does and how she can bring value to you, your team and your organization 
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