More time in OPS, No time for Strategy
There is a general practice amongst the SME business owners to spend more time on day to day operations and less on strategy formulation and implementation. The entrepreneurial spirit is all about making the business ready for future by addressing by opportunities and threats faced by the business. In order to achieve growth this entrepreneurial spirit should always remain alive in the organization. And for the entrepreneurial spirit to be alive; top management and business owners should spend more time on strategy formulation and implementation.
One of the businesses which is into study abroad consulting and coaching was facing challenges to growth when the opportunity in the business environment is enormous. HMV Consulting was referred to provide solutions to this well reputed Ahmedabad based education consulting institution.
We conducted a diagnostic session at the head office as well as the branches of the institute and identify the root cause. The top brass of the institute was more involved in the day to day operations and was giving very less of their valuable inputs to strategy formulation and implementation – “The entrepreneurial spirit was blocked”. Thus we chalked out better day to day operations procedures so that the top brass can allocate more time to new developments. Standard operating procedures (SOPs) were chalked out and cascaded to the councillors, faculties, sales, marketing and other support functions. Key Performance Indicators (KPIs) were identified and monthly review mechanism was set up in order to generate better performance from each function. The future goals of the business in line with the enormous opportunity presented by the market were evolved. The valuable time of the owner and the top management was channelized towards strategic planning and implementation.
All the verticals of the business were able to generate better accountability through KPI review. The owner of the business was able to strategize and focused his energies towards the new branch opening. Two new branches were opened within 8 months for the financial year 2018-19. The capability of an education institute was further enhanced through new tie-ups with foreign universities. This was only possible due to the involvement of the owner in strategic discussions as well as visits to foreign universities. In HMV parlance this change is called liberation on the power centre. When the blockages are removed the power flows freely towards the desired objective. The channelized power generates tremendous results.