Let’s revisit a topic I covered only a bit in this series four years ago. CEOs are told their firms need a Vision, Mission and Values set of statements. I think they can be useful but they must be carefully crafted and done at the right time. If not carefully crafted or timed incorrectly, their articulation can be a huge waste of time and cause cynicism in your firm’s people.
Scenario: your firm has just finished a strategic planning retreat and your team has listed fifteen projects they feel should be done. You sense you can only do six of them. How do you prioritize the fifteen projects?
Over the last several years we have discussed what a competitive strategy is and what a typical strategic planning process looks like for for-profit firms. But there is very good work now going on at the Boston Consulting Group that discusses the best way among five approaches to formulate and articulate your firm’s strategy. Now one size does not fit all.
Last month we discussed the use of private equity disciplines to radically grow the valuation of your firm. However, we know that are forces sometimes out of the control of senior management to affect that growth, or at least slow it down.
It’s January 2016 as we think about this scenario for your firm: by January 2019 you have grown your firm’s valuation three and one half times its current valuation. How could you do this is just three years? One possibility is to use Private Equity disciplines.