At this time of year, many companies are updating their operations strategies or developing new ones for the future. Some began last fall, but others are defining their roadmap now. What can executives – especially the CEO — bring to strategy development in order to maximize the company’s growth and profitability?
As research for my forthcoming book, Moving Into The Express Lane: How To Rapidly Increase The Value of Your Company, I interviewed six middle market executives to find out how their companies developed business strategy and aligned it with their operations strategy. All six companies are successful, but three are particularly strong in profitability and growth. The two hallmarks of their strategy development process are that the CEO leads it, and the executive team takes charge of aligning the departments’ strategies with the overall company strategy.
What specifically does the CEO and executive team do that makes the process so successful in these companies? In my view, it is their job to bring value to their businesses. Some owners and executives of middle market companies think the company should bring significance to them, but it is the leaders’ job to bring significance to the company. There are five ways successful leaders build strategy that leads to growth and profitability. Click here to read how.
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