Recently, when I was teaching my undergraduate class, I noticed substantial improvements to their understanding of strategy. One of the key moments I think that they started to understand what was going on was when they saw the holistic picture of a particular company.
In order to excel at your particular company, you have to focus on all of the many different elements make it fit together. Strategy is not just about financial performance, but it’s also about making sure that turnover is low, learning goals within the company, and many other elements.
One of the particularly cool things that happens when you take an MBA or an undergraduate business strategy class is that you’re able to see how things start to fit together in a holistic way.
In order to improve your own company, I would focus on:
1. Identifying a few key performance indicators.
2. Establishing what is key performance indicator should look like.
3. Focus on continuously improving these key performance indicators.
4. Make changes to your organization when the key performance indicators are below normal.
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As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
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