As an entrepreneur and president of an engineering company, I've seen how difficult and elusive it is to get an advantage over your competitors. Many companies have started something new only to see it copied or substituted in short order. What is the "secret sauce" that companies like Apple, Southwest Airlines, and Starbucks have, and how... [Read More]| ProjectEngineer
Value Chain analysis is a process improvement methodology developed by Michael Porter of Harvard Business School in the 1980's. It is a part of the field of strategic analysis. The "value chain" refers to the process of creating value throughout each step of of the business chain. For example, An exploration company creates value by... [Read More]| ProjectEngineer
Key Performance Indicators (KPI) are clear, specific metrics that measure an organization's progress toward a corporate goal. They generally have a time component, because they track the execution of a corporate strategy. They are the "scorecard" part of a balanced scorecard. To develop KPI's, it helps to divide them into three categories: Target Relative Progress Target... [Read More]| ProjectEngineer
When I was a middle manager, I saw many goals that ended up as roadkill on the business superhighway. Whatever the flavor of the year was, that's what was reflected in the business goals. Things like: reducing dependence on one client, diversifying our service offerings, and others made the rounds through our business units. One... [Read More]| ProjectEngineer
In this article, we will take a leisurely stroll through the strategic planning process. This includes the model most used in textbooks and courses on corporate strategy. The strategic planning process consists of the following steps: Vision Statement Mission Statement Corporate Goals Corporate Strategy Metrics Vision Statement A vision statement is a statement of where the... [Read More]| ProjectEngineer
