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As technology is constantly innovating, it has change on how people access information, new methodologies of work, and inspire new approaches to management. For instance, technology has improve agile methods in regards to customer orientation and employee engagement.

When a company wants to implement a new agile method to its operations, here are some important criteria that it needs to account for. First of all, decide how much power to give up. This reflects a shift of power from those at the top to the ones performing the job, which can be complex for well-established companies since executives do not accept giving up some power or status. Another one is to build a structure around customers, like building a managed team focused on a particular customer group to make sure it maps the real needs of customers. In addition, a company needs to give the right balance of oversight and autonomy. Employees have the freedom to tackle any solve any problem with the methodology the find it most suitable. Of course, we still need to report our progress, expectations, and future goals since we need managers to keep assessing our progress. Lastly, we need to provide employees with growth opportunities because as one becomes too task-focused and results oriented, he neglects to think about his careers over the long-term. 

The implementation of an agile method is very difficult at established companies, but it has been established in mostly technology and IT departments, so we believe it will soon become popular among other industries.

Birkinshaw, J. (2018). What to Expect From Agile. MIT Sloan Management Review, 59(2), 39-42. 

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Financial Planning as Concrete Guidance

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As Sull et al., (2018) discussed in the article Turning Strategy into Results, "A company’s strategic objectives should be tangible enough that leaders and employees throughout the organization can use them to prioritize their activities and investments (and also to help them decide what to stop doing)" (p. 9). Financial targets such as revenue and profitability goals can be defined as one of the specific guidance. However, the most important guidance is not just financial targets, but the directions on how to get there.

When we create financial management plan for the new brewpub, there are many questions may need to be considered before we set final goals. 

· Determine the vulnerable period of restaurant cash flow

· Ensure the new business or projects are feasible

· Estimate when the new business will make profit or break even

· Determine budget for the new business and labor cost

· Identify the current value and risk of the restaurant to attract investment

Keep these individual tasks in mind, we can adjust and improve the efficiency of financial planning based on real-time information. For example, we can gather information such as market trends, investment cost and consumption level. With accurate data, the financial management will be more applicable and provide more support for the whole business plan.

Reference

Sull, Donald, Turconi, Stefano, Sull, Charles, & Yoder, James. (2018). Turning Strategy Into Results. MIT Sloan Management Review, 59(3), 1-12. 

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W9 discussion

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Every corporation has their management strategy. As Sull(2018) discussed in “turning strategy into result”, strategy is complex but executing it requires simplicity. Corporation need long-term strategy, but it always lack of flexible. Managers need to think about how to make strategy forward-looking and action-oriented.

If we want to turn strategy into result, first we should make strategy simple. First of all, for every project, we can develop a small set of priorities. It can help employees to finish every small set easily and quickly. And then, strategy is about choice. Before every determination about business project, manager should search about every information about project, such as target customers, location and so on. The more corporation know about the project, the better choice they do. 

In order to consider about whether the strategy is effective, the article tells us seven factors:

1. Limit the number of priorities to a handful.

2. Focus on mid-term objectives. 

3. pull toward the future

4. Make the hard calls.

5. Address critical vulnerabilities

6. Provide concrete guidance

7. Align the top team.

Constraint management is very important in corporations. An effective strategy need not only based on the corporation values but also can make different department work together. Strategic priorities should lay out what matters for the company as a whole to win and should reflect the interdependencies among the choices. If there is the disagreement occur in strategy. For example, the finance highlighted the profit and cost while human resource pay attention on employees. Management should consider about how to achieve balance.

reference:

Sull, Donald, Turconi, Stefano, Sull, Charles, & Yoder, James. (2018). Turning Strategy Into Results. MIT Sloan Management Review, 59(3), 1-12

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Turning Strategy Into Results

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Few companies have succeeded through a big bet. Most winning strategies are based on a range of choices, including customer service, scope of business, product offerings, and the ability to interact to help companies make money. According to the article “Turning Strategy into Results”, the article claims that leaders should make forward-looking and action-oriented strategies, and translate the complexity of strategy into guidelines that simple and flexible enough to execute.

 

Many executives claim they use strategic priorities, but the report says the practice is not as good as they hoped. To develop a strategic agenda and effectively drive implementation, strategic priorities require balanced guidance and flexibility, balance business inertia, and unify different parts of the business. Setting strategic priorities for all these things, and doing them well, is a daunting task. The article describes seven characteristics of effective strategic priorities, explains why they are important, and suggests that actual diagnostic managers can be used to evaluate a company's strategic priorities.1. Limit the number of priorities to a handful. 2. Focus on mid-term objectives. 3. Pull toward the future. 4. Make the hard calls.5. Address critical vulnerabilities. 6. Provide concrete guidance. 7. Align the top team.

 

The ability and discipline of the company is very important. The company's focus on strategic priorities helps to implement strategies and drive the company toward success.

Reference: MIT Sloan Management Review, Turning Strategy Into Results, Sull, D at al, Spring 2018

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