The success of the Bahamas Telecommunications Company and the Grand Bahama Port Authority in attracting new call center business to the region is welcomed, especially given the current economic climate.
In their book '"Strategic Speed", internationally renowned business consultants Davis, Frechette and Boswell would certainly approve, as they claim that business success is about who can create the most value - smarter and faster - than their competitors. They explain that the majority of strategic initiatives fail even if supported by streamlined processes, detailed plans and adequate resources, with less than 30 percent being implemented on time. They argue that to achieve "Strategic Speed" - implementing strategies quickly and successfully - that people must be the key ingredient.
The authors outline that by focusing on the three people factors of clarity (understanding goals), unity (team work) and agility (adapting quickly to change), they will ultimately improve the organization's speed and performance. However, to achieve strategic speed leaders must develop four critical practices. First, "affirm strategies" so everyone knows the aim. Second, "drive initiatives" to ensure momentum and behavioral change. Thirdly, "manage climate" to ensure motivation and teamwork, and finally,"'cultivate experience" to capture learning. The authors highlight the management-trap of hopefully investing millions on new processes or technology to achieve competitive advantage; undermined, however, by neglecting to invest in their employee's engagement and continuous learning to create business value by building long-term relationships with customers.
The evidence is compelling, supported with 18 case studies including global names such as Vodafone, Holiday Inn, Lehman Brothers and Enron, dissecting each success and failure. This is underpinned by a comprehensive literature review; a survey of 343 senior leaders and the author's 75 years combined consulting experience. They then highlight the 10 key differences between faster and slower companies and the seven factors for successful strategy implementation. I liked the way the reader is encouraged to undertake self analysis using practical assessment tools to measure: Leadership profile; team dynamics; successful climate management; cultivating workforce experience; effective project management and of course, strategic speed - to identify barriers to progress. This interactive approach can easily be implemented within any business sector. To quote Einstein, "simple, without being simplified".
Given my own experience of strategy development - lots of talking with little forward motion - this book provides valuable insight and best practice for all aspiring business people across the Caribbean.
"Strategic Speed" by Davis / Frechette / Boswell
Published by Harvard Business Press
Available in hard copy and E-Book at www.Amazon.com.
o Keith Appleton JP, BA (Hons.), N.Dip.M, MInstLM has extensive experience within a managerial and strategic leadership role. This is underpinned by his academic background and membership of the UK Institute of Leadership & Management.
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