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Chris Hall 21 st January 2015. What is Strategy? TIME Source: London Business School Sloan Program HOW.

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Presentation on theme: "Chris Hall 21 st January 2015. What is Strategy? TIME Source: London Business School Sloan Program HOW."— Presentation transcript:

1 Chris Hall 21 st January 2015

2 What is Strategy? TIME Source: London Business School Sloan Program HOW

3 Who needs one? MNC to SME to start up Profit/Non Profit Corporate/Business Unit/Product Agenda for change -2011 Economic Strategy (Vision2020) Tax Strategy Personal finance Hobbies and Interests

4 Strategy Creation Process ANALYSIS FORMULATION & CHOICE IMPLEMENTATION & CONTROL VISION, MISSION, VALUES Source: IOD Course: Directors Role in Strategy & Marketing

5 Execution – Competitive Advantage Strategy CultureOrganisation Source: O2 Leadership Program, Oxford Business School

6 Example – IOM ICT Strategy Vision, Mission, Values Research & Analysis Options & Scenarios Strategic goals Action Plan & Targets Strategic Plan (5 yrs) Vision & Mission Industry & Trends Current situation Research & Conclusions Strategic Priorities, Balanced Scorecard, Risks & Mitigation Business Plan (1 yr) Objectives and targets Action plans Resource allocation and budgets KPIs/measurement

7 ICT Vision & Targets VISION “To achieve continued and sustained GDP growth for the next five years through defined organic and inorganic growth in high added value niche services” MISSION “For ICT to be widely recognised across the IOM as a critical sector for future economic growth and as a good choice for a future career” TARGET Double ICT GDP in size in real terms by 2017/18 To create over 580 new ICT jobs by 2017/18

8 ICT Strategic Priorities Developing Skills Supporting Existing Business Attracting New Inward Investment Supporting Entrepreneurs 582 NEW JOBS

9 ICT Strategy – Priorities for Action 37 Recruit executive to lead MICTA Work with MICTA to stimulate new export sales Quick fixes to make it easier to import ICT skills Supporting existing business Increase focus on ICT sector Proactively promote IOM to target UK software SMEs Promote IOM to successful/new entrepreneurs Attracting new inward investment Provide support and education to encourage local technology entrepreneurs Investigate feasibility of attracting an incubator or accelerator to the IOM to support ICT start ups Supporting Entrepreneurs Developing Skills Short term fixes to encourage import of skills Promote and publicise ICT as a career Ensure ICT syllabus in schools fit for purpose Support development of MEF ICT

10 Top Tips Diary out time – Planning is time well spent External support may add value – Avoid group think by getting extra input in-house or from external advisors/facilitators/consultants Think the unthinkable – Don’t discount idea because “its never been done before” Action Orientated – Strategy needs to be backed up with clear execution plan and SMART actions Communicate, communicate, communicate – Key role of leader is to ensure everybody in team understands strategy Regular reviews – Good board meeting is one third looking backwards, 2/3 rd looking forwards

11 Further Information

12 Conclusion “The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.” Sun Tzu

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