UNCOMMON PRACTICE Strategy that works Elikem Nutifafa Kuenyehia

UNCOMMON PRACTICE: Strategy that works Elikem Nutifafa Kuenyehia July 26, 2007

ROAD MAP • Set the context • The Common approach • The Uncommon approach • Suggested approach • Q & A

SETTING THE CONTEXT

WHAT IS STRATEGY? “Strategy is an approximate course of action that you frequently revisit and redefine, according to shifting market conditions. It is not nearly as theoretical or life-and-death as some would have you believe”. Jack Welch

PURPOSE OF STRATEGY “The essence of strategy is not the structure of a company’s products and markets, but the dynamics of its behaviour. ” Tom Peters

63% OF COMPANIES MISS STRATEGY TARGETS Research conducted by Markon Associates, Management Consultants

STRATEGY ROAD MAP Develop Vision & Mission & VALUES Set Objectives Craft a Strategy to Achieve Objectives Implement & Execute Strategy Measure, Evaluate and course correct

THE COMMON APPROACH

THE COMMON APPROACH • Disproportionate focus on development • C-title driven • Same voices…. Same perspective • Not enough buy-in • Desktop management • Lack of accountability • Misalignment

THE UNCOMMON APPROACH

INTERNATIONAL EXAMPLES • Virgin • Google • Starbucks • Apple • Marks & Spencer • Mc. Kinsey • Diageo

LOCAL BEST IN CLASS EXAMPLES • Origin 8 • Ecobank • Travelking • Unique Trust • Tropical Cable • Databank • Kasapreko • Amal Bank

THE UNCOMMON APPROACH • People at epicentre • Passion & Fun • Shared vision, mission & values • Inspired leadership • Engaged and supportive board • Aligned strategy • Decisions driven by customer Insights

UNCOMMON PRACTICE • Execution focused • Measurement & Evaluation • Clear trade offs & Focus on the knitting • Dynamic……Anticipatory…. Not Static

SUGGESTED APPROACH

SUGGESTED APPROACH • Broaden the conversation • Amplify the role of HR • “Walk the talk”. . execute!

CONSISTENT WITH WELCH’s VIEW • Approximate course of action • Frequently revisit and redefine, according to shifting market conditions • Not nearly as theoretical or life-anddeath as some would have you believe

UNCOMMON PRACTICE? “I used to think that marketing was the most important department at Starbucks. Today, I’d say, unequivocally, it’s human resources. Our success depends entirely on the people we hire, retain and promote…. . ” Howard Schultz, Founder/CEO, Starbucks

FURTHER INFORMATION: elikem@kuenyehia. com