What is SWOT Analysis

SWOT analysis or position analysis is a crucial exercise that all businesses should undertake at regular intervals, whether they are new or old. It is basically a critical appraisal of the Strengths and Weaknesses, Opportunities and Threats in relation to the internal and environmental factors affecting a business.

By undertaking a SWOT analysis a business will be able to prepare much better short and long term plans. It will also allow them to identify gaps between their actual and desired performance and aid them in closing these gaps.

• Strengths- These are the things that your business does well. It may be that the marketing of your organisation is better than your competitors' or your product is more advanced. Whatever these attributes are, list them down under this heading.
• Weaknesses- This is an area where you will need to be very truthful withy yourself. Here you need to list down things about your organisation where the performance is weak. For instance, your business may not be very good at dealing with customer complaints and as a result your retention of long term customers or repeat orders may have suffered.
• Opportunities- These are environmental factors that can be exploited. For example it may be that your current product or service can be enhanced by the introduction of some new technology that has been developed. Another example might be that a law has been changed in the country you are operating in and that change has opened up a new distribution channel for your product or service. When you look at this area you will need to think long and broad outside your business.
• Threats- These are environmental factors which may lead to a deterioration of your business performance or a weaker position in your chosen market place. For instance, two of your competitors may have merged their respective businesses to form a more powerful organisation with economies of scale. In turn, they may have reduced their prices and it may be difficult for you to compete with them.

If you undertake the SWOT analysis and make it part of your annual or quarterly business appraisal, you are likely to spot market opportunities more quickly, improve on your products and service levels and reduce the effects of external influences on your business. This analysis is a very good tool to ensure that you make the right decisions as regards the future of your business.

Apple Strategy to Beat Microsoft

The Apple strategy to take proven platform technology into what appear to be unrelated industries with more broadly based business and consumer applications in each case usually takes the competition almost completely by surprise. To other Corporations, are these lessons transferable into their respective businesses? Most definitely.

White paper apple

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Where Did Toyota Go Wrong?

As I have been learning all of the wonderful tools and innovation that Toyota brought to manufacturing I am astounded to say the least. And up until now their quality was unsurpassed. What happened? I was reading an article from the Harvard Business Review by Sean Silverthorne on this very subject. Apparently, a significant contributor to this accelerator problem was Toyota leadership abandoned their quality driven system for increased market share. This wonderful thing called capitalism comes with an underlying price - manufacturer responsibility to the consumer's safety. Toyota let themselves be lured by increasing market share instead of their customer first ideals. I wonder if the leadership seriously considering the long term consequences of this direction.

"The flush of catching up to Ford and General Motors, coupled with a boom in demand, led Toyota's leaders to put sales growth above quality. Senior leaders became focused on becoming first in sales with a 15% share of global sales. This meant that new products had to be introduced more quickly, new plants had to be opened more rapidly, and supply networks had to be expanded more aggressively. We're now seeing the consequences of those decisions." - Learning from Toyota's Stumble by Steven Spear

Another automaker that lost its credibility was Audi. "Volkswagen AG's Audi luxury brand spent 15 years rebuilding U.S. sales after sudden-acceleration incidents in the 1980s almost wiped out demand, a possible sign of the difficult times Toyota Motor Corp. faces. Audi's U.S. deliveries plunged 83 percent by 1991 from their peak in 1985 following recalls of the German automaker's 5000 sedan. A class-action lawsuit in 1987 by Audi owners seeking compensation is still being fought." Audi 1980s Scare May Mean Lost Generation for Toyota by Andreas Cremer and Tom Lavell.

Toyota was the industry example of how to run a manufacturing business at optimum performance. When they upheld Lean principles of the customer first in on all levels of their processes it was reflected in the quality of their product. Not just in production, but design and marketing. This Lean philosophy was translated into profit, brand loyalty and an impeccable reputation. They were truly a lean enterprise. I fear that they have now become just another automaker. Toyota is reexamining what made them great. However, it will still take years to recover from the brand damage now done.

Toyota is a clear example of what not to do when you have a successful business model. All companies can be what Toyota was and hopefully will become again. Before this recall Toyota had 15% of the global market. Amazing. On a local level, think of what is would be like to increase your market share just by doing things Lean. If you were able to set up best practices, reduce or eliminate mistakes, full utilization of staff, etc. how would that help you become an industry leader? The question to ask yourself is am I the Toyota of yesterday or the Toyota of today? This applies for service business too. Which one are you?

Cynthia Marsh-Croll

Your Lean Path to Success!

Croll Productive Synergy
Westtown, NY 10998

845-649-2778
http://www.crollproductivesynergy.com
cmc@crollproductivesynergy.com

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"Blue Ocean Strategy" Creating Uncontested Market Place [Book Review]

This book will make you think. Powerfully. This book will challenge you to create, yes, "create," as if you are digging it out not merely discovering a new ocean on the globe. And, yes, this is an implementation book, not just a theory book.

The authors give clear steps how to create uncontested market space. After reading this book, it is like a science, this "blue ocean strategy," not merely speculation for only the highly evolved business mind. It's a strategy book that can be applied, albeit with innovative thinking and willingness.

The idea behind a "blue ocean" can first be understood by understanding what is meant by the "red ocean" of today's shark-filled marketplace. The current market could be described that way, for all the red blood spilled, as one company competes with another, produces a similar product to another's, and differentiates based on price, quality, and service, all courting the same customers.

This is the "red ocean" of competition, winners and losers in the market. It's like Coke vs Pepsi multiplied and divided hundreds of times over. This, the Red Ocean.

A "blue ocean" is created by developing a product or service that satisfies a new customer with such innovation and at such a price that you have no real competition. You are not just differentiating, you are offering something unparalleled. The authors suggest practical ways to do this.

At the cornerstone of a blue ocean strategy is what the authors call, "value innovation." It's where your focus is not on beating out your competition but by providing such a unique leap in value for your customers that the competition becomes irrelevant and you gain dominance in this "blue ocean" market you have created.

Several examples of companies that did this are discussed in the book. Cirque du Soleil, a circus in Canada that because of its innovative changes to its format, attracted a whole new audience, gaining heaps in revenue growth while Barnum and all other circuses continue to tough it out in the Red Ocean.

Or NetJets, which created a hugely profitable blue ocean in the leasing of corporate jets, by pricing down and providing more service. Unbeatable. Unmatchable. In the past seven years, 57 other jet leasing companies have tried and all have failed.

Or Curves, a fitness franchise for women, you probably have seen one in your town, that exploded in growth by tapping into a market for women with the right cost basis, and space and time allotment that satisfied an unserved population of women. They created a blue ocean in the health and fitness arena.

This book not only describes what a blue ocean is but, significantly, this book provides concrete strategies for thinking about how to create one in your industry. Each chapter explains practical, useful steps that require you to deliberately and carefully implement to create for yourself a blue ocean.

It shows how to look beyond the traditional market boundaries to engage "non-customers." It explains how to see beyond the existing demand and touch untapped needs in the market. It walks you through the organizational hurdles to involve properly all levels of a company in successfully strategizing a blue ocean.

This book, indeed, is one you that will urge you to think. It pushes you to imagine. It emphasizes value innovation. Seriously, this is a book for leaders.

Book Review: "Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant" by W. Chan Kim and Renee Mauborgne

by Eugene Harnett

Article Source: http://EzineArticles.com/?expert=Eugene_Harnett

Toyota Way 2001

Toyota is one of company that implement excellence Human Resource Model with comprehensive pattern in Toyota Way 2001. Every company may benchmark to Toyota to succeed its road to the competition and go out with success.

The insight of how Toyota manage its Human Resources presented below from Toyota website. Basically, Toyota put its Employee as valuable asset to make Toyota Way Happen. Toyota presented that:

"In order to carry out the Guiding Principles at Toyota Motor Corporation, in April 2001 Toyota adopted the Toyota Way 2001, an expression of the values and conduct guidelines that all employees should embrace. In order to promote the development of Global Toyota and the transfer of authority to local entities, Toyota's management philosophies, values and business methods, that previously had been implicit in Toyota's tradition, were codified. Based on the dual pillars of "Respect for People" and "Continuous Improvement," the following five key principles sum up the Toyota employee conduct guidelines: Challenge, Kaizen (improvement), Genchi Genbutsu (go and see), Respect, and Teamwork. In 2002, these policies were advanced further with the adoption of the Toyota Way for individual functions, including overseas sales, domestic sales, human resources, accounting, procurement, etc." (toyota.co.jp)

You can download supporting article here by click Toyota Human Resource Development

Human Capital for Millenials

Research has found that its too important to ignore millenials role at work. View the presentation below about millenials from PwC Saratoga and download the human capital survey : Millenials at work

Human Capital Survey : Millenials At Work

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At nearly 70 million strong, Generation Y is the fastest growing segment of the U.S. workforce. They are techno-savvy, goal-oriented, excellent at multi-tasking, and require a completely different approach to management. These entry-level workers are also changing careers faster than their older colleagues, making it harder for HR professionals to retain these talented performers.

Researchers have found that millennials are both ambitious and high-maintenance, and they believe in the strong skills that they bring to the table. Generation Y believes in speaking your mind at work, and is less likely to respond to traditional means of management. They've grown up questioning their parents, and won't respond well to commands or authoritative methods.

With a basic understanding of how their workforce perspective differs from other employees, there are a few essential ways you can effectively manage millennials.

Make the Job Challenging

Generation Y workers are not afraid of change. They don't expect to stay in the same job for long, and are often skeptical about the idea of company loyalty. They excel in multi-tasking, and desire to be challenged in their work. You can increase retention by keeping them moving onto new assignments, and finding ways to help them expand their skills on the job.

Encourage a Sense of Balance

Unlike the baby boomer generation who tend to place their priorities on career, Gen Y workers want their jobs to accommodate their home lives. They value the work-life balance, which means that flexible schedules and telecommuting options are very attractive. You can also encourage balance through team-oriented activities or social company events.

Set Clear Expectations

HR managers sometimes assume that members of Generation Y understand the same rules of the office by which older employees abide. At times, they will have their own interpretations, so you should detail your expectations in the employee manual. If there is a specific dress code, you need to be up front about it. If you don't want them using company time to use their iPods, BlackBerry mobile devices or instant messaging, you need to mention that as well.

Gen Y workers commonly exhibit ambition, talent and financial smarts on the job. Along with these strengths, they also have a different work attitude and respond to different management techniques. Since traditional forms of managing won't be effective, HR managers have been able to effectively use these creative ways to help recruit and retain top millennials. To keep a deeper sense of the career perks that they value the most, you can use annual reviews and anonymous surveys at your office.

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Mergers and Acquisitions Execution - Avoid the Failure

Mergers and acquisitions are a prominent phenomenon in business. It provide additional growth and profit opportunities. Entrepreneurs also often use it as an exit strategy and it is crucial in determining their ultimate success and financial independence. Unfortunately things do not always go smooth in the execution of mergers and acquisitions and sometimes it is a complete failure.

Why mergers fail? Here are nine deadly sins of merger failure

Nine Deadly Sins Of Merger Failure

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To Download the presentation, visit 9 deathly sins of merger failure

A successful merger and acquisition can be measured against two major factors:

• Shareholders value increase. A sustainable increase in shareholders value should be achieved over time.
• Synergies materialised. The achievement of expected synergies such as more efficient operations, increased profitability and an increase in market share.

A merger and acquisition is normally one of the most important strategies that a company will embark on. Unfortunately many mergers and acquisitions are failures (or at least in some aspect). One of the best ways to increase the chances of success is to plan properly for a merger and acquisition and to see it as a project and manage it in such a way. A merger and acquisition typically has all the important characteristics of a project - it is multidisciplinary, has specific objectives, is once-off and has time and budget constraints.

Building Competitive Advantage

Checkout the presentation and see the article. To Download the presentation visit building competitive advantage and download the presentation

Competitive Advantage

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Where does your business success begin? If you want to secure a competitive advantage, what are the 3 key areas that you must address?

Your employees or internal customers are your competitive advantage if you want to create a high performance work culture where at least 35% of the employees are engaged in thinking intensive jobs. A reasonable question is the how does one build a foundation from which to develop and then maximize that advantage?

The foundation begins with three 3 and distinct areas or pillars: your systems, your strategies and your people. Each pillar needs to be assessed and then aligned to developing internal customer satisfaction.

When looking at your systems, you will need to look at team building, process improvement, customer loyalty and continuous improvement. Quality leadership will ensure that these systems are both efficient and effective.

Strategy is embedded in your strategic planning process that includes your Vision, Values and current measurable Mission Statement along with all the critical success factors. To develop internal customer satisfaction mandates that your strategy is well communicated within your entire organization.

One simple way to assess the effectiveness of your strategic plan is ask every employee to name the top 3 goals for the current year. And if you get more than 3 answers, you know this is an area that needs immediate attention. Using an organizational assessment tool that incorporates known and proven criteria such as Baldrige helps to determine where your directional gaps are.

The pillar of people include: self leadership skills (interpersonal skills), leadership skills, attitudes and behaviors and business plans for each department. Management development oversees this essential pillar.

When all three areas of systems, strategy and people are aligned to developing achieving the goal of internal customer satisfaction, something almost magical happens. Your employees experience moments of truth that lead to loyal external customers.

TAKE ACTION to think about your strategic plan and how will it is executed in your business. What would happen if every employee could name the top 3 goals of the business for the current year? Would your overall productivity increase? Would you find yourself with greater sales, greater profitability and less costs? Just imagine the possibilities.

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Toyota's 14 Principles : Key Success Factor

Many things to be learnt at Toyota. You can download the toyota 14 principles pdf here and read the analysis below from ezine.

Toyota is clearly a dominate leader in automobile manufacturing today. The principles employed at every level of the company have certainly led to a standard of quality that no one in the automotive industry can argue with. What these principles are and how they are implemented within the Toyota Corporation can certainly help the automakers of the United States and indeed the world achieve the same success.

When these 14 principles are listed and compared with some of the strategies that United States automakers have employed, it becomes clear why Toyota has succeeded as it has.

The 14 principles are known as the "Toyota Way" and are listed below:

1. Base your management decisions on long term philosophies, even at the expense of short term goals

2. Create continuous process flow to bring problems to the surface

3. Use pull systems to avoid over production

4. Level out the workload

5. Build in a method to stop and fix problems when they are discovered, this ensures quality the first time

6. Standardized tasks provide the foundation for continuous improvement and employee empowerment

7. Use visual control so no problems are hidden

8. Use only reliable, thoroughly tested technology that serves you people and processes

9. Grow leaders who thoroughly understand the work, live the philosophy and can and do teach it to others

10. Develop exceptional people and teams who follow your company's philosophy

11. Respect your extended network of partners and suppliers by challenging them and helping them improve

12. Go and see for yourself so that you completely understand the situation

13. Make decisions slowly by consensus, thoroughly consider all options; implement decisions rapidly

14. Become a learning organization through relentless self examination and continuous improvement

Just by a cursory examination of these fourteen principles, it is easy to understand why Toyota has experienced such a high level of success. The overall process does not allow for overlooking, either deliberately or by accident problems that exist anywhere in the chain of production. Every Toyota employee involved in the manufacturing process has the power to stop production if they see an issue developing. Just this one aspect alone works to ensure that quality vehicles are produced along the assembly line. The twelfth principle: go and see supports and encourages management to stay in touch with design and manufacturing concepts so that they stay in touch with what is actually occurring on the production floor. Number 13 inhibits the business as usual style that can strangle even the most creative of companies. By always encouraging employees to thing outside the box and bring the suggestions to upper level management, fresh new ideas are constantly stimulating innovative and original designs. This ensures that the product never goes stale.

By spending more time up front developing the correct process, the long-term goals of producing exciting affordable qualities vehicles is recognized. Unfortunately, for U.S. automakers, it many times seems that that they approach the production concept from the opposite direction. This might explain why Toyota has pulled away from United States as a leader in the car manufacturing industry. The philosophy appears to have worked well so far and one wonders why someone in America has not had the bright idea to adopt these strategies.

Could it possibly be that many Americans have grown fat and lazy with the early successes achieved by our ancestors? Let us hope that our philosophy as a nation changes quickly, for if it does not, we might find ourselves going the same way as our automotive industry. That is a scary thought indeed.

The Balanced Scorecards : Video Lesson

This is visual lesson about balanced Scorecards. The video describe briefly whats the concept of balanced scorecards with integration with other management system. Watch it.






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Balanced Scorecards Case Study in Indian Corporation

This is balanced scorecard case study among indian companies. Exploring Balanced Scorecards implementation among Indian Companies, research presenting major findings are as follows:

• The Balanced Scorecard adoption rate is 45.28 per cent in corporate India which compares favourably with 43.90 per cent in the US.
• The financial perspective has been found to be the most important perspective
• The expense centre budgets, brand revenue/market share monitoring, profit centre, and transfer pricing mechanism are the other performance management tools used by the Indian companies.
• Corporate India monitors the indicators as per ISO 14000 norms in the environmental and social perspectives of the performance scorecard.
• The difficulty in assigning ‘weightage’ to the different perspectives and in ‘establishing cause and effect relationship among these perspectives’ has been found to be the most critical issue in the implementation of the Balanced Scorecard in corporate India.
• Most companies claimed that the implementation of the Balanced Scorecard has led to the identification of cost reduction opportunities in their organizations which, in turn, has resulted in improvement in the bottom line

To download the paper above, click here.

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The Toyota Way: Free Download

Toyota is one of benchmarking companies implementing high quality standards and best management practices.

The toyota way is one of best management books exploring how toyota could become American competitor and make history in management sciences.
Download the toyota way pdf