What does a Formula 1 racing team, like Ferrari, have in common with a high-flying company, like Apple?
They’re both in highly competitive industries? They’re both focused on improving their performance? They’re both incredibly driven to succeed? They’re both intent on being the best in the world?
Yes, yes, yes, and yes.
In other words, they both strive, in everything they do, to achieve Operational Excellence (Op Ex). However, achieving Operational Excellence is far from easy, and (fortunately for Apple and Ferrari) only 36% of companies manage it.
So, buckle up and join this Process Street post, as we race through the following topics and learn, from the likes of Ferrari, Apple, Disney, and Google, how to become operationally excellent:
This is a concerning statistic when you consider that, for a majority of companies considered successful, an emphasis is placed on having formal and pre-established systems to inform, manage, and meet their strategic obligations.
In this sense, can we not infer executing business strategy = business success?
To bridge this gap between strategic ambition and business performance, Process Street has created a Strategic Planning Template, which you can use – for free – right away!
By executing the steps given in this template you will not only develop good strategy, but the delivery of this strategy will also prove successful.
But to accommodate this template, you need to have a solid understanding of strategic planning itself.
In this article, I’ll discuss what strategic planning is, the different strategic planning models – with an emphasis on the Cascade Strategic Planning Model -, why strategic planning is important, and more.
This is a guest post from Dave Schneider, a serial entrepreneur & co-founder of shortlist.io, a marketing “un-agency” that serves as an outsourced dedicated marketing team. He has also co-founded Less.churn, a churn reduction app, prior to selling it in 2018. Dave loves to travel the world, and has visited over 65 countries. In his spare time, he writes about SaaS and business at DaveSchneider.me.
The vast majority of product launches fail.
According to a study done by the University of Toronto, the failure rate for new products in the retail grocery industry is 70-80%. And, the situation across all sectors is even more dia, Harvard professor Clayton Christensen estimates that the fail rate of new products across all boards is around 95%.
Evidently, coming up with an innovative and awe-inspiring product you think people will love is simply not enough. In order to mitigate failure, you will need to prioritize and optimize how you market your product.
Fortunately, this Process Street article is here to provide you with all the tools and digital hacks you will need to successfully market and launch your product.
Feel free to jump to a specific section of this post by clicking on the relevant subheader below. If not, just keep on scrolling.
After the Second World War, Japan was faced with tremendous infrastructural damage and needed to begin the long, difficult process of repairing pretty much everything. During this time, Allied forces occupied Japan and oversaw the process of reparation – many American experts were enlisted to aid in the efforts to rebuild Japan’s economy and infrastructure, while at the same time ensuring no military force was re-established.
Among those enlisted was W. Edwards Deming (of the Deming Cycle and PDCA fame). One of the early goals was to begin production of new radios; the problem was, new management was unskilled, production facilities and raw materials were in short supply, and quality management was a big issue.
Long story short, Deming helped to spearhead the establishment of quality control initiatives focusing on top-level management taking responsibility for clearly defining quality policy and procedures. This kind of quality control framework came to be known as Hoshin Kanri, and it eventually proliferated beyond Japan and over to America and the rest of the globe.
A 2020 report by the IPMA Organisational Competence Baseline (IPMA OCB) explained that to execute business vision, mission, and strategy, implementation of the Hoshin Kanri approach – also referred to as Hoshin planning – is vital for lean and strategic management, and for future-proofing a business.
Product roadmaps are an essential part of understanding how to align your product to a long-term vision for product-market fit. They are also one of the key deliverables for product managers and are useful to almost all teams and stakeholders.
What the product roadmap should provide:
Clear overview of key launch dates and milestones
Clearly communicate which teams are responsible for what
Clearly communicate important deadlines and time allocation
A beacon to align different teams to core company goals and objectives
What the roadmap shouldn’t include:
Goals and objectives unrelated to the product
Overload of information about specific product features and specifications for development
Too much data without clear association with company goals or objectives