Six things I am contemplating about business
As many of you know, our company specialises in procurement and other related technologies, with an emphasis on growing people.
Like many small business owners our desire is to leave a legacy: To create employment, develop young people into good leaders, give our children the best education and support the under-privileged.
We understand that many of our customers owe their initial success to a unique strategic position involving clear trade-offs. All our activities were once aligned with that position. But I am wondering how many of us have compromised that alignment to synchronise with our rivals.
Although our company has only been around for four years I find myself drawn back to our founding place, to reconnect with our initial strategy.
Here are six things I am contemplating, that I hope will resonate with fellow procurement executives:
1 Do we understand what makes us unique?
That best practice or leading practice benchmarks are just ways of offering efficiency and, though critical, are not enough to create a sustainable strategic advantage over our rivals.
2 How are we tailoring our activities to those unique differentiators?
Does our culture reflect these? Are we investing in our people to ensure that it is achievable?
3 Are we clear on the trade-offs?
Do we know which activities are most valuable to our strategy? Are they clear to our procurement staff?
4 Are we offering end-to-end optimisations or are we stuck in solo mode with an isolated and skewed view of the value chain?
5 Are we creating activities that are sustainable or do we work inefficiently and disjointedly in some areas?
6 Do our customers understand and agree with our brand promise?
Please feel free to share with me your thoughts and challenges.