Every business consists of functional groups such as internal operations, marketing, accounting, engineering, supply
management, logistics, and finance. In addition, each function has to generate a strategic plan—one that is coordinated
with and strategic business plan.
- What specifically would you do to support a corporation and strategic business unit strategies?
- What are the critical resources that you have to manage carefully if you are able to achieve the corporate/strategic
business unit objectives?
- What metrics should you have in place to ensure you are making progress on these plans?
- What capabilities in your function should be considered or recognized by two higher stage of strategy?
Full Answer Section
- Develop Functional Plans: Create functional plans that directly support these priorities, ensuring that your team's efforts contribute to the overall success of the corporation.
- Manage Critical Resources Effectively:
- Identify Key Resources: Determine the resources that are essential for achieving your functional objectives. These may include financial resources, human capital, technology, and infrastructure.
- Allocate Resources Wisely: Ensure that resources are allocated efficiently and effectively to support the most critical initiatives.
- Monitor Resource Utilization: Track resource usage and identify areas where resources may be underutilized or misallocated.
- Manage Risks: Identify and mitigate potential risks that could impact the availability or effectiveness of critical resources.
- Implement Key Performance Indicators (KPIs):
- Develop Relevant KPIs: Create KPIs that measure progress towards your functional objectives and align with the overall corporate strategy.
- Track Performance: Monitor KPIs regularly to assess performance and identify areas for improvement.
- Provide Feedback: Provide timely feedback to team members based on their performance against KPIs.
- Make Adjustments as Needed: Be prepared to adjust strategies or resource allocations based on performance data.
- Develop Core Competencies:
- Identify Core Competencies: Determine the unique skills, knowledge, and abilities that your function can contribute to the corporation's competitive advantage.
- Invest in Development: Invest in training and development programs to enhance these core competencies and ensure that your team members have the necessary skills to succeed.
- Leverage Core Competencies: Identify opportunities to leverage your team's core competencies to support other functions or business units within the corporation.
By following these guidelines, you can effectively support corporate and strategic business unit strategies, contribute to the overall success of the organization, and enhance your function's value within the company.