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Management Consulting

7 Keys to Business Success

1. Specific and agreed upon corporate objectives.

2. Well defined and aligned corporate strategy.

3. Observably effective and efficient business processes that are documented, actually in use and based on industry best practices.

4. Corporate organizational structure that properly organizes people, materials and technology to consistently and effectively execute the business processes.

5. Corporate financial structure that can finance the strategy and achieve the objectives.

6. Business technology that implements corporate strategy, automates approved business processes, enforces corporate financial structure and monitors, reports and analyzes corporate performance.

7. Execution of corporate strategy and management of resources, based on statistical performance of each area, leading to the achievement of corporate objectives.

Corporate Objectives

Surprisingly few growth companies have specific and agreed-upon corporate objectives.  Either they weren't developed when the company started or they were abandoned after the company began expanding.

It is critical for the board of directors to clearly articulate the corporate objectives and then build understanding and agreement in those objectives with the executive management team, to keep all factions of the company moving in the same direction.

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Corporate Strategy

In order to win a war, one must know how to distinguish between important battles and unimportant battles.  An army can lose some battles and still win the war, while another army can win a few battles but lose the war entirely.  This is why tactical planning must be driven by strategic planning, which in its turn is always guided by high-level corporate objectives.

Marketing strategy is a key element of business success.  Sky-high corporate objectives with an impressive or even revolutionary new product can be for naught without an effective sales and marketing campaign.

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Business Processes

Growth is a challenge for any company.  The better the company defines and documents its business processes, the easier it is for management to navigate the inherent challenges of growth.

Business processes are simply the exact series of steps and contingent steps done in sequence to achieve a desired result.  Defining, documenting and enforcing successful business processes are key to implementing best practices into one's company.

Observation can reveal the successful repeatable actions that should be fully defined and developed into business processes.  Further refinement of these actions should be done to eliminate extraneous, unduly complex or inefficient actions that do not contribute to or hinder a business process.

MGI consultants assist in defining and documenting business processes, as well as developing training materials and holding training sessions to ensure company-wide adoption of the established business processes.

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What are best practices?

In the words of MGI's client, Global Best Practices*:

"Best practices are simply the best way to perform a business process. They are the means by which leading companies have achieved top performance, and they serve as goals for other companies striving for excellence.

Best practices are not the definitive answer to a business problem. Instead, they are a source of creative insight for business improvement. Adapting best practices to your specific needs can dramatically affect performance -- leading to breakthroughs that save time, improve quality, lower costs, and increase revenue."  

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