May 6, 2021 - How covid-19 changed our shopping habits

From the Editor's Desk

Eliminate Strategic Overload

How to select fewer initiatives with greater impact

As companies respond to intensifying competitive pressures and challenges, they ask more and more of their employees. But organizations often have very little to show for the efforts of their talented and engaged workers.

By selecting fewer initiatives with greater impact, companies can make their strategies more powerful. A strategic initiative is worthwhile only if it does one or more of the following:

• It creates value for customers by raising their willingness to pay. As your company finds ways to innovate or to improve existing products, the maximum price people will be willing to pay for the offering rises.
• It creates value for employees by making work more attractive. Offering better jobs lowers the minimum compensation that you have to offer to attract talent to your business.
• It creates value for suppliers by reducing their operating cost. As suppliers’ costs go down, the lowest price they would be willing to accept for their goods falls.

As companies expand the total amount of value created for their customers, employees, and suppliers, they position themselves for enduring financial success.

Continued here

TradeBriefs: Newsletters for Decision-Makers!

Advertisers of the day

Emeritus: NUS Business School's Fin Tech: Innovation and Transformation in Financial Services programme | Accepting applications - Starts on May 20, 2021

Emeritus on behalf of NUS Business School: Apply for NUS Business School's Python for Analytics programme - Starts on May 13, 2021

Our advertisers help fund the daily operations of TradeBriefs. We request you to accept our promotional emails.

Want the newsletters, without the promotional mailers?
Get an (ad-free) subscription to TradeBriefs Premium for just $2 per month.