PHIL HARDWICK’S STRATEGY LETTER
In case you haven’t heard, I retired from the Stennis Institute recently. Of course, that does not mean I have retired altogether. I’m still teaching part-time at Millsaps College, facilitating strategic planning retreats, doing leadership training, writing and generally staying busier than ever. You can read more about that in this Mississippi Business Journal article.
I’ll also be publishing my new monthly newsletter, which will be about strategy and goal setting. Each issue will feature an organization (profit or nonprofit), a government entity and an individual.
IMPORTANT – To receive my FREE newsletter, simply send an email to firstname.lastname@example.org. Enter SUBSCRIBE STRATEGY in the subject. Oh, one more thing: Your email address will never be shared with anyone else.
Now that we have that out of the way let’s get to it.
In the business world, the search for new strategies is everywhere. Newspapers and retailers especially have to figure out new strategies. Strategy is about HOW to achieve goals. Sometimes the right strategy is tied to the wrong goal, and vice versa.
In 2011, Ron Johnson left Apple to become CEO of J.C. Penney. His strategy for the struggling department store chain was to eliminate cashiers and checkout counters and have small, more upscale specialty shops within the department store. No more clearance sales and heavy couponing. An interesting strategy, for sure. How did it work out? Only 17 months after Johnson came to Penney, sales had plunged, losses had grown and Johnson was out the door. Read about it in this Business Insider slide show:
or this Forbes magazine article:
Ever heard of CircleUp? It’s strategy is to connect investors with innovative consumer and retail companies using a crowdfunding platform, i.e. using the Internet to connect a large number of investors to an investment. For companies, it’s a new strategy to raise capital. Check it out at https://circleup.com.
Cities are always looking for strategies to create more revenue because citizens loathe the idea of having taxes raised. Earlier this month Atlanta decided to ask businesses to place ads on public buildings and other public places. It appears that the strategy is backfiring as citizen uproar is rather loud. Just because this strategy worked for naming public sports complexes doesn’t mean it will work for other city properties. Read about it at:
It’s that time of year for New Year’s resolutions and goal setting of all types. What’s your goal for 2015? And what is your strategy for achieving it? Research has shown that there are three keys (strategies) to achieving goals: (1) write it down, (2) share it with someone else and (3) be accountable to someone. I’ll be putting those strategies into practice in my hometown by forming a goal setters luncheon club that will meet on a regular basis during the year to hold each other accountable for achieving our goals. If you’re in the Jackson, Mississippi area and would like more information about joining the group just send me an email at email@example.com.
SOMETHING TO THINK ABOUT
We judge ourselves by our intentions. We judge others by their actions.
Wishing you a healthy, happy and strategic 2015.