{"id":109646,"date":"2013-12-30T15:41:52","date_gmt":"2013-12-30T19:41:52","guid":{"rendered":"http:\/\/dominicanewsonline.com\/news\/?p=109646"},"modified":"2013-12-30T15:41:52","modified_gmt":"2013-12-30T19:41:52","slug":"business-life-new-year-time-new-beginnings","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/columns\/business-life-new-year-time-new-beginnings\/","title":{"rendered":"BUSINESS &#038; LIFE: New Year: Time for New Beginnings"},"content":{"rendered":"<figure id=\"attachment_83298\" aria-describedby=\"caption-attachment-83298\" style=\"width: 160px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-83298\" alt=\"Dr. Valda Henry\" src=\"http:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry.jpg\" width=\"160\" height=\"240\" srcset=\"https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry.jpg 160w, https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry-100x150.jpg 100w\" sizes=\"auto, (max-width: 160px) 100vw, 160px\" \/><figcaption id=\"caption-attachment-83298\" class=\"wp-caption-text\">Dr. Valda Henry<\/figcaption><\/figure>\n<p style=\"text-align: left;\" align=\"center\"><span style=\"line-height: 1.5em;\">In two days time, a new year will be ushered in.\u00a0\u00a0What do you desire for 2014?\u00a0\u00a0What resolutions will you make?\u00a0\u00a0How will you ensure those resolutions will be fulfilled?\u00a0\u00a0\u00a0I personally do not make resolutions.\u00a0\u00a0I instead reflect on the past year and look at what I want to achieve for the year, based on the list I drew up on my birthday in the preceding September.\u00a0\u00a0My birthday is when I mark my first new year.<\/span><\/p>\n<p>A new year is not only a time for reflection and redirection personally; it is also time for organisations to comprehensively examine their direction.\u00a0\u00a0This is particularly so for companies whose financial year commences on\u00a0January 1.<\/p>\n<p>So where does a company begin the review?\u00a0\u00a0One of the first places is its strategy.\u00a0\u00a0Strategy is the art of marshaling resources and capabilities to achieve objectives.\u00a0\u00a0It is about choices and creating value for customers (Cameron, 2004).\u00a0\u00a0This is ultimately why businesses exist.\u00a0\u00a0In the review, we need to examine how and what value is created?\u00a0\u00a0Is value created through low cost, product differentiation, product selection, exclusivity or service?\u00a0\u00a0The answer to this question will determine among other areas, the product offering, the pricing, the level of service, the location and the staffing.<\/p>\n<p>Value is created through unique activities.\u00a0\u00a0One of the tools in determining one\u2019s strategy Michael Porte\u2019s \u2018Five Competitive Forces Analysis:\u201d<\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0Industry Rivals \u2013 One needs to determine the company\u2019s position in its industry.\u00a0\u00a0Is it a market leader or follower?\u00a0\u00a0Is it a niche or mass provider?\u00a0\u00a0What are its financial and other strengths?\u00a0\u00a0How does or can the company leverage its strengths to its advantage?<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0Threats of New Entrants \u2013 How easy is it for new companies to enter the industry?\u00a0\u00a0The easier it is, the more difficult it is to maintain one\u2019s position.<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0Threats of Substitutes\u00a0\u00a0&#8211; Is there a readily available replacement or other provider of the product or service offered by your company?\u00a0\u00a0If the answer is yes, then the company has to work even harder to create value through unique activities.<\/p>\n<p>4.\u00a0\u00a0\u00a0\u00a0\u00a0Power of Sellers \u2013 Is the company a price taker or price setter?\u00a0\u00a0Is the company largely dependent on the seller of its products or are their multiple suppliers?\u00a0\u00a0If there were multiple suppliers, the company has relatively greater power than if it was largely dependent on one supplier.<\/p>\n<p>5.\u00a0\u00a0\u00a0\u00a0\u00a0Power of Buyers \u2013 The power of the buyers is largely dependent on the options and choices they possess either through substitutes or other providers.\u00a0\u00a0The greater the options available to buyers, the greater their power and the greater the need to provide value to customers and to differentiate one\u2019s service.<\/p>\n<p>It is clear that a company can strengthen its position by providing unique activities.\u00a0\u00a0Once the choice or choices have been made, execution is the next step, and Michael Porter argues that while strategy is about choices, companies have no choice but to execute efficiently.\u00a0\u00a0He contends that operational effectiveness is a requirement.\u00a0\u00a0Companies are required to be good at what they do.\u00a0\u00a0Companies need to ask, \u201dIs our strategy effective?\u00a0\u00a0Is it working? \u201c\u00a0\u00a0This underscores the importance of monitoring and evaluation.\u00a0\u00a0Companies need to also ask, \u201cHow do you sustain and improve our position?\u201d\u00a0\u00a0This speaks to the need for creativity, innovation and proactive mindset: one that is always looking for new ways to create value for customers.<\/p>\n<p>This fits it well with Mintzberg\u2019s Strategy as the \u201c5 Ps\u201d.\u00a0\u00a0Mintzberg argues that strategy is a:<\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0Plan \u2013 a consciously intended course of action<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0Ploy \u2013 a manoeuver in a competitive game<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0Pattern \u2013 a course of actions which emerges spontaneously from operational decisions<\/p>\n<p>4.\u00a0\u00a0\u00a0\u00a0\u00a0Position \u2013 a place in the market<\/p>\n<p>5.\u00a0\u00a0\u00a0\u00a0\u00a0Perspective \u2013 a unique way of looking at the world<\/p>\n<p>As we usher in 2014, May the Lord Bless and Keep Us, Let His Face Shine Upon Us, Lift His Face to us and Grant us His Peace, while enlarging our territory and Blessing us with Good Health, Wisdom and Discernment.<\/p>\n<p>Until we meet again, May the Lord Keep Us in the Palm of His Hands.<\/p>\n<p>Blessings Aplenty.<\/p>\n","protected":false},"excerpt":{"rendered":"In two days time, a new year will be ushered in.\u00a0\u00a0What do you desire for 2014?\u00a0\u00a0What resolutions will you make?\u00a0\u00a0How will you ensure those resolutions will be fulfilled?\u00a0\u00a0\u00a0I personally do not make resolutions.\u00a0\u00a0I instead reflect on the past year and&#8230;","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[30],"tags":[],"class_list":["post-109646","post","type-post","status-publish","format-standard","hentry","category-columns"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BUSINESS &amp; 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