Dr. John Psarouthakis, Executive Editor, www.BusinessThinker.com. Founder and former CEO, JP Industries, Inc, a Fortune 500 industrial corporation. Adjunct professor, Strategy and Acquisitions, Ross School of Management, University of Michigan
This is the 5th of short articles of my thoughts about Leading and Managing winning companies.
The development of a winning strategy requires that the company considers the interrelated dynamics between the enterprise itself, its customers, and its competitors. This strategy in turn must be implemented through “effective corporate actions resulting from superior decisions, which in turn rest heavily on solid management practices rather than luck or general business acumen” according to Professor J. Frank Yates** of the School of Business at the University of Michigan. A good decision manager understands the process of making good decisions and in the turn helps others within the organization to learn the good decision process. This is of extreme importance to understand before a Strategy and a plan to implement this strategy is developed.
The implementation and the results there of depend entirely on the ability to make and implement good decisions. Myself as a practitioner and academic on strategy formulation and implementation, can attest to the fact that absent of the above abilities no strategy developed can be successful.