In this episode we discuss: The depths of strategy. We are joined by Steve Spall, Board Advisor.
We chat about the following:
• What are the hallmarks of a good strategy?
• Do complex strategies hinder rather than help?
• How can leaders ensure that every employee understands and aligns with the strategy?
• Can leaders without a natural strategic mindset still drive a company's success through strong execution and team alignment?
References:
• www.linkedin.com/in/stevespall
Biography:
Over the past 15 years, Steven Spall has driven scale-ups through successful exits to FMCG giants, most recently serving as COO at tails.com after his tenure as Group Operations and Strategy Director at innocent drinks. Prior to this, Steven spent a decade in various senior operations, change, and strategy roles at British Gas, Tesco, and Kingfisher. His early career included positions as a supply chain project manager and distribution centre manager at Whitbread Beer Company and as an operations consultant at Ernst & Young.
Steven is a Distinguished Visiting Fellow at Cardiff Business School in the Logistics and Operations Management Section. He is now focusing on Non-Executive roles within operations-heavy smaller businesses.
Steven has been happily married to his delightful wife Kate for over 30 years. They have a grown-up daughter who creates the special effects for the London Dungeons and a son who is a co-founder of a deep physics tech start-up. In their leisure time, Steven and Kate enjoy travelling across Europe in their VW camper.
To learn more about Beth and Brandon or to find out about sponsorship opportunities click here (operationsroom.co) .
Summary:
• Work-life balance and happiness in the corporate world. 0:05 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Hosts discuss seasonal affective disorder and London weather.
• Brandon and Bethany discuss the idea that success and happiness are not always directly linked, despite achieving career milestones.
• Strategy development, communication, and adaptability in business. 3:10 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Bethany: Good strategy has a clear purpose, vision, and market problem to solve.
• Brandon M: Strategy should be framed up on paper, adhere to OKRs, and be communicated effectively.
• Strategy should be enduring, but OKRs move faster to adapt to changing market dynamics.
• Brandon and Bethany discuss their company's strategy and OKRs, ensuring alignment and communication across teams.
• They prioritize listening to employees and adjusting the strategy based on market changes and feedback.
• Vision, purpose, mission, and strategy in business. 10:42 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Bethany defines vision as "what the company needs to look like in 5 years" and purpose as "why am I getting up on Monday morning" (12 words)
• Brandon defines strategy as "how the company will solve a problem in the industry to achieve its vision" (14 words)
• Strategy defined as understanding scope, figuring out unique solution, and aligning with values.
• Strategy development, execution, and alignment. 14:33 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Steve: Well-defined success and understanding situation are crucial for effective strategy.
• Identifying a unique solution to overcome challenges or leverage opportunities is key to successful strategy.
• Bethany: Strategy and vision are often conflated in businesses.
• Steve: Clarity of strategy is crucial for success, but often lacking.
• Business strategy, vision, and product development. 20:37 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Bethany and Steve discuss the importance of having a clear purpose, vision, and market strategy for a business.
• Brandon M. adds that the product strategy should be aligned with the business strategy and should have a clear roadmap.
• Steve defines strategy as identifying business need and clever way to achieve it.
• Strategy involves all components, including business model, operating model, and product strategy.
• Strategy, moats, and organizational alignment. 26:17 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Speakers discuss the importance of understanding the operating model and business capabilities to execute a strategy.
• Walmart's success was due to its ability to adapt and innovate, rather than relying on a single strategy or moat.
• Effective culture and leadership are crucial for staying ahead of competitors and maintaining a competitive advantage.
• Strategic planning and communication in business. 30:33 (otter.ai/u/e_wVLIBOuBMej4OChS...)
• Steve discussed the importance of open communication and regular updates on the company's state and str...