MOST Analysis

Mission Statement

Course Objectives:

Business Transitions is a forward-looking program designed to build value for the next evolution of the business. Business Transitions begins with establishment of a baseline for where the business is today. Business Transitions are affected by the value of the business viewed by industry standards and balanced against the perceptions, desires and needs of the owners and stakeholders of the Company itself. To accomplish this, a suite of tools will be utilized. In this session, we will be introduced to, and learn each tool for use and application throughout the Business Transitions program. These tools are; Porter’s Five Forces, SWOT, 5 Whys: Root Cause Analysis, VMOST Analysis and Pareto Principle. Each of these tools will facilitate analysis into each area and identify areas and create a roadmap for improvement and change to build value.

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Objectives

01. The changing business environment today: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
02. Understanding the impact of external economic activity on business growth and success; departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
03. How to set objectives for your business; departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
04. Metrics for measuring business success; departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
05. Evaluating business performance in the modern economy; departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
06. Porter’s five forces; departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
07. SWOT analysis: departmental SWOT analysis; strategy research & development. 1 Month
08. Root cause analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
09. VMOST analysis: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
10. Pareto principle: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
11. Appraising future investments: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month
12. Implementing improvements and growth measures: departmental SWOT analysis; strategy research & development. Time Allocated: 1 Month

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Strategies

01. The changing business environment today: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
02. Understanding the impact of external economic activity on business growth and success: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
03. How to set objectives for your business: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
04. Metrics for measuring business success; Each individual department head to undertake departmental SWOT analysis; strategy research & development.
05. Evaluating business performance in the modern economy: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
06. Porter’s five forces: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
07. SWOT analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
08. Root cause analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
09. VMOST analysis: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
10. Pareto principle: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
11. Appraising future investments: Each individual department head to undertake departmental SWOT analysis; strategy research & development.
12. Implementing improvements and growth measures: Each individual department head to undertake departmental SWOT analysis; strategy research & development.

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Tasks

01. Create a task on your calendar, to be completed within the next month, to analyze The changing business environment today.
02. Create a task on your calendar, to be completed within the next month, to analyze Understanding the impact of external economic activity on business growth and success.
03. Create a task on your calendar, to be completed within the next month, to analyze How to set objectives for your business.
04. Create a task on your calendar, to be completed within the next month, to analyze Metrics for measuring business success.
05. Create a task on your calendar, to be completed within the next month, to analyze Evaluating business performance in the modern economy.
06. Create a task on your calendar, to be completed within the next month, to analyze Porter’s five forces.
07. Create a task on your calendar, to be completed within the next month, to analyze SWOT analysis.
08. Create a task on your calendar, to be completed within the next month, to analyze Root cause analysis.
09. Create a task on your calendar, to be completed within the next month, to analyze VMOST analysis.
10. Create a task on your calendar, to be completed within the next month, to analyze Pareto principle.
11. Create a task on your calendar, to be completed within the next month, to analyze Appraising future investments.
12. Create a task on your calendar, to be completed within the next month, to analyze Implementing improvements and growth measures.

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Introduction

Introduction to Business Evaluation Course

Success in the changing business environment of today is only available by identifying the importance of updates and innovative measures. Before we discuss the important subject of business evaluation, it is necessary to shed some light on the changing business environment that has resulted in the need for businesses to constantly evaluate their strategy and growth curve.

Changing with time is a key business skill and as an introduction to our business evaluation course we will look at some necessary techniques for adjusting in the rapidly changing business environment of today.

Steps for Change Management

The changing business environment has only made senior executives realize the needs of their employees. When change was scarce, organizations wouldn’t worry about ingraining it within their culture and employees, but now that change lies at the very core of business culture, there is greater focus on how it can be managed and the results that can be derived through it.

Some steps organizations and managers can follow today to remain competitive in the changing business environment include:

Addressing the Human Side

Almost any significant transformation in the workplace can create people-issues and complications. New skills and capabilities have to be developed, new leaders will be asked to step up and fill in for responsibilities. Employees will remain skeptical of change in the meanwhile and will have their reservations as always.

Dealing with these issues in a reactive manner can put all morale, efficiency and speed at risk. The first and perhaps the most important attribute of change management should be to focus on the employees directly involved in the process. The change management process can only succeed if the focus remains on employees and what that change means to them. The change management approach should be integrated into the decision making process and should focus on employees as the first point of change.

Starting from the Top

Since change can be inherently unnerving and unsettling for people at all levels of an organization, the attention would definitely turn to the leadership team and CEO for support, strength and direction. Leaders themselves have to be onboard with the new approaches first and should be ready to take drastic measures for the growth of the organization. These drastic measures should be focused on challenging and motivating the organization. Executive teams should be the first to be introduced to the change and should be kept on board throughout the change.

Involving Every Layer in the Firm

As transformation programs progress forward, you should look to involve every layer within the organization. Change efforts should include plans to identify leaders across the organization and give them dedicated instructions on how to manage a change initiative. Since water trickles down, the implementation of the change initiative should start from the top and then trickle down to the bottom. The change eventually cascades through the organization and achieves the objectives required from it.

Creating Ownership within Workers

Leaders of real change management programs strive to create ownership among the workforce in favor of the change and what it can achieve for the organization. This can be created through a leadership team willing to accept responsibility for the change in all areas they can influence or control. Ownership can be created and reinforced through the use of rewards or incentives. The incentives can either be tangible, in the form of financial compensation, or intangible, in the form of psychological camaraderie and a shared sense of destiny.

Assessing Culture

Almost all successful change management programs pick up intensity and speed as they come down to other lower levels of the hierarchy. This is only possible if the management has done their homework and assessed all attributes of the organization’s culture. Companies often assess culture too late and do not recognize the importance it carries. Through cultural diagnostics, organizations can prepare themselves for change, bring a number of major problems to the surface, define all factors that influence leadership sources and identify conflicts. These diagnostics help in the identification of core values, behaviors and perceptions across all levels of the organization.

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Adapting to Change in a Changing Business Environment

As managers and employees in this changing era, the primary measures you can take to adapt to and be ready for change include:

• Becoming aware of your situation
• Understanding the true meaning of change and how it inspires you
• Building your skill- and knowledge set for the future

We explore these points in greater detail within this section.

Becoming Aware of Your Current Situation

A big part of change management for supervisors and managers is to become aware of their current situation. What is currently going on in your organization? If you don’t know, it is about time that you find out about it and take the steps necessary to inculcate change within the workplace.

Relevant ideas and questions to help you take the research process and pace forward include:

• What is the mission of your specific department, organization or unit? Supervisors and managers need to begin their analysis of the current situation by answering this question first. The very first thing to clarify is your department’s or unit’s mission. Concrete steps toward change can only be undertaken once the mission is clear.

• What is the purpose of your job? As supervisors and managers, we contribute to the organization in one way or another. The job has a specific purpose, which should be identified and understood here.

• What are your key assignments and responsibilities? Again, supervisors should take their understanding of the job’s purpose forward by studying the key responsibilities and assignments that come under their supervision. An understanding of these responsibilities can significantly enhance results.

• What does your supervisor expect from you? As employees, and even as managers, we mostly have supervisors and higher-ups keeping an eye on us. These supervisors expect a certain deal from all members.

• What obstacles stand in the way of change? Organizations and the employees within them should identify all obstacles in the way and come up with a clear strategy to remove these hurdles and build a clear path to success.

• What resources are present at your disposal? The basic economic problem of limited resources and unlimited wants still stands true today and should be mitigated before proper change management. Understand the resources you have and take the query of wants forward from there.

• What changes are coming? Finally, you should ask yourself the all-important question of what changes are coming your way? This answer helps you determine the management endeavor and adapt to change along with your team.

The inability to answer questions like these should be a warning for most department managers to do their homework. As managers and supervisors, you are in a very strategic position in the change management process. The inability to do your homework can significantly reduce the efficiency of change.

People in organizations often employ selective perception, specialization or certain habits to keep them from being exposed to ideas of change. While this can be considered basic human nature, it isn’t a good strategy to handle change. Instead, this is the time for supervisors and managers to look into their fears and broaden the information they have to explore a number of new ideas. By increasing their awareness of change, managers can practice a distinct advantage over others who have isolated themselves.

Understanding Change

Compare your reaction toward change to that of a small child’s reaction to thunder. You might ignore change as it comes your way, but a small child may feel anxious and can seek assurance from the adult sitting them. It is a basic human trait to fear the unknown, as confidence only comes from understanding the phenomenon and the intricacies behind it. From your learning and experiences as an adult, you now realize that thunder is a natural event that does not harm you. The small child has no idea what thunder is and can only hear a loud, roaring sound that immediately scares them. Based on this analogy, an important step toward change is to realize and understand what is happening around you and why you’re a part of it.

Is your department in the process of being reorganized? Are you a bit worried about how that might impa