With the troubled European economies struggling to restart their economic growth, while grappling with extreme budget constraints, an up and coming, stellar economist from Harvard has proposed a remarkably simple solution. It is referred to as “fiscal devaluation” and it enables countries to generate growth through exports, without resorting to devaluing their currencies
Meet Gita Gopinath, the 41 yr. old Professor of Economics at Harvard University, whose solution was recently implemented by France’s President Francois Hollande, as a mechanism to revive France’s languishing economy.
Many early stage start-ups choose not to develop and maintain a strategic plan. They typically have a business plan, which was required for their funding process, but they don’t have a plan that links the longer term vision to their annual and quarterly plans. Now many of these start-ups’ founders have had prior negative experiences relative to planning, but they don’t need to undertake a time-consuming, expensive and cumbersome process to get to such a plan.
I moderated a couple of strategic planning sessions recently and the OGSM framework continues to be my favorite framework for start-ups. OGSM is a top-down strategic framework that defines and links the long-term vision to the medium to short-term strategies and metrics. It is a planning process that is initiated by the leadership, but it is shaped by all of the employees. Since it needs to fit on one page, it makes it a much more palatable planning framework for start-ups.
Business leaders need to deploy big, bold strategies to stay competitive and continue to take share from the competition. These strategies need to challenge conventional thinking and span multiple years. But to deploy such strategies, leaders often need to overcome institutionalized small-culture thinking, narrow-mindedness and aversion to risk that block accelerated growth. If you do manage to overcome such internal challenges, your reward is bold, doable strategies that excite your employees and leave your rivals behind.
So why is there a prevailing think-small culture in most companies? Here are a few reasons:
- Conventional wisdom considers historical performance and market growth rates vs. also including relative market share to develop annual objectives
- Most compensation plans are geared toward quarterly and annual performance, so there is a natural incentive to set realistic goals to ensure their achievement and exceed them Read more
Within seconds of meeting Tom Heiser, you immediately sense his high level of intensity, focus, competitiveness and energy that has driven him to a successful career in the IT industry. Tom joined EMC in 1984 as a sales trainee and rose to increasingly senior sales and executive roles. He has played a key role in EMC’s evolution into a broad-based information infrastructure leader, including being directly involved in the formation of EMC’s Cloud Infrastructure and Services Division. He also served as EMC’s SVP, Corporate Development and New Ventures. He is now President of RSA, EMC’s Security Division, with ~$1B in revenues, 3,000 employees worldwide and more than 30,000 customers.
Tom is absolutely one of the best in the business and he’s offered to share his management principles.
Larry Gennari, of Gennari and Aronson, is holding another thought-provoking event for entrepreneurs and startups this week. Join author Tony Tjan as he speaks about his book “Heart, Smarts, Guts, and Luck,” the New York Times Best-Seller and #1 Non-Fiction with Publisher’s Weekly.
Anthony K. Tjan (Tony) is Managing Partner of Cue Ball, a Boston-based venture capital firm. Most recently, Tony was Senior Partner at The Parthenon Group, a leading strategic advisory firm where he continues as Vice Chairman. Tony holds his AB and MBA degrees from Harvard University. He was also a Fellow at the Harvard Kennedy School of Government. Tony sits on several boards, is a contributor to Harvard Business Review, and is on the Editorial Advisory Board of MIT Tech Review.