[Cheng & Co] - Strategy Management

Date: 22 November 2013
Time: 4pm

Challenges to start a business

• people
• financial resources
• experience

To increase income,

• After graduate, join the largest organisation. After 2 years experience, join a medium firm. After 5 years experience, join a small form. Then you will be at the highest post, having the highest pay in that firm.
• Human have 2 legs, money have 4. Before graduate , you should start thinking a structure to have money chase after you. Even when you sleep, money still earn by itself. 
• The best method is entrepreneurship

Internal Resources

-Human Assets

-Financial

-Brand

-Network

-IT (ERP)

External resources

- wining to be number 1 in your target market.

Both resources need to be executed

Steps to do it

1) Identify customer needs

2) make sure you are number 1 in the market

3) define boundary

Operational effectiveness vs competitive positioning

- learn how to increase efficiency

-get pull strategy

-CI = continue improvement

Strategy Formulation

- Developing vision & mission statements

- Establishing long- term objectives

- strategies to pursue

- team agreement -> what new business to enter/ explore?

Tools

- Balance Scorecard

- Performance Measurement

- Alignment of strategy & resouces

- Ishikawa Fishbone

4EP = Energy, Energizer, Competition, execution, patience

3P= productivity, profit, prospect

Strategy Implementation

1) Preparing budget

2) Create an effective organisation's structure

• lean structure (3 - 6 levels)
• Establish annual objectives
• divisive policies
• motivate employees
• allocate resources

3) developing strategy supportive culture

4) redirecting marketing efforts

5) information systems

• ERP- workflow
• ERP - finance
• CRM

Milestone to success of Cheng & Co

1) Merger & acquisition

2) one stop professional center

3) professional leadership center

Biggest Challenges

• cultural diffrences
• laws and regulations
• expertise

Strategy evaluation

• result oriented performance based finance perspective
• customer perspective
• internal perspective
• learning & growth perspective
• employees satisfaction - 360 form

-CSR [CC foundation]

Knowledge Management System

• KMS online
• Ygl
• Cosec
• Axp
• HR Online
• Client Database
• DSC ERP

leadership center

• management level
• staff level
• talented staff

wining factor

• training/ development
• turnover
• promotion
• reward

Digiwin introduction by Alex Chin