Business Strategy Infographic

Business strategy is a plan of action that a company takes to achieve its goals and objectives. It is a crucial component of a company’s success and is needed before any goods or services are produced or delivered. According to Harvard Business School Online’s Business Strategy course, an effective strategy is built around three key questions: How can my business create value for customers? How can my business create value for employees? How can my business create value by collaborating with suppliers?

Business strategy is the strategic initiatives a company pursues to create value for the organization and its stakeholders and gain a competitive advantage in the market. It helps leaders set goals, craft a plan, and execute it effectively. The importance of business strategy cannot be overstated. It determines various business factors, including price, suppliers, employee recruitment, and resource allocation. Without a clear business strategy, a company can’t create value and is unlikely to succeed.

To craft a successful business strategy, it’s necessary to obtain a thorough understanding of value creation. At its core, value represents a difference. For example, the difference between a customer’s willingness to pay for a good or service and its price represents the value the business has created for the customer. This difference can be visualized with a tool known as the value stick. The value stick has four components, representing the value a strategy can bring different stakeholders.

There are different types of business strategies that companies can adopt, depending on their goals and objectives. Some of the most common business strategies include cost leadership, differentiation, and focus. Cost leadership involves producing goods or services at a lower cost than competitors, while differentiation involves offering unique products or services that stand out from the competition. Focus involves targeting a specific market segment and tailoring products or services to meet their needs.

In conclusion, business strategy is a crucial component of a company’s success. It helps leaders set goals, craft a plan, and execute it effectively. A successful business strategy is built around value creation and is needed before any goods or services are produced or delivered. There are different types of business strategies that companies can adopt, depending on their goals and objectives.

Business Strategy Infographic 2

Workplace Efficiency

Workplace efficiency is the ability to accomplish tasks and goals while optimizing the process, avoiding the waste of time, energy, and resources available. You can measure work efficiency by analyzing how your team produces the results while minimizing waste and focusing on productivity.

There are many strategies that can be used to improve workplace efficiency. Here are some of them:

1. Take breaks: Taking breaks while working on tasks can allow your mind to rest and reset. If you estimate a task is going to take two hours to complete, consider taking a 15-minute break between hours to grab a snack or go for a walk. Breaks can promote efficiency because they help you return to work with a fresh mind and renewed energy .

2. Establish realistic goals: Goal-setting can provide an effective means of managing the steps to reach your goal and measuring your progress. It’s important to ensure your goal is achievable and realistic so that you’re able to meet it. This can promote motivation and excellent time management and provide a sense of accomplishment after achieving a goal .

3. Measure your time: To evaluate your productivity levels, consider measuring how much time you use while completing each job task. This can help you understand what tasks take more time and give you the opportunity to evaluate why. You can then work on improving the efficiency of those specific tasks, along with using time-management skills to handle your daily task list .

4. Delegate to others: A great way to improve your efficiency at work is to delegate tasks to others. While this may not be possible in all situations, delegating tasks can help you focus on the most important tasks and ensure that everything gets done on time.

5. Eliminate distractions: Distractions can be a major source of inefficiency in the workplace. Consider turning off your phone or email notifications while working on important tasks. You can also try working in a quiet area or using noise-cancelling headphones to block out distractions.

6. Use technology: There are many tools and apps available that can help you improve your efficiency at work. For example, project management software can help you keep track of tasks and deadlines, while time-tracking apps can help you monitor how much time you spend on each task.

7. Collaborate with others: Collaboration can be a great way to improve efficiency in the workplace. By working together, you can share ideas and knowledge, and divide tasks based on individual strengths and weaknesses. This can help you complete tasks more quickly and effectively.

8. Streamline processes: Streamlining processes can help you eliminate unnecessary steps and reduce the time and effort required to complete tasks. Consider using automation tools or creating templates to simplify repetitive tasks.

9. Maintain a positive attitude: A positive attitude can help you stay motivated and focused on your goals. Try to maintain a positive outlook, even when faced with challenges or setbacks.

10. Take care of yourself: Finally, it’s important to take care of yourself in order to maintain workplace efficiency. This includes getting enough sleep, eating a healthy diet, and exercising regularly. By taking care of yourself, you can ensure that you have the energy and focus needed to be productive at work.

In conclusion, workplace efficiency is the ability to accomplish tasks and goals while optimizing the process, avoiding the waste of time, energy, and resources available. There are many strategies that can be used to improve workplace efficiency, including taking breaks, establishing realistic goals, measuring your time, delegating tasks, eliminating distractions, using technology, collaborating with others, streamlining processes, maintaining a positive attitude, and taking care of yourself. By implementing these strategies, you can improve your productivity and achieve your goals at work.

Workplace Efficiency

Customer Experience Comparison Across 5 Major Canadian Banks: Credit Cards

The comparison was performed in the retail branches between the hours of 12 pm and 2 pm on a weekday (See note 1 below). This was done to examine the banking experience free of additional customer volume interruption and possible teller fatigue following a long shift. The 5 major Canadian retail banks were compared: TD Canada Trust, RBC Royal Bank, Scotiabank, CIBC and BMO. To eliminate possible differences resulting from customer service at different areas, all the branches visited were in close proximity to one another. Finally, the teller at each of the 5 banks was approached with the same request and follow-up questions: “Hi, I am interested in signing up for a credit card. Could you please tell me about your credit card offerings.”

See the full article posted by Marketa Consulting

TD Canada Trust
Information: 3/5
Friendliness: 4/5
Wait time: 1/5
Customer Needs: 3/5
Overall: 3/5

RBC Royal Bank
Information: 4/5
Friendliness: 3/5
Wait time: 3/5
Customer Needs: 2/5
Overall: 3/5

Scotiabank
Information: 4/5
Friendliness: 5/5
Wait time: 4/5
Customer Needs: 1/5
Overall: 4/5

CIBC
Information: 5/5
Friendliness: 5/5
Wait time: 4/5
Customer Needs: 3/5
Overall: 2/5

BMO
Information: 4/5
Friendliness: 4/5
Wait time: 3/5
Customer Needs:2/5
Overall: 3/5

Recommendations
Overall, a few patters and improvement opportunities emerged as a result of this experience. First, it seems that the branch retailer locations are not properly incentivized and/or interested in selling credit card products to prospective customers. To boost credit card sales, tellers could benefit from a streamlined process for assessing and segmenting customer needs. This could be achieved by utilizinga simple tool (e.g. a flow chart, decision matrix, online questionnaire) that identifies customer needs and preferences through a set of yes/no question. Once customer preferences and needs are identified, the teller would then align their recommendations with the most suitable credit card product.

Second, tellers need to be trained to be more knowledgeable and show enthusiasm by actively offering cards and working with the customer to find the best suitable option. This could include being more upfront with advice and being more familiar with the credit card brochures. Narrowing the choices down with the help from the teller would lead to higher sale penetration and better overall client experience.

While it is important to recognize that more and more customers are applying for cards online, the traditional retail channels need to ensure that they can continue servicing customers at the branches. This includes presence of knowledgeable employees and relevant information such as well-designed hardcopies of brochures.

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Note 1: The output of the study is illustrative of one customer experience and may not give a true representation of the customer experience in aggregate. The study is not meant to favour one financial institution over another.