Strategies for success_ planning helps global strategic supply solutions manage growth – crain’s detroit business market risk management in banks pdf
“When you hire an outside consultant, they start bringing things to the forefront, so you have to be honest with yourself,” Lunsford said. Subject to market risk “It was a painful process, but it was a good process.”
It took GS3 about a year to form and implement its strategic plan, which includes how much money the company is looking to make and invest, markets the company wants to explore, and planning for future acquisitions.
Lunsford said a company’s strategic plan should include an understanding of its market, who its target customers are, and have one-year and five-year goals.
For GS3, those goals focus on diversifying markets and its customer base, which ties into its long-term — or “stretch” — goal to create a successful company for long-term sustainability.
To help keep itself on track,
GS3 uses a market assessment tool, tracked in a Microsoft Excel document, that analyzes each market or business opportunity that arises. Market risk management ppt The tool was provided by Troy-based Automation Alley.
For instance, GS3 considered expanding to the agriculture and lawn-care manufacturing market. Market risk analyst salary singapore However, Lunsford said, the company decided not to pursue that market at this time as it would require new technology and training for employees, potentially requiring another three years to grow into the market.
“When you start laying out what you know about a potential industry, you have to decide if it meets your growth plan or market,” Lunsford said. Global solutions network “Are you going to get that return on the investment?”
One of the ways GS3 stays on top of its goals is to meet quarterly with a team that includes executives, general managers, an outside sales executive and an accountant. Us market risk premium The team discusses the plan and makes changes as needed.
“You have to communicate with the people who actually are going to make this strategy happen — it can’t just be you,” Lunsford said. Market liquidity risk management “As a business leader, I want to make sure everybody in the company knows that they’re important to the company’s success and sustainability.”
As technology within the automotive industry evolves, strategic planning helps the company consider new trends like driverless cars and how it can evolve its manufacturing capabilities, Lunsford said.
“It’s continually looking toward the future and making sure you’re moving in that direction. Market risk jobs singapore You have to ask yourself, ‘How can I be there when that happens?'”