Is Your Business Without Direction?
Forming and building a business from the ground up is far from an easy task. Reaching the necessary scope of potential clients and proving why your business is better than a competitor’s is another difficult task entirely. True, we all start with a mission, an idea, a concept of how we can change some aspect of society’s common everyday lifestyle, whether it be digitally, socially, or with physical products to sell.
Yet often after taking the first steps in developing our business, we may find ourselves lost and without direction, not knowing why business hasn’t been going the way we hoped or confused as to what the next steps should be.
An infographic by i-nexus Strategy Execution Software introduces the concept of Hoshin Kanri, a Japanese term regarding the ideas of a compass and its management, in other words managing ones direction, used by many business owners to establish the wisest and best next step in the process of business.
Select, Develop and Deploy Objectives
The main core of this six-step Hoshin Kanri process (processes 2, 3 and 4) revolve around the idea of objectives: their selection, development, and deployment.
To begin with, each business should have a few high-reaching goals to aim for in the long-term, yet it’s important to note that while these goals should be difficult and complex to attain, they must remain realistic, plausible and possible. From the third step onwards, the Hoshin Kanri process introduces a yearly time frame in which yearly objectives are set and worked towards, executing activities that help your business reach those goals within the allotted time frame. Lastly, and arguably most importantly, comes the annual review in which a company analyzes how close they were to reaching their goals, learning from possible mistakes and then forming new goals for the next yearly cycle keeping in mind the strengths and weaknesses of the past year.
Method of Planning
While parts of this process may seem somewhat obvious, they are actually not as simple as they seem.
The 12-month cycle is repeatedly stressed, however the first three months or so should be spent in the planning stages, developing objectives and determining the necessary courses of action to take to reach such goals by the end of the 12 months.
Though not necessarily explicitly stating each and every step to take to create a successful business, Hoshin Kanri provides a formulated method of planning to provide some direction capable of keeping your business on track.
6 Steps of Hoshin Kanri
Strategy Formulation and Strategy Execution
Are Regarded as Separate Activities
What do you think? Does Hoshin Kanri seem like something that would help you set priorities and accomplish tasks better?
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