No matter what type of MBA course you are in – be it on-campus, hybrid or online MBA programs – these resources are a great way to explore, connect and navigate everything MBA-related. If you have any other resources that you would like to share, please do!
1. Entrepreneur Magazine: Whether you subscribe to the magazine or simply visit their website, Entrepreneur Magazine is a vast source of knowledge on insight into the business world. With articles covering myriad business-related issues on everything from advice for start-ups and social media tips for business to analyzing new developments and how to run a successful company, reading Entrepreneur is a great way to expand your knowledge base because a lot of relevant and important information is covered in a very readable way.
2. Brazen Careerist: This is a great online career management website that helps connect both students and young professionals. They have an extensive jobs database and you can talk with live job recruiters to explore your options and find a career that you truly want. It’s also great for networking and establishing relationships with other students and young professionals, which could prove very valuable down the road.
3. MindMeister: Okay this is an app, but it’s perfect for on-campus, Hybrid MBA and online MBA students alike. With so much information floating around, it is easy to become disorganized and forget about important tasks. This app boils down to mind mapping: you add ideas, information, things you need to do, etc. and intuitively map them in the app. This way you can keep your thoughts and responsibilities mapped in a very innovative flowchart style.
4. Bloomberg Business Week Forum: There’s no better place to connect with other MBA students and graduates than in this forum. Ask any questions you might have and give your input on different topics to expand your knowledge base and converse with other like-minded individuals. You will also learn a lot from simply wandering around the forum and reading random topics.
5. MBAPrograms.org:With relevant business MBA news and articles to a very handy career guide and in-depth analyses on MBA degrees, this website is a well-rounded look into the entire MBA world.
This week we are shining our CalMU Business Spotlight on VeeVAçaí Spirit, and not just because it’s a “better way to drink.” After talking it over, we chose to highlight their business for two main reasons: innovation and sustainability. They are the perfect example of striking while the iron is hot, something that is paramount for starting a business and something we stress in our on-campus, hybrid and online MBA programs.
Over the past few years we have heard and seen a lot of one of the world’s most popular super fruits, the Brazilian açaíberry. Founded in 2006, VeeV is the world’s first açaíspirit, tying together two contrasting products: alcohol and antioxidants. They use all-natural ingredients and make their not-so-guilt pleasure in a renewable wind-powered distillery, so you don’t have to feel guilty about what you may do on the weekends.
Moreover, they recognize the need for sustainability, especially in the Brazilian Amazon Rainforest (which as we all know is continually falls victim to deforestation). For every bottle they sell, they donate $1 to Sambazon’s Sustainable AçaíProject. So not only have they pioneered a new ‘spirited’ product that has picked up on an emerging trend (pun intended), but they also are environmentally and socially conscious, making them true innovators in the Food and Beverage industry.
In 2007, a year after being starting their operations, they had 10 employees and grossed $147,673 that year, according to Inc.com. As momentum picked up for the health benefits of the açaíberry, so too did their business growth. Three years later, their 2010 revenue was $2.1 million, a 1316% growth rate over that three-year span. They continue to make headlines with their environmental activism and have come to be loved and consequently endorsed by celebrities, a great endorsement that transcends international borders.
So for our on-campus, Hybrid MBA and online MBA students, there are two lessons to learn from VeeV. One: ingenuity in creating a product that brings together two popular and important parts of society. Two: giving back to the people, plant and planet that are the reasons they were able to launch and grow so successfully.
From the entire California Miramar University faculty and staff, thank you for being a prime example of how to create and run a successful business. We wish you continued success and are very happy to shine the CalMU Business Spotlight on you.
This week’s MBA Mondays from our Strategic Management online MBA course is on the three types of organizational structure: simple, functional and divisional. Important for every business, organizational structure transcends everyday tasks to the entire operational base of the company. If you don’t have a clearly defined structure in place, sooner or later your business will be in trouble because your framework will crumble.
Transcript of the Lesson
Structure refers to the formalized arrangement and interaction between tasks, people and resources in an organization – and don’t forget technology. It’s most often seen as ‘Org. Chart’. Now a very simple organizational structure, this is more operationally based and comes from entrepreneurship, is where you got an owner and a few employees with some sort of tasks and responsibilities underneath it. It tends to be pretty direct supervision and pretty informal, so that’s the simplest organizational structure. Operationally based, think of your typical entrepreneur
It can be very demanding on the owner-manager; it’s like their wearing a twirly hat. Their IT, their business development, their sales, their delivery. More businesses in this country are this type – and around the world – so simple organizational structure.
Now we’ve got the functional organization. This is where you move beyond just a few people. You’ve got one person on top and usually a function, HR, IT, admin, finance, operations. There’s up top boxes underneath and there’s reporting relationships: the functional organization. Here’s an example: eleven point two, You’ve got a CEO; it’s a process-oriented functional structure.
The third type is the divisional structure, and this is where there’s a central corporate office, but where each operating division has its own functional specialists. A lot of decision making can go much quicker than taking everything up to the head office. It can also help when you’re talking about international, but each division usually has its own profit responsibility rather than up top. So, for instance, you might have the CEO and they’ll have an Americas division, a Europe division and Asia division.
Starting your own business is one of the most exciting things anyone can ever do, and being able to do it without constantly worrying about risk is very important. Picking up the right small business insurance can make all the difference in the world when something goes wrong. It is very important to know your rights and take advantage of the best policies that are out there; otherwise, your company could find itself liable for a lot of money and compensation that you simply can’t handle. We go over this in our on-campus, Hybrid MBA and online MBA programs, but it is always good to review just how important business insurance is, especially for start ups and entrepreneurs.
Making sure that there is the proper amount of coverage available all depends on the type of business you do, and this is something that has to be assessed on a case-by-case basis. If a business owner is unsure of what type of coverage they might need, it is vital that they go ahead and consult with a professional. It might cost a bit but it is worth it.
Taking the time to find insurance for the office will go ahead and cover not only against mistakes made by the business, but in many cases it will also cover against fraud and theft that inevitable comes in many different forms. Making sure that this type of coverage is in place before opening for business can be especially important if the business is in a high-risk environment or field. Business insurance is absolutely vital for a business’ long-term survival in light of all the hazards that are out there, and forgetting this fact can result in some serious trouble for those who experience turbulence during the course of a business’ lifespan.
Making sure that everything is in place before making transactions or even announcing that you are opening is a good idea, and knowing the ins and outs of your particular industry is vital. So be sure to always practice due diligence.
Have you seen Extreme Couponing on TLC yet? When’s the last time you used a coupon to get a discount on a particular item you wanted? When’s the last time you bought a random item just because you had a coupon for it? (I do this WAY too often.) This week we are shining the CalMU Business Spotlight on Savings.com, a Los Angeles based shopping website that provides discounts and coupons for myriad products from both local and national businesses.
The website is designed for usability, with a simple layout and organized category and city sections. It has deals on endless products and businesses; enough to overwhelm you and even make your head spin a little. But we have not chosen them for our Business Spotlight because of how much money they can save you – although this is what businesses are supposed to do, right?
Instead, they have been selected because they are a brilliant example of affiliate marketing. The retailers whose coupons are on the website pay them a commission from sales made by customers who use the coupons and special discount codes to buy that retailer’s products. This is a very effective advertising channel for retailers (remember what I said about buying items just because you have the coupons?) and enables Savings.com to quickly expand because they don’t have to spend the time and effort searching for deals. Thus it’s a mutually beneficial relationship and holds tremendous upsides for all three parties involved – the third party being us, the consumers.
Their business has exploded over the past three years. Why? Well, they were founded in 2007 “out of frustration with the current state of shopping and discount retailers online,” which was definitely a great observation and they capitalized on it beautifully. But what else strikes you about when they started their operation? The year 2007 of course! What was happening during that year? (And I’m not talking about the birth of the iPhone or the last Harry Potter book being released.) That’s right – the economic meltdown that affected all of us and forced us to clamp down on spending. And what happens when we stop spending and become more fiscally conscious? We look for the best deals around so that we don’t have to surrender all of our budgetary freedoms.
In 2007 when they started up, they had a revenue of $914,397 and only 7 employees. 3 years later their revenue skyrocketed to $19.9 million in 2010 and they added 61 employees, making a 3-year growth of 2077%. They have been ranked by Inc. Magazine as the 3rd Top Retail Company in 2011 and have no signs of slowing down. Based on their observation that online coupons websites were lagging and the economy would make them even more attractive, they have created an online affiliate marketing empire and, for these reasons, we have chosen to shine the California Business Spotlight on them.
So a note for our on-campus, Hybrid MBA andonline MBA students: when you are thinking about starting a business, make sure you do thorough market research and set yourself apart from the field by offering something that is both lacking in your niche and relevant to the current market. We stress this endless in all of our MBA and Doctorate programs, including our online MBA programs, but showing a real world success story is always a good example and motivator for all of us to get inspired!
Last week we showed a clip of Sherri Petro, MBA discussing the 15 Grand Strategies of strategic business management. This week, we’re looking at short-term objectives, both in terms of how they link and synch the company now, and how they can be tied to your company’s long-term objectives and ultimately set the course for accomplishing those.
This video clips comes from one of our online MBA courses on strategic management from a highly qualified and nationally renowned professional in business sustainability. Ms. Petro is an Adjunct Professor with us at California Miramar University, a 2010 Outstanding Professor of the Year award recipient, and one of the reasons why our on-campus, Hybrid MBA and online MBA programs have been recognized by the San Diego Business Journal as one of the Top 10 in San Diego County.
Transcript of the Lesson
So what are short-term objectives? Just how short are we talking about? I think about it as like operational work planning; it’s one year or less. Often times this helps resolve any type of conflicts between multiple departments within the organization and also assist with your performance management system. This is about making a strategy real, breaking it down into the functional levels, so that people know how they link and synch and contribute to the actual working of the company. Can each individual determine what their role is and the responsibilities they have in achieving strategy?
Short-term objectives: so, we said that they’re one year or less. They’re usually very specific. There’s a time frame for completion – both the start date and an end date – and we’re always determining who’s actually responsible for this, who will be held accountable. There are action planning worksheets when it comes to strategic planning that when we get down to this tactical level: Who is responsible? When’s it going to get done? What exactly is going to get done? It links and synchs the organization – hat will be S-Y-N-C-H, not S-I-N-K.
What are the qualities of effective short-term objectives? They have to be measurable, which means the activity that you are going after needs to be measurable. Often times when we get down to the functional level we’re also asking the question: How is technology going to support us in achieving this? Because we’ll talk about balance scorecards again, like we talked about in a previous chapter. Do I have the technology to actually measure, which means you have to be collecting the data. Do you have measurable outcomes? Are you able to prioritize either by importance or urgency, with a simple ranking or perhaps a weighted average? And can you link your short-term objectives to the long-term objectives? Every individual should be able to see that what they’re doing links to a strategy.
Alright folks, there’s a simple truth we all know that has been ceaselessly drilled into our heads, repeated time and time again in an apparent effort to make us as dazed as we are annoyed. Guesses anyone? Anyone? Yep, you got it! Social media is… very… very important for businesses in the world we live in today. Hold on; let me take a step back while you digest that.
Okay I’m done, but there is something to take out of this. Yeah social media is great. Yeah social media never seems to distract us and take away from what we should be doing. But that’s just it. We all participate in social media networking in one form or another and all love that we can bring the far corners of the galaxy into the comfort of our own homes. But for businesses, social networking has become the most quintessential marketing trend in the past few years; and for MBA students – yes that means all of you in traditional, hybrid or online MBA programs – there is a lot more that you should be doing every time you log on.
1. Be social, join the Group. We all Like different Groups on Facebook all the time, but when was the last time you looked at the Group through the Administrator’s eyes? Who are they? What’s their primary objective? What are they doing to accomplish that? These are all questions you should be asking yourself when pressing that good ol’ ‘Like’ button. One of the biggest ways businesses engage and get noticed on Facebook is by participating in Groups, specifically Groups relevant to Influencers and their industry/niche, not necessarily their own. It’s an easy exercise and can really get you clarifying your social business vision every time you log on.
2. Look for the positives in Google+. And the biggest one? Social and search engine optimization. It is, after all Google’s brainchild, and it does, unsurprisingly, appear pretty high in search engine results. Although not many people are using Google+, register for an account, get used to the layout and how it works, and think about different ways you can optimize it for search engines. Pay specific attention to the ‘About’ section (hint: hyperlinks!) and photos (hint: geotag!). Although it will probably never match the Facebook empire, it has its purpose and that, as far as marketers are concerned at least, is to make Google happy.
3. Get Pinterested. It may still be new, but it is booming in popularity because of its easy usability and highly visual format. And while it’s really fun to endlessly scroll down and be bombarded with photos and images from Pinboards that Pinterest us (+10 me), it can serve myriad advantages for businesses when utilized correctly. (And in this case, ‘correctly’ means creatively, which really makes it a fun social network.) So hop on – you still need an invite to register so request one from a friend or request one from the site and wait a little longer – and look at what businesses are doing and how YOU could improve that. What are they missing? What do you and don’t you like about their Pinboard(s)? Simple questions, but very important to get a true business grasp on the emerging platform.
4. Hop on the Blog Bandwagon. I know I wrote a post on this a few weeks back, but now I will focus on blog networking and blog commenting. Find blogs on topics that peak your interest, notice the tone and style of the blogger, and go through what they’re writing a back. Since this is a topic that you’re interested in, are they writing about what you want to read? Or are they boring you with content on social media that you’ve read 10 times before? (Hmmm…) Regardless, start interacting in that blog and communicating with the community. (There’s a joke in there somewhere.) At the end of the day the most successful people in life are passionate about what they do. If you start looking at social media through a business lens about things you’re really interested, heck, maybe you’ve found yourself a career after you graduate.
I’ve only touched on 4 strategies and will get to more later, but for all you on-campus, Hybrid and online MBA students out there, these are simple everyday strategies that can really improve your online business sense. Whether you realize it or not.
Drum roll please. This week, we are shining the CalMU Business Spotlight on VetDepot.com. Let’s do a rundown of their business model and skyrocketing success over the past few years…
Year Founded: 2005
Business Model:They are an eCommerce powerhouse that sells pet supplies for dogs, cats and horses, specifically discount medications and vaccines, various supplies and nutritional supplements. They have a very large selection of DFA and EPA approved medicine and are known for their speedy delivery and outstanding customer service.
2007 Revenue: $365,879
2010 Revenue: $4.9 million
Growth from 2007-2010: 1235%
By the end of 2011, they had the highest 3-year growth rate of any company in the San Diego County area, as noted by Inc. Magazine. They have a very active outreach program, partnering with local businesses to promote a variety of causes, like dental health for pets. VetDepot strives to offer safe products at the lowest prices on the Web, which is a very intense undertaking because we’re talking globally. But they have done an amazing job in building their online retail site, promoting their brand through myriad online and offline channels, and have a blog that they actively post Best Of lists and pet care tips on, which is very helpful to all pet owners.
One of their marquee business tactics for success is convenience, as people can go to their site for pet news, advice and tips (blog); pet medicine and nutritional supplements (health); and many different pet supplies (daily care and maintenance); all of which comes at the most affordable prices.
So for students in and graduates of our on-campus, hybrid MBA and online MBA programs, our word of the week is CONVENIENCE. VetDepot has excelled since its founding seven years ago and it only looks like they will be going up from here.
This week’s MBA Mondays blog goes over the 15 Grand Strategies of strategic business management. Also known as ‘Master Business Strategies’, they’re the foundation for accomplishing both your short and long term business objectives. This is a fantastic video clip from one of our online MBA programs and is the backbone for a healthy and prosperous venture.
The course is taught by Sherri Petro, M.B.A. Ms. Petro is the President of VPI Strategies, a San Diego based marketing consulting firm, where she focuses on research, strategy and communications. Her mission is to assist organizations in becoming more sustainable by breaking down barriers, creating understanding and making connections. Ms. Petro is a nationally renowned expert on generational motivation and its impacts in the workplace. Ms. Petro is an Adjunct Professor at California Miramar University and a 2010 Outstanding Professor of the Year award recipient.
Transcript of the Lesson
Now let’s talk about the fifteen ‘Grand Strategies’ that you have to choose from when you’re trying to match your strength, weaknesses, opportunities and threats. These are often called ‘Master Business Strategies’ and they’re a basic foundation for what you’re going to be doing. They are long range; strategic; involve multiple industries, so this is at the top of the organization. Grand Strategy wouldn’t be chosen in each individual unit.
The first one, and I often get called in because somebody is looking for a smart growth strategy, or what you’ll see in the text is considered a ‘concentrated’ growth strategy. This is how you’re trying to maximize profits, dominate a market, “we are going to be number one, we’re going to have the best technology,” and it leads to enhanced performance. Then you’ve got another grand strategy, the second one called Market Development. This is where you put a lot of your bucks in marketing. It’s the least costly and least risky of the fifteen Grand Strategies, other than concentrated growth, which we just spoke about. It consists of putting a lot of money into marketing, distribution, advertising and promotion. You’ve got media selection, a lot of promotional appeals; this is where marketing gets the bucks.
A third Grand Strategy is product development. Think research and development, dollars going in; maybe Apple would be an example. Substantial money is going into taking existing products and services and putting them through the wringer, trying to get new bells and whistles and selling them through established channels.
A fourth Grand Strategy is innovation. Maybe 3M or Google might be an example of that. High profits with acceptance of a greatly improved product. And instead of facing stiffening competition, they go into new places and create the market. There’s new product life cycles and obsolescence.
Another Grand Strategy is horizontal integration – think of it as acquisition – where we’re really trying to take a look at the entire stage of the product marketing chain and pick up pieces of it. Vertical integration on the other hand, another Grand Strategy, is about the supply chain, where you’re acquiring firms such as raw materials or distribution and going throughout the supply chain. You might tend to do this because you’re looking for dependability of supply and making sure that you are going to be able to get your product and service out.
Another Grand Strategy is concentric diversification. This is about how you’re maximizing your strengths and weaknesses and this is where a lot of larger firms choose to go because they are acquiring multiple businesses. The ideal concentric diversification occurs when the company profits increase the strengths and weaknesses and decrease your exposure to risk.
Another Grand Strategy: conglomerate diversification. You’re paying particular attention to the profit patterns of the other companies that you’re taking a look at. So large companies will take a look at this strategy. Again, taking a look at the profit pattern, do we see increased profits over ‘X’ amount of years, then they’re a potential acquiring candidate.
Another Grand Strategy is turnaround. This is when a firm finds itself tanking, going down taking the slide. Could be because of external things, it could be because of internal things. Getting a turnaround strategy in requires a lot of change engagement in order to make things come through. There’s two forms of this type of retrenchment: cost reduction and asset reduction. The turnaround situation can be absolute and it really depends on how severe the situation is. Do you want to get yourselves involved in it, do you want to retrench, do you want to recover or ultimately do you want to choose another Grand Strategy?
You could divest – this is the sale of the firm or a major component of the firm. When entrenchment fails to accomplish what you wanted in turnaround, this is where you usually go. You could divest for a number of reasons. It could be an exit strategy. Sara Lee’s an example, not of an exit strategy but they got too big; they said, “we need to divest certain part of this.”
Then you’ve got liquidation. This is where the firm is sold in parts, not usually as a whole. It’s mostly for the tangible assets, and the organization is not going to be living any longer; you’re selling it off.
Another Grand Strategy is choosing bankruptcy, which we’ve seen in quite a few markets over the last few years. You have a liquidation bankruptcy, where you’re essentially taking things apart, selling things off to creditors, and then whoever owns the organization gets a small fraction of what they own. You’ve got a reorganization bankruptcy. So we’re talking about Chapter 7 to Chapter11.
Now I have mentioned that there were three strategies that end that are big right now. Joint ventures. Why joint ventures? Because it diffuses risk. You have two more capable firms looking at a really great opportunity, knowing that they can’t have it accomplished by themselves, and yet they want to be competitive. You could have commercial companies owned and operated, sort of like a child-parent relationship, a supplier-consumer relationship – a lot more of joint ventures in the last fifteen years.
So one of the other Grand Strategies that’s seeing a lot of players: strategic alliances. This is where the companies don’t take an equity position in one another – that’s what make them different from a joint venture – but a strategic alliance, you have licensing agreements, you’ve got a lot of stuff on paper and the arrangements vary, but you are going towards the same objective.
And the last Grand Strategy is called the consortia. In fact seeing a lot of these over the last five years, where organizations are coming together, big opportunity, know that even just with a couple of people in a strategic alliance are not going to be able to achieve them. So let’s go back to those big bucks and let’s get smaller portion of it. This is defined as the large interlocking relationship between businesses within a certain industry.
So far we’ve put the Spotlight on FortuneBuilders Inc. because of their innovation in the real estate industry, and Ludus Sports for their ceaseless passion and commitment to providing a community-based model for customer service. This week we are shining the CalMU Business Spotlight on the Karl Strauss Brewing Company for two major reasons: vision and innovation.
I’m not going to go over the history of their rise to the top of the San Diego brewing scene, as you can find that on their website or Wikipedia, but I will tell you this: entrepreneurial-spirited founders Chris Cramer and Matt Rattner started with a very unique and maybe even “crazy” idea; did their homework and spent countless hours turning back the hands of time in the 1980s to fight Prohibition-era liquor laws; and eventually risked everything they had to turn their initial idea into a profound vision.
You see, when they started in the late 1980s, San Diego County was still entrenched in a Prohibition mindset when it came to beer. Their vision was to create a completely new beer culture in San Diego and open a microbrewery that specialized in local handcrafted beer. (They also enlisted the help of Chris’ cousin and master brewer with over 50 years experience, none other than… you guessed it… Karl M. Strauss.) When they opened up shop on February 1, 1989, they had absolutely no idea how San Diegans would receive their innovative concept. They had invested so much time, money and effort into this vision they had that their microbrewery’s ‘Opening Day’ was essentially a make-or-break deal. But on that fateful day when they opened their doors (*cue inspirational music*), they found locals already lined up to get the first taste of their original 3 beers.
It has now been 23 years since their founding and their business has skyrocketed. Starting with just three beers, they now offer 10x that at 30, including a 6 year-round beers and a variety of highly reputed seasonals and specialties. In 2010 Draft Magazine voted the Karl Strauss Endless Summer Light brew as the best light craft beer in the US. Later in the year their Red Trolley Ale, an Irish red ale, received gold medals in said category at both the World Beer Cup and Great American Beer Festival. They also received a bronze medal at the Great American Beer Festival for their winter seasonal Two Tortugas Belgian Quad in the Belgian-style Abbey category.
Karl Strauss Brewing Company provides their beloved brews to over 2,500 liquor stores, grocery stores, bars and restaurants in California and now has 6 prime locations across Southern California. (And when I say prime, I mean PRIME… Downtown San Diego, La Jolla, Sorrento Mesa, Costa Mesa and the Universal CityWalk… try that for real estate.) Unlike other craft breweries across they nation, they have limited their scope and distribution to Southern California, but plan to slowly expanding both north and east.
The brewing company holds many events to benefit myriad charities and also strives to be eco-friendly by donating its used ethanol for fuel use. Management is committed to their employees with progressive benefits/compensation, bonuses for those who demonstrate the entrepreneurial spirit that got them to where they are today and help the company grow, and a 401(k) plan. Karl Strauss brews over 30,000 barrels every year in their state-of-the-art 2-story main brewery, bottling 250 bottles every minute. They currently have over 400 employees working from them in their main office, brewery and microbrewery restaurants, and grosses over $20 million every year. They have also been ranked 40th on the list of Top US Craft Breweries.
So thank you Karl Strauss Brewing Company, and especially Chris Cramer and Matt Rattner, for serving as the perfect example of how entrepreneurs can turn some “crazy” idea into a very successful operation. When you think about it, one of the key ingredients for success is being unique and adding a unique value proposition. If you stand out from the field, put in countless hours of hard work and cultivate your vision, you can really do great things in the world. And it doesn’t hurt when you’re brewing beer because, let’s face it, it never hurts to sip on a cold brewsky on a hot San Diego spring day.
So again, thank you gentlemen for teaching us all a lesson on how to build and grow a successful business; thank you for your vision and innovation in redefining the San Diego beer scene and reinventing local craft brews; thank you for inspiring our students in our on-campus, hybrid and online MBA programs; and thank you for giving me some ideas of things I need to try this weekend. We are honored to shine the CalMU Business Spotlight on you.
From a business management and strategic management standpoint, businesses too often get caught up in their short-term goals and day-to-day operations that they lose sight of the big picture: the future. No matter what type of company you are, the theme is recurring: to grow and expand, both in the short and long-term, you need to be thinking about the latter and how your current strategy is going to accomplish those goals.
And while this may seem very elementary, and conceptually it is, many businesses fail to accomplish their goals because they lose sight of this. Day-to-day business operations can become so stressful that we forget about what we’re really in this for, AKA our ultimately and foundational long-term objectives.
The course is taught by Sherri Petro, M.B.A. Ms. Petro is the President of VPI Strategies, a San Diego based marketing consulting firm, where she focuses on research, strategy and communications. Her mission is to assist organizations in becoming more sustainable by breaking down barriers, creating understanding and making connections. Ms. Petro is a nationally renowned expert on generational motivation and its impacts in the workplace. Ms. Petro is an Adjunct Professor at California Miramar University and a 2010 Outstanding Professor of the Year award recipient.
Transcript of the Lesson
So long-term objectives: we think about short-term maximization. It’s when you’re a public company and you’re thinking about what your next three months are going to look like because you know you’re going to have to be reporting it.
But we’re thinking more around long-term objectives. How do we achieve long-term prosperity? There are seven areas that you tend to look at.
Profitability; how profitable do we want to be in three to five years? Where is our competitive position? How are we in relation to the people – the human assets – that are actually getting us to where we’re going. Employee Relations. Technology leadership; what processes are we using in order to get there, productivity. Employee development; are we making the investment in our people? Productivity, that’s hand in hand with profitability. And public responsibility, which is a throwback to the corporate social responsibility that we talked about in chapter three.
Long-term objectives, seven topic areas. What will be very interesting is to determine and make a compelling case for which one of those seven is the most important of the long-term objectives. We think about objectives and goals smart: strategic, measurable, actual, realistic and time sensitive. We need to have flexible objectives. One of the things that is scary is that there is a success rate of less than 30% in the first year implementation of the strategic plan.
Why? What I will tell you is too many times we’re thinking short-term objectives and operational planning and not strategic planning, and we’re not flexible enough to understand that there are triggers in the external market that we have to be paying attention to. Otherwise you end up with a static plan and not a dynamic plan.
How do you maintain flexibility? You put ranges in for what you are trying to achieve. You are measuring; you are actually in this strategic planning sessions indicate that your upper management is going to be taking a look at the strategy on a monthly basis. Are we meeting our goals? Not making it an annual event; making it a part of the lifestyle of the organization.
Motivating: is it actually something that is inspiring people to do what they need to do? Is it suitable, realistic? Is it understandable, or is it so complex that the people who are trying to implement it just throw up their hands? One of my friends, another strategic planner, says that the implementation of your strategic plan is inversely correlated to how large the plan actually is. So if you’ve got something that is thirty-five pages long, you have got a less chance of it actually being implemented.
Okay so I know the title might be misleading because, well, Spring is always in the air in beautiful San Diego. But there are some activities that either only pop up this time of year or are just more fun to do when the “Winter” goes into hibernation. Here are some ideas to get your creative juices flowing and ensure you can never say, “But there’s nothing to do!” on the weekend. And for those in one of our online MBA programs, you can beat weekend traffic by doing some of these on a weekday.
Free Botanical Tours at Balboa Park
There are free 1-hour tours at Balboa Park starting bright and early at 10 AM (San Diego time). Visit the Park’s vibrant botanical gardens, including its award-winning Alcazar Garden, a floral garden that is a replica of the famed gardens in the Spanish Alcazar Castle, and rose garden with nearly 2500 roses in hundreds of different varieties.
The Annual St. Patrick’s Day Parade & Festival
Located right by Balboa Park, hop on down to the lively St. Patrick’s Day Parade and Festival and celebrate Irish culture how it should be celebrated: with good people, live music, overwhelming beer gardens and delicious fare. How can anyone turn down a St. Patty’s Day FEASTival?
The 29th Annual Old Town Fiesta Cinco de Mayo
One of the best Cinco de Mayo celebrations in the country (trust me, it’s amazing), enjoy traditional Mexican dancers swaying to the grooves laid down by very talented musical artists. And when you need to take a break from showing off your dance skills, check out some very well-done historical reenactments and stuff down some of the best Mexican food San Diego has to offer. Fiesta Cinco de Mayo is held in the Old Town State Historic Park from May 4th through May 6th (Fiesta Seis y Siete de Mayo actually…).
Humphrey’s Concerts by the Bay
For all of the music lovers out there, you all know how special Humphrey’s Concerts by the Bay can be. (One of the first concerts I ever went to was a Beach Boys show here; I still remember jammin’ out to ‘Surfin’ USA’ to this day.) There are myriad different artists that are set to take the stage this year on Shelter Island, so you know that there will be at least a few shows you will want to check out. And even if you don’t know the artists, who cares? What can top an evening of great music and good company under the calming, setting San Diego sun?
These are just a few San Diego springtime activities, but they are definitely highlights that will not disappoint. They are ideal for all ages, and especially as a study break for our wonderful students in our Associate Bachelors, Doctorate and on-campus, hybrid and online MBA courses. Happy Spring everyone, let’s make some memories!
Starting your own business is one of the most exciting things anyone can ever do, and being able to do it without constantly worrying about risk is very important. Picking up the right small business insurance can make all the difference in the world when something goes wrong. It is very important to know your rights and take advantage of the best policies that are out there; otherwise, your company could find itself liable for a lot of money and compensation that you simply can’t handle. We go over this in our on-campus, Hybrid MBA and online MBA programs, but it is always good to review just how important business insurance is, especially for start ups and entrepreneurs.
