Let’s Talk Strategy! TM 2014 Mid-Atlantic Conference & Expo Sheraton Premiere Tysons Corner Tara Rethore Chief Executive Officer M. Beacon Enterprises, LLC © M. Beacon Enterprises, LLC All rights reserved.

Mission Vision Values Strategy… © M. Beacon Enterprises, LLC All rights reserved. 2

3 It’s kind of like moving a pyramid. Let’s Talk Strategy! TM © M. Beacon Enterprises, LLC All rights reserved.

So, what is strategy? © M. Beacon Enterprises, LLC All rights reserved. 4

Helpful to frame strategy as decisions. © M. Beacon Enterprises, LLC All rights reserved. 5 *Kevin P. Coyne and Somu Subramaniam, “Bringing Discipline to Strategy,” The McKinsey Quarterly, 1996 Number 4. Much earlier, Henry Mintzberg framed strategy in a similar way as summarized in the article, “Crafting Strategy”, HBR, July-August Strategy is a handful of decisions that: Drive or shape most of a company’s subsequent actions Are not easily changed once made Have the greatest impact on whether a company meets its strategic objectives* Let’s Talk Strategy! TM

What’s the difference? © M. Beacon Enterprises, LLC All rights reserved. 6 Let’s Talk Strategy! TM

© M. Beacon Enterprises, LLC All rights reserved. 7 So what? Let’s Talk Strategy! TM

 Strategy is about trade-offs. © M. Beacon Enterprises, LLC All rights reserved. 8 Let’s Talk Strategy! TM

 Strategy is about trade-offs.  Thus, strategy development is about frameworks (not blueprints). © M. Beacon Enterprises, LLC All rights reserved. 9 Let’s Talk Strategy! TM

 Strategy is about trade-offs.  Thus, strategy development is about frameworks (not blueprints).  To be effective, it must be about action and ongoing management. © M. Beacon Enterprises, LLC All rights reserved. 10 Let’s Talk Strategy! TM

Two ways to make strategy real. 1.Know your vantage point 2.Choose where to start Let’s Talk Strategy! TM © M. Beacon Enterprises, LLC All rights reserved. 11

Two ways to make strategy real. © M. Beacon Enterprises, LLC All rights reserved. 12 Let’s Talk Strategy! TM 1.Know your vantage point 2.Choose where to start

3 vantage points make strategy real. Tactical Operational Enterprise © M. Beacon Enterprises, LLC All rights reserved. Let’s Talk Strategy! TM

3 vantage points make strategy real. Tactical Operational Enterprise Think: “for the benefit of the Enterprise” Incorporate: “How does my expertise contribute?” Specify: “How do we get this done together?” © M. Beacon Enterprises, LLC All rights reserved. Let’s Talk Strategy! TM

Execution: Playing chess on 3 levels © M. Beacon Enterprises, LLC All rights reserved.

Two ways to make strategy real. © M. Beacon Enterprises, LLC All rights reserved. 16 Let’s Talk Strategy! TM 1.Know your vantage point 2.Choose where to start

© M. Beacon Enterprises, LLC All rights reserved. 17 Let’s Talk Strategy! TM Aspirational starts with what could be. Conditional starts with what is. Both are needed. See also: Arthur D. Little’s “Ambition Driven Strategy”, 1999.Ambition Driven Strategy

Where you start matters. © M. Beacon Enterprises, LLC All rights reserved. 18 Let’s Talk Strategy! TM

Throughout – address 2 questions. © M. Beacon Enterprises, LLC All rights reserved. 19 To what end? So what? Let’s Talk Strategy! TM

20 How will you move that pyramid? © M. Beacon Enterprises, LLC All rights reserved.

For more information… Let’s Talk Strategy! TM © M. Beacon Enterprises, LLC All rights reserved. 21 Contact: Tara Rethore Chief Executive Officer, M. Beacon Enterprises Subscribe: Strategy for Real TM Newsletter M. Beacon Enterprises LLC is a strategy development and execution consulting firm founded in We work collaboratively with individuals and organizations to ensure that the results solve problems in a way that makes sense for each business. We call this approach Strategy for real TM.