Implementing Strategy throughout the Company
The rest of this chapter explains the process of implementing a plan of strategy throughout a company. We cover these steps:
Business Action Framework
In addition to drawing on the STO solution model, we also draw on work by noted author and speaker Michael Hugos, who developed the theory and process that he named the Business Action Framework. The STO model points out that strategy, developed based on the mission and objectives of a company, must be driven down into the organization via portfolio management. The Business Action Framework provides a method of defining the mission, objectives, and strategy of a company.
The Business Action Framework employs the insights of the company's executives to determine any action that must be taken to advance the company success. Hugos points out that the action may be a response to a challenge or problem, or an attempt to capitalize on market conditions or to diversify the company's business activities. The framework is meant to bring the executives ...