Which strategy is the right one for our company in order to achieve our objectives? The question of what is the best way and what are the right measures to achieve strategic objectives is a core question for the management of every company, and thus, of course, also for me as the COO of Hirschmann Automotive.
With our strategy, we pursue a clearly defined objective: the generation of profitable and sustainable growth for our company. In order to achieve this objective and to enable us to actively shape the future of our company, we consider and analyze increasingly dynamic market and sector developments as well as the relevant macroeconomic, technological, social, and environmental trends. We do so using a systematic strategic process within the framework of which we describe known and new challenges for the future and define measures that will also enable us to generate above-average successes in the future.
It is important to us that we develop the strategy together with our employees in a participatory process. On the basis of this bottom-up approach, we ensure that our employees are involved in strategic development and make a valuable contribution to the company’s strategic direction. The input provided by the teams from the different areas and global sites is subsequently discussed, validated, and prioritized as part of a joint workshop.
The strategic relevance of new and existing challenges is validated and prioritized by assessing them on a top-down basis with respect to their influence on the company’s market-oriented strategic success factors. Our success factors are also evaluated repeatedly as part of the strategic process as regards their effect on our primary strategic objective – the generation of profitable and sustainable growth. Our company’s market-oriented strategic success factors include – in addition to our focus on our core competencies and our efficiency – a zero-defect philosophy, speed and flexibility, innovation, and, above all, the people who perform these important tasks: our employees.
A strategy can only be successful if it is formulated in a motivating fashion and communicated and implemented comprehensively. Professional communication is provided by our area and site managers to all employees following a top-down approach. The global management team is also responsible for planning and ensuring the implementation of the strategy using area and site road maps together with their teams. From this, individual tasks and objectives for our employees are derived.
The effectiveness of the strategy implementation and the associated road maps and action plans is finally reviewed on a cyclical basis by the management team. Necessary adjustments and changes are once again incorporated into the strategic planning in a timely manner.
Based on my experience to date, I can say that an up-to-date and applied strategy is essential for every company – irrespective of its size. It is extremely important that the corporate strategy not only specifies fact-based objectives, but rather is also developed together with the employees, clearly formulated in a motivating manner, and professionally communicated. A good and motivating strategy is an essential basis that is required for a company to be and remain successful over the long term.
The year will soon draw to a close. It is therefore my wish for all of us that we achieve our respective strategic objectives and that we will shortly be able to rejoice in having successfully implemented our plans for 2018.