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5 Star Business Boosters

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5 Star Business Boosters

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5 Star Business Boosters

5 Star Business Boosters

When establishing a business strategy, CEOs and other executives often do it on random criteria. However, it is necessary to determine specific criteria and axes beforehand.

In fact, every organization is particular and has its specificities, which implies different approaches in terms of strategies.

The strategy you decide to implement has to be adapted to your business requirements. However, there are 5 key cornerstones that are the basis of successful strategies.

They are defined and exposed in Vivek Sood’s book, The 5-STAR Business Network (http://bit.ly/5-STARBN). In fact, this book is entirely based on this approach of the 5 key factors that will help you build a great business strategy. The very essence of this book relies on business networks, and how they must be built. According to Vivek Sood, there are 5 stars that will enable you to build the best business network. 

The first one is innovation or “Fire-Aim-Ready (FAR) Innovation”, as Vivek Sood defines it. This is the first cornerstone of your 5-STAR Business Network.

The Shocking Revelation of 5 Star Business Boosters.

Innovation have been existing for a long time, but this is a specific approach, on which every organisation must base its strategy.

In fact, this book explains how to combine the key factors to be more efficient and effective, at the same time.

Although innovation has already played great roles in business, like during the Industrial Revolution, this is not the same any more.

Nowadays, innovation must be steady and specific, relying on your business area. Besides, it is not only about products, but also management innovations or strategy innovations can be found.

The second star is “$eed-to-$tore ($t$) Efficiency”, a term that needs to be explained in more details, but we will dedicate an entire article to this term.

To explain it shortly, $eed-to-$tore Efficiency relies on a good management of the supply chain and of the entire process, from procurement to storage and distribution.

The Modern Rules Of 5 Star Business Boosters.

In fact, this is all about management, and its efficiency obviously.

Then, Transaction Optimisation Profitability is also a key cornerstone. This is obviously about profit. With this expression, “5-STAR”, Vivek Sood explains how to capture the more profit you can, by using efficiently your business and supply networks.

In fact, everything relies on your network. Networks are becoming bigger and bigger and they are now the main cause on which all your decisions and strategies depends.

Transaction Optimisation Profitability (TOP) is the way you use your network to capture the greatest profit and value. The fourth key of your 5-STAR Business Network is Advanced Product Phasing (APP).

This term will also be defined in a later article. What we can say for now is that APP is about product life cycle and innovation cycle.

Understand 5 Star Business Boosters Before You Regret.

You must pay attention to them in order to act accordingly and make your business evolve in agreement with these cycles. Finally, the last one is Results-focused Outsourcing and Modularisation (ROM).

This is quite a complex one, but also very important. Indeed, it will be the subject of Vivek Sood’s next book: Outsource, Outsmart, Outprofit.

This term reveals the power of modularisation and networks will play a great role in this strategy establishment and implementation.

Consequently, we have here the 5 key cornerstones of a great business network. They can now be defined as business boosters because they can push your business towards great results if they are well aligned and well used together.

by Anais Lelong

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Table of Contents

ABOUT THE PRINCIPAL AUTHOR

Today, Vivek and his partners are among 20-30 people on the planet earth who have this deep understanding of supply chain systems, practices and tools. CEOs, COOs, executives and Boards call them in most challenging situations once they know the full potential of supply chain based transformations. Following are key milestones in Vivek's journey:

  • Started in 1983 as a merchant navy cadet at 18 years age, worked his way to qualify as a Captain – qualified to take command of any merchant ship, worldwide.
  • Earned a top tier MBA from UNSW at the top of his class.
  • Joined highly regarded strategy consulting firm Booz Allen & Hamilton, consulting to the CEOs, Boards and senior management of global corporations within Australia.
  • To learn and specialise in supply chain – against all odds, sought out the co-inventor of supply chain in Germany and convinced him to be a partner in his firm, GLOBAL SUPPLY CHAIN GROUP, launched in January 2000.
  • More than 500 successful blue chip projects with high impact business transformations in large corporations using the full power of SUPPLY CHAIN MANAGEMENT.
  • 4 Seminal and path breaking business books IN SUPPLY CHAIN MANAGEMENT – these are available in bookstores and universities and libraries worldwide.

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5.0
5/5

THE 5-STAR BUSINESS NETWORK

If you are deeply passionate about the world of business and supply chain networks as I am, and enjoy digging answers to critical questions that will help build and steer your business with wisdom, then join me. This book is a journey of exploration through the world of business networks that run along the veins of today’s commercial world.

4.3
4.3/5

OUTPERFORM OUTSOURCE OUTPROFIT

The trend of outsourcing continues to grow unabated with the whole gamut of services, from simple to mission-critical tasks. There is not a single company on earth that does not outsource anything. It is not just about cost arbitrage, it is also a finer expression of division of labour at the organisational level. Like all leverage, outsourcing is a double-edged sword too. On one hand, it allows you to do more, faster. On the other hand, if it goes bad, it can easily kill your business. If you do not believe that is possible – you can google the Fox Meyer saga from the 90s and see for yourself.

4.3
4.3/5

UNCHAIN YOUR CORPORATION

Businesses Are Chained By Unseen Chains. If You Are Looking For Ways To “Unchain Your Corporation” A Successful Business Transformation Is Required.

Successful Business Transformations Are Difficult, Yet Rewarding.

Business Transformation Is Fast Becoming A Question Of Survival In The Modern Globalised Era.

Modern Supply Chains Integrate Businesses And Economies Faster By Systematic Information Sharing From Internal And External Sources.

Companies Can Multiply Profits By Progressively Ramping Up Cohesion And Collaboration Of All Moving Parts In B2B Network To Achieve Tighter Integration.

4.3
4.3/5

GREEN SUPPLY CHAIN – AN ACTION MANIFESTO

It is generally accepted that environmental consciousness is now changing to environmental proactiveness as organizations are discovering that it makes good commercial sense.

Boards are asking the management to review their policies related to environmental norms, not only to bolster their corporate social responsibility aims, but also because consumers are asking for greener supply chains

It is also widely agreed that consumers will increasingly prefer to buy more and even pay more for products or services provided in an environmentally sound manner.

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