Focus On Business Execution
Profit mapping is used by companies to execute their strategy no matter what it is. Strategy can range from everything to improving profitability, increasing customer satisfaction, reducing costs, becoming more flexible in product or service delivery, reducing waste, and so on.
As companies translate strategy into measurable objectives, profit mapping then bridges the gap between planning and execution. It does this by identifying:
- The nature of the problem within the context of the capabilities and constraints of the organization.
- The specific parameters under management control that are linked to the business challenges.
- The sensitivity of the various parameters for improving business performance.
- An execution roadmap showing the specific steps and actions required to achieve the business objectives.
Read more about this topic: Pro FIT-MAP Methodology
Famous quotes containing the words focus, business and/or execution:
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—Daniel J. Boorstin (b. 1914)
“BOSWELL. But what do you think of supporting a cause which you know to be bad? JOHNSON. “Sir, you do not know it to be good or bad till the Judge determines it.... It is his business to judge; and you are not to be confident in your own opinion that the cause is bad, but to say all you can for your client, and then hear the Judge’s opinion.”
—Samuel Johnson (1709–1784)
“My weakness has always been to prefer the large intention of an unskilful artist to the trivial intention of an accomplished one: in other words, I am more interested in the high ideas of a feeble executant than in the high execution of a feeble thinker.”
—Thomas Hardy (1840–1928)