BOCONCEPT STRENGTHEN STRATEGY EXECUTION WITH CLEAR TARGETS THE CHALLENGE The management group at BoConcept A/S faced a challenge familiar to almost every company: Their everyday agendas were full to bursting with tasks to be performed and issues to be resolved. Long-term targets were in place, but at times the managers felt a lack of overall co-ordination between the concrete initiatives taken to reach those targets – particularly if a specific initiative was not, for whatever reason, quite on track. They felt that greater transparency could help them take swifter, consistent action. THE SOLUTION The solution was to place greater emphasis on targets and how they were to be reached. A series of interviews and workshops helped specify the strategic targets and identify the right indicators for measuring progress – and for helping to assign priorities to the various strategic initiatives. The in-house process was mainly handled by two BoConcept employees: one in charge of the strategy process, the other in charge of business controlling. Their skill sets and competences complemented each other perfectly for the task, making sure that key in-house knowledge about the ongoing strategy process and the measuring, data gathering and IT processes was instantly available. When this knowledge was combined with an experienced performance management consultant’s insights into process methodology, several useful tools could be created: A more clearly defined strategy map and balanced scorecard. A stronger coherence between the strategic objectives within each strategic theme, and stronger emphasis on measuring the progress of the process and competence objectives. Simple reporting practices, where essential information is listed on just a few pages and with additional information in appendices. A governance process that ensures monthly follow-up on strategic progress. Cascade of the group strategy to all departments and main markets, ensuring focus on agreed KPIs and action points. ABOUT BOCONCEPT BoConcept A/S was established in 1952 and is now an international retail-oriented concept holder with a coordinated product range comprising design furniture and lifestyle products for private homes. BoConcept A/S is the sole supplier and international distributor to the global BoConcept retail chain, which comprises more than 240 franchise-based BoConcept Stores and 40 BoConcept Studios in more than 55 countries. worldwide. TESTIMONIALS ”Our new strategy process - and the integration of Balanced Scorecard/Performance Management in our strategy plan and in our monthly reports – ensures that there are clear links between everyday operation and our strategic initiatives and focus areas; simply put, our strategies are translated into our everyday work. The project was mainly carried out by our own in-house staff with the very capable assistance of a Valcon consultant who showed us how to use a range of tools and made sure that the strategy process proceeded smoothly”. Hans Barslund, CFO, BoConcept. ”Valcon taught us the mindset of performance management and how to approach the process. With their help we acquired a governance structure that gives us a firm foundation for our monthly strategy status reports – and for the steps we take to follow up on those reports”. Sanne Henriksen og Morten Lyse Hansen, engagement managers of strategy process and business controlling, BoConcept.
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