The strategy focuses on grooming a manufacturing manager for a managing director role by enhancing leadership skills. This includes enrolling the manager in advanced leadership courses, organizing mentorships, and participating in cross-departmental projects. For example, leading a corporate social responsibility project encourages problem-solving and crisis management proficiency. Moreover, hosting 360-degree feedback sessions helps track progress.
On broadening financial acumen, the manager is trained in financial analysis, mentored by finance experts, and involved in budget preparations. They are encouraged to gain financial certifications and partake in risk assessments. Engaging with executives in performance review meetings can significantly enhance their financial decision-making capabilities.
Industry knowledge and networking are expanded by attending conferences, joining professional associations, and engaging with industry thought leaders. Visits to manufacturing facilities and involvement in collaborative projects increase exposure to industry trends. Documentation of insights gained during these activities aids in knowledge retention.
The strategies
⛳️ Strategy 1: Enhance Leadership Skills
- Identify specific leadership traits required for a managing director and assess current proficiency
- Enrol the manager in advanced leadership training courses
- Organise mentorship with current managing directors within the industry
- Facilitate participation in leadership seminars and networking events
- Provide opportunities for leading cross-departmental projects
- Implement regular 360-degree feedback sessions
- Encourage active participation in board meetings and strategy sessions
- Assign the manager to lead a corporate social responsibility project
- Develop problem-solving and crisis management exercises
- Set measurable goals for leadership skill improvement
⛳️ Strategy 2: Broaden Financial Acumen
- Provide training on financial analysis and management accounting
- Assign a finance mentor to guide through key financial principles
- Involve in the preparation of departmental budgets and forecasts
- Review and analyse financial statements with the finance team
- Participate in cost reduction and profit maximisation projects
- Attend workshops on economic trends impacting the industry
- Encourage certification in financial management, such as CIMA or ACCA
- Assign financial performance review meetings with executives
- Pass on responsibility for financial risk assessments in their department
- Set KPI's to assess financial decision-making capabilities
⛳️ Strategy 3: Expand Industry Knowledge and Networks
- Subscribe to leading industry publications and ensure regular updates
- Attend key conferences and trade shows related to the industry
- Encourage joining a professional industry association
- Set goals for networking with industry thought leaders and peers
- Identify and study key trends and innovations affecting the sector
- Facilitate visits to other manufacturing plants and facilities
- Engage in regular discussions with suppliers and partners
- Set up informational interviews with CEOs from different sectors
- Target involvement in collaborative projects with industry groups
- Keep a reflective journal documenting industry learnings and insights
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
