BEING STRATEGIC. Ellie Pidot, Vice President, Strategy at Medtronic Jo Miller, CEO, Women s Leadership Coaching, Inc.

Transcription

1 BEING STRATEGIC Ellie Pidot, Vice President, Strategy at Medtronic Jo Miller, CEO, Women s Leadership Coaching, Inc. 1

2 Poised For Leadership Workshop Discover what it really takes to break into leadership Los Angeles, April 26, 2012 $279 per person. Register at 2

3 Corporate Subscribers 3

4 Jo Miller CEO, Women s Leadership Coaching Inc. Helps women create their roadmap to advance into leadership positions in business, by providing leadership coaching, workshops and webinars Has coached hundreds of women worldwide Clients include the corporate women s networks at Bank of America, ebay, Intel, Microsoft, Oracle, UBS and more. Leads the Poised for Leadership workshops nationally. Named one of Silicon Valley s Women of Influence, 2008 Grew up in Australia and now lives in Cedar Rapids, Iowa with her husband Chris. 4

5 Ellison M. Pidot Vice President, Strategy at Medtronic Leads the development of Medtronic s corporate strategy, including aspiration and target-setting, portfolio management, resource allocation, and key enterprise-wide strategic initiatives. Leads Medtronic s VP Women s Network Previously Vice President, Office of the Chairman and CEO, where she worked with Medtronic s CEO, Executive Committee, and Board of Directors to improve strategic decision-making and execution across the company. Prior to joining Medtronic, was a consultant at McKinsey & Company, where she served healthcare clients and counseled senior executives on issues of strategy, growth, organization, M&A, and sales and marketing. Has a JD from the University of Virginia School of Law, an MBA from the Darden School of Business, and an AB, cum laude in Government, from Harvard College. She is admitted to the Bar in New York and Minnesota. Enjoys playing golf and tennis, waterskiing, and coaching her 4-year-old daughter Loraine s soccer team. 5

6 BEING STRATEGIC How can I be more strategic? is something most of us have wondered, but what does that really mean? 6

7 BEING STRATEGIC Perhaps you have asked yourself: How can I go from being reactive and tactical to thinking and acting strategically? How do leaders create, communicate, and implement strategy? What are the principles of being a good strategist? How can those principles be applied in an individual role, or with teams and organizations? 7

8 IN THIS WEBINAR: 1) What does it mean to be strategic? 2) Three components of being strategic Creation Communication Execution 8

9 What does it mean to be strategic? 9

10 Strategy is a fancy word for coming up with a long-term plan and putting it into action. - Ellie Pidot 10

11 What is Strategy? By Michael Porter 1. Strategy is the creation of a unique and valuable position. 2. Strategy requires you to make trade-offs in competing to choose what not to do. 3. Strategy involves creating fit among activities. (Harvard Business review, November 1996) 11

12 What are the components of a good strategy? 12

13 What are the components of a good strategy? 1. Focused on the long-term, forward-looking 2. Aspirational, but recognizes starting point/ constraints 3. Grounded in facts, deep understanding of customers and environment 13

14 Your internal customers are Medtronic s business units/regions. How do you help them improve their strategy? What questions do you ask them? 14

15 What questions do you ask? What are your customers unmet needs? How does your strategy address them? How will your markets be different in the future than they are today? What can you do to position yourself for the future? What is the business case for your investments? How will you measure and track performance to ensure impact? o 15

16 Three Components of Being Strategic Creation Communication Execution 16

17 Three Components of Being Strategic Creation Communication Execution 17

18 Tell us about strategy creation. 18

19 Top Tips for Creating a Strategy: Be creative. Be inclusive. Be data-driven. 19

20 Three Components of Being Strategic Creation Communication Execution 20

21 Why is communicating your strategy so important? What are some keys to effectively communicating a strategy? 21

22 I didn't have time to write a short letter, so I wrote a long one instead. - Mark Twain 22

23 Top Tips For Communicating a Strategy: Leverage communications as a critical problemsolving tool. Be crisp and clear. Communicate passion for your ideas, but... Be honest. Don t sugar-coat, overstate. o 23

24 Three Components of Being Strategic Creation Communication Execution 24

25 During the execution phase, strategy gets put into action. What are some keys to doing this well? 25

26 Top Tips for Executing a Strategy: Bias towards action from the very beginning. We re not academics. Define clear milestones to measure progress. Don t get emotional admit when it s time to kill or readjust your approach. o 26

27 There are many opportunities for people to be strategic, regardless of their position. - Sharell Sandvoss, Vice-President Finance Director Western Europe, Brown-Forman Beverages. 27

28 How can a person (regardless of their position) go from being reactive and tactical to thinking and acting strategically? 28

29 SUMMARY: 1) What does it mean to be strategic? 2) Three components of being strategic Creation Communication Execution 29

30 Recommended Reading What is Strategy? By Michael Porter, Harvard Business Review, November

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32 Ellie s Keys to Success: 1. Take the time to think. 2. Think big and small. 3. Collaborate, collaborate. o 32

33 Today s slides and recording will be posted within 24 hours to: emerging12_bst.htm 33

34 Sponsors: Advocates for Your Advancement Tuesday, April 24, 2012 Sponsors are senior leaders who can advocate on your behalf and connect you with opportunities. Harvard Business Review has reported that highpotential women are over-mentored and under-sponsored relative to male peers. Explore the difference between mentors and sponsors and learn steps to cultivating successful sponsor relationships. Amanda Martinez, VP Manufacturing Operations - US Grocery, Safeway Cindy Kent, Vice President & General Manager, Gastro/Urology Therapies at Medtronic 34

35 Poised For Leadership Workshop Discover what it really takes to break into leadership Los Angeles, April 26, 2012 $279 per person. Register at 35

36 Discussion Questions 1. What is your definition of being strategic? 2. Think of an area of your job in which you would like to become more strategic. Discuss: a) CREATION: How will you create your strategy? b) COMMUNICATION: How will you communicate your strategy? c) EXECUTION: How will you put your plan into action? 36