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| Laptop and plant on a table Photo by NordWood Themes on Unsplash |
Serving as a business strategy leader at Broadcom Inc. in Boulder, Colorado, Killen Herring has designed zero-based budgeting processes and product portfolio investment methodology for the company . Previously, Killen Herring co-authored an article on the importance of building a work environment that ensures success.
In 1995, two faculty members of the Harvard Business School argued that the conventional wisdom of strategic planning--know the market and your strengths--was not enough: Successful corporate leaders must also develop resources that can set their company apart from the competition. Their product or service must be entirely unique and attainable nowhere else; it must also provide long-term value and maintain a level of quality that promotes profitability.
A good corporate culture multiplies these attributes, creating a “soft asset” that can build a strong market position. It helps employees and management stay committed to goals, so they can use their in-depth knowledge of the business to create new ideas and new ways to win market share.
Business leaders who see room for improved performance should examine their company’s culture, and make any changes needed to help the workforce produce more good ideas. Analyzing company culture in context of the market can also help leaders spot problems that may inhibit corporate innovation and motivation.
