B8: Strategy and stability
Establishing a strategic vision and managing for stability
Listen and Learn: Introduction to B8: Strategy and Stability
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For a multimedia introduction to this session, please click on the “play” button on the left or on the audio file above.
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INTRODUCTION: B8 Strategy and Stability
SECTION 1: Strategic Thinking and Models
STOP AND THINK: Pick a framework that may have application to you
SECTION 2: Finances and budgets
STOP AND THINK: How confident are you with finance?
SECTION 3: Measuring to fix
GROUP WORK: Complete a planning exercise using one of the strategic models
TIME FOR REFLECTION: What strategic or financial metrics would you use?
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INTRODUCTION: B8 Strategy and Stability
Table of Contents
How to WIN: Using tech, data to ensure gender diversity
To ensure content-based gender diversity and representation, the FT has set several gender diversity initiatives in motion over the past few years.
FT Editor Roua Khalaf told Jane Barrett of Reuters, and the global online audience for WAN-IFRA’s World Media Leaders eSummit how the FT is succeeding at reaching their gender balance goals toward becoming 50-50.
In order to attract more female readers; the FT newsroom’s audience engagement team came up with a tool they called JanetBot to alert news editors when the number of published pictures of women went below a certain threshold. Another bot tracks the number of women who are quoted in FT stories. “The big piece here is really raising awareness within the newsroom. Once you raise awareness it becomes part of what editors and reporters write,” says Ms Khalaf.
The data is there, it’s transparent, everybody can see it, and different desks can see what other desks are doing. It creates a certain dynamism where every desk wants to improve.”
INTRODUCTION: B8 Strategy and Stability
Section 1: Strategic thinking and models
A reminder of the relevance of the Strategy pillar from the Deloitte Digital Maturity model:
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Reminder: Strategy, finance and stability
SECTION 1: B8 Strategic thinking and models
Strategy: what does it mean and why does it matter?
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SECTION 1: B8 Strategic thinking and models
Strategy for news publishers: what matters
There are certain strategic areas that publishers are particularly concerned with, and they are:
1. Rightsizing: News businesses have to become leaner and more cost-efficient in an environment of declining revenue, especially post-Covid
2. Future proofing the business: Pivoting editorial workflows and organisation to focus on digital audiences and publishing
3. Monetising: Attempting to find ways to monetise digital content while simultaneously preserving legacy or print revenues under the deeply troubling socio-economic pressures brought on by Covid-19
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SECTION 1: B8 Strategic thinking and models
Strategic challenges in developing nations
Developed nations have certain advantages in navigating the challenges of digital transformation. But developing nations have to take into account obstacles unique to them when working on a strategy.
Challenges for publishers:
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SECTION 1: B8 Strategic thinking and models
John S. Hamalian: Ten elements of a great strategy
1. Critical Reflection
“Sometimes before you go forward, you have to look back.The Japanese call this ‘hansei’ or the ability to deeply and critically reflect, typically on several fronts: ‘where have you been?’, ‘where are you now?’, and 'where are you heading’? This includes an honest assessment of problem areas and changes taking place which need to be addressed, both internally and externally. A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can be helpful, but only if the output is applied in the actual formulation of the strategy and not standalone.”
2: A Simple Message
“A clear vision can provide succinct clarity to where an organisation intends to go, and it does not have to be fancy. I know a retired Vice President who had a very consistent and simple mantra that he repeated on almost a daily basis: ‘Low Cost’. This made the priority very clear and concise. Georges St-Pierre, Welterweight Champion of the UFC, often affixes a handwritten note to his dressing room wall, such as ‘On December 11th in Montreal, I will destroy Josh Koscheck and remain world champion’, providing himself with a simple, measurable and actionable message.”
3. Marathon Thinking
“This may seem obvious, but the person who wants to win a marathon needs to have a fine balance of long-term strategy and shorter-term tactics to overcome the challenge. Long-term thinking needs to be an essential ingredient of any solid strategy. Without a long horizon, an organisation is doomed to an endless cycle of short-term gyrations. A good strategy will zoom out to the big picture and zoom in to the specifics needed to achieve it. The smart marathoner will slow down: they are aware of all the evenly spaced, smaller milestones needed to reach so they can get to the end. “
4. Sense of Reality
“A strategy is not worth much if it does not accurately reflect the reality of the situation – the good, the bad and the ugly. It is also not going to help much if the strategy stretches the organisation well beyond its means or outlines completely unrealistic and unattainable objectives. It is OK to develop stretch targets but they should still be realistic. Vague and ‘wishy-washy’ language should be avoided. The strategy is not a marketing campaign - it is a structured plan to move the organisation forward. Language and actions identified should be crisp, concise, clear, direct and specific.”
5. Less is More
A plan should outline what the organisation should not do just as much as it articulates what it should do. There are many cases where successful organisations have seen improved results from paring down their strategic goals. When Jack Gerard, CEO of American Petroleum Institute, first took the job he immediately cut their number of priorities from two dozen down to just six, enabling them to focus limited time and resources on the items that would bring the most value. ‘Less is More’ contains a very important point: ‘focus on the core’
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Reference: 10 Elements of a Great Strategy, by John S Hamalian
SECTION 1: B8 Strategic thinking and models
Ten elements of a great strategy: continued
6. Stakeholder Listening
“A great strategy reflects the voices of all the key stakeholders of an organisation, in particular the Employees and the Customers, who often get forgotten. There is a famous quote that says: “The greatest tool you have is to listen”, yet many strategies are developed in a relative vacuum. To properly consider all the various voices, both internal and external, a great deal of listening, balancing and prioritising is required. The strategy should adobe coherent and align and bind the whole organisation together. “
7. Actionable Content
“The strategic plan should be detailed enough to either specifically outline actions required to meet the goals, or be able to lead directly to such actions. The action plans identified will likely be high-level and not necessarily answer the ‘hows’ but certainly describe the ‘whats’ that are needed to move the organisation ahead. These actions often turn into projects or key initiatives which can often times utilise strategy methodologies to be properly executed. Without actionable content, a strategy will be too stratospheric to be of much use.”
8. Energetic Deployment
“A great strategy does not just remain stuck in a powerpoint slide, but gets effectively and passionately deployed to every level of the organisation. If there is a function or team that is disengaged from the planning activity, or not involved in its execution, then the strategy is a failure. Every part of the organisation should formulate their own specific plans in line with the greater goals. Avoid Ivory Tower Syndrome’: keeping strategic planning entirely within executive ranks, ignoring the power of staff to help shape and implement initiatives”
9. Fanatic Follow-through
“Strategies are intended to be used, not mounted on a gilded frame to be admired from time to time. Some of the best plans I have ever seen were written on simple paper and were dirty and wrinkled from their constant use. This is great proof of a well-utilised plan. Strategy plans should have built-in flexibility: It is perfectly OK to adjust the strategy as long as the revisions are in support of the overall vision and agreed to by the relevant team. They should also have strong governance & discipline – Who will review the strategy, and have you assigned an owner? “
10. Living & Breathing the Strategy
Solid follow-through is more than reviews and scorecard updates. It needs the leadership to be absolutely committed to the strategy. Leaders should be talking the ‘language’ of the strategy daily. When the employees are talking about it, this is when the plan has become institutionalised and permeates every level of the organisation. The strategy should be thoroughly baked into the product/service plan, the communications plan, the marketing plan, the people plan, the process improvement plan, the budget plan and the operational plan.
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Reference: 10 Elements of a Great Strategy, by John S Hamalian
SECTION 1: B8 Strategic thinking and models
Using strategic frameworks to advance
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SECTION 1: B8 Strategic thinking and models
Listen and Learn: Strategic Models
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For a multimedia walk through of this session, please click on the “play” button on the left or on the audio file above.
Video thumbnail here
(Drag & Drop)
SECTION 2: B8 Finances and Budgets
GAP Analysis
A gap analysis process allows organisations to determine how to best achieve their business goals. It compares the current state with an ideal state or goals, which highlights shortcomings and opportunities for improvement. A very useful tool when developing a strategy, there are many different ways to run a gap analysis. There is a template available on the following slide for you to use.
For a free Power Point Template, click here
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SECTION 1: B8 Strategic thinking and models
Current state
Future state
Gap
Actions to �close gap
What
Where
When
Who
How
What happen?
Where is the confusion
When is it done?
Who does the work?
How is it sequenced?
What should it �look like?
Where will it change?
When will it change?
Who will do this?
How will it be timed and resources?
What is different?
Where will it be different?
When are the differences needed?
Who will identify �the gap?
How will the gap be improved?
What will be done to address the gap?
Where will it be addressed?
When it will be addressed?
Who will make the decision?
How will it be �rolled out?
Gap Analysis Template
SECTION 1: B8 Strategic thinking and models
SWOT Analysis
SWOT analysis is a strategic planning technique used to help a person or organisation identify strengths, weaknesses, opportunities, and threats related to business competition or project planning. Strengths and weaknesses are usually internal to your company—things that you have some control over and can change. Opportunities and threats are external—things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them.
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SECTION 1: B8 Strategic thinking and models
Examples of strengths and weaknesses in a media company
STRENGTHS
WEAKNESSES
SECTION 1: B8 Strategic thinking and models
Examples of opportunities and threats
in a media company
OPPORTUNITIES
THREATS
SECTION 1: B8 Strategic thinking and models
The Business Model Canvas
A Business Model Canvas (BMC) is a tool to help map existing business models, improve them and invent new ones. It will lead to insights about the customers the business plans on serving, what value propositions are offered through what channels and how the company makes money. It gathers all necessary information about the product and business and conveniently puts it on one page.
The BMC can also be really useful as a planning tool for separate project streams - and can be completed per project if helpful to use as a basic business plan for each initiative.
For more detail see here
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SECTION 1: B8 Strategic thinking and models
Red Ocean Blue Ocean Strategy
This strategy tool helps with understanding your business opportunities in a crowded market.
Red oceans are the industries in existence today – the known market space, where companies try to outperform their rivals to grab a greater share of the existing market. Cutthroat competition turns the ocean bloody red. Hence, the term ‘red’ oceans. Blue oceans denote the industries not in existence today – the unknown market space, unexplored, untainted by competition. Like the ‘blue’ ocean, it is vast, deep and powerful – opportunity and profitable growth.
For more detail see here
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SECTION 1: B8 Strategic thinking and models
SECTION 1: B8 Strategic thinking and models
Case Study: The FT’s North Star goal of 1-million subscribers
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SECTION 1: B8 Strategic thinking and models
“Our fundamental belief … is that (you) must start with a single mission that everyone across the newsroom, data, tech product, marketing, and the rest of the organisation is committed to.”
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TARA LAJUMOKE�MD FT Strategies
SECTION 1: B8 Strategic thinking and models
Stop & Think
Let’s stop and think for a moment:
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SECTION 1: B8 Strategic thinking and models
Section 2: Finances and budgets
Basic accounting principles for media managers
If you are managing a team or a division in a media company, you should know:
Budgeting - the budget is the amount of funding you need on an annual basis to do the activities you need to generate revenue company.
Costs and overheads: Payroll, overheads, travel, rent, electricity, stationery are all costs you have to budget for to keep staff paid and able to work.
Revenue targets: - you will have a revenue target to meet, and this revenue target will be higher than your costs, so you are able to generate a profit. If you are running a cost centre (ie you don’t have a revenue stream) you may have targets that are based on operational efficiency (cost-savings) rather than revenue.
Profit targets: All companies (except non-profits) want to make a profit and generate returns for shareholders or investors or owners. So profit is the target to reach once all costs have been taken into consideration. This is sometimes measured on accounts as Earnings Before Interest, Tax, Depreciation and Amortisation (Ebitda), but the final profit number will be net profit - after all deductions have been made.
Margin or yield: Margin is the ratio between revenue and profit calculated as a percentage: most newspaper companies used to run at margins of 10% to 15%, and now are 1% or 2% or even negative ( running at a loss)
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It is vital to understand the financial metrics that drive your company, and your part in them
SECTION 2: B8 Finances and Budgets
Financial literacy in media organisations
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SECTION 2: B8 Finances and Budgets
Controlling costs to meet budget, and stay in profit
Setting budgets
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SECTION 2: B8 Finances and Budgets
Keep an eye out for wasted expenditure
Controlling costs:
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SECTION 2: B8 Finances and Budgets
Stop & Think
Let’s stop and think for a moment:
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SECTION 2: B8 Finances and Budgets
Section 3: Measuring to fix
Listen and Learn: Metrics and the Stability Tracker
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For a multimedia walkthrough of this topic, please click on the “play” button on the left or on the audio file above.
Video thumbnail here
(Drag & Drop)
SECTION 3: B8 Measuring to fix
Useful metrics to measure your business
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SECTION 3: B8 Measuring to fix
Keeping metrics and KPIs simple and clearly defined
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SECTION 3: B8 Measuring to fix
Metrics need to be useful and able to influence decision making
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SECTION 3: B8 Measuring to fix
WIN: Helping to keep your business stable
Women in News aims to assist you to:
1.) Become a more customer centric and audience-focused business
2.) Make better use and acknowledgment of data and analytics to transform and change and drive strategic decision making
3.) Choose investments and improvements in technology and tools to effect change
4.) Improving processes to manage costs and improve productivity and
5.) Focusing on gender balance, succession planning and training and development
“Our aim is to build �stable news organisations that are able to produce �good journalism �on an ongoing basis.”
WIN
SECTION 3: B8 Measuring to fix
Women in News Stability Tracker helps with goals and progress
SECTION 3: B8 Measuring to fix
Women in News Digital Maturity: Rapid Diagnostic Assessment
SECTION 3: B8 Measuring to fix
How digitally mature is your business?
The WIN Stability Tracker is based on five pillars and the corresponding indicators that fall within each that mark a stable, digitally mature business: Customer, Strategy, Technology, Operations and Organisation & Culture.
The Digital Maturity: Rapid Diagnostic tool which is a light version of the Stability Tracker, offers an indication of how your business scores across the key pillars of digital maturity.
Take the assessment here to receive a rapid diagnostic report of where your business resides on the digital maturity scale, ranging from emergent (score between 0-8) to mature (score of 20+) alongside some concrete recommendations on measures to take to move your business toward greater stability.
Quiz Assignment
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SECTION 3: B1 The maturity scale for data
Group Assignment
Group Work Webinar 2: The presentation should be 5 slides done in 10 minutes.
Connect with your group members to discuss the following questions.
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SECTION 3: B8 Measuring to fix
Group Assignment
A8: SECTION 3
Group Work Webinar 2: The presentation should be 5 slides done in 10 minutes.
Connect with your group members and research the following questions to share you final assignment. The group leader should send the assignment (it can be in any format: slides, video, podcast, social media post etc… Surprise me! ) to digital_abc@womeninnews.org and CC the facilitator in order for the group to progress to the next lesson.
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Group assignment
Group Work Webinar 2: The presentation should be 5 slides done in 10 minutes.
Let’s think about your own business:
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SECTION 3: B8 Measuring to fix
End of Lesson Eight