Click here to subscribe today or Login.
.4/16/2015
WILKES-BARRE — A Harvard business professor paid a visit to Wilkes University Thursday evening, speaking to faculty, students and local business owners about strategy and leadership.
Cynthia A Montgomery, originally of northwestern Pennsylvania, is the Timken Professor of Business Administration and immediate past head of the Harvard Business School.
Currently, she teaches Harvard’s Advanced Management Program for senior executives.While teaching for the past 24 years, Montgomery’s has written for Harvard Business Review, along with writing her own book, “The Strategist: Be the Leader Your Business Needs.”
She has also served on the board of two Fortune 500 companies.
She was introduced by Alexis Gildea, a current Wilkes student and soon-to-be graduate majoring in finance with a minor in accounting.
Montgomery explained that strategy can make or break a business or organization. She said that often businesses try to stretch themselves too far and try to reach too many people. She also went on to explain that a successful business not only has a good strategic leader, but also a good core plan or purpose.
“I believe that strategy — its presence or its absence — will have a profound effect on your experience as a customer, an employee or donor. And that’s where I think management has to start,” she said.
Montgomery listed numerous quotes and mission statements from several well-known companies, asking the audience to guess the company the statement belonged to.
First IKEA, then Nike and Google, the audience guessed correctly. Montgomery pointed out that was because these companies had a concise concept or purpose of what they wanted to do, and the target consumers they had in mind.
“You’ve got to know who you are and why this organization exists, but before you start with everything else ask yourself, ‘Why does the world need this organization?,’” she said. “Look at your customers. Why do you matter to them?”
She asked what would the world be like without your business? Would customers miss you or suffer some kind of loss? If so, how long would it take them to find a replacement? Why does the business matter?
Montgomery said that now more than ever, employees want to work with organizations and businesses that know they matter.
“Students and employees are leaving their companies because they don’t understand the purpose or direction of their company,” she said.
She said this is where many companies can go wrong. People or groups start a business without a concise purpose — or a purpose that’s outdated — and suddenly the company begins to struggle.
“Where you are, what business you’re in can have a profound effect on your company,” she said. “Don’t go into such an industry if you don’t have a clear sense of purpose and how to attack your problems.”
Montgomery said strategy and execution can lead to success or failure, but to do anything a business needs both.