New tools for SMEs' strategic management
In a dynamic, rapidly changing business environment, one of the biggest challenges faced by entrepreneurs and managers of SMEs is the long term sustainable growth of their company. Particularly, networked and knowledge based companies have to develop their capabilities constantly (and sometimes their corporate culture) to match variable business conditions and evolve the company's lifecycle. Motivated by their needs for appropriate management support systems, researchers involved in the SYMPHONY project developed a powerful software solution for evaluating company performance and monitoring strategic actions. SymCockpit, developed by the GIC mbH, brings, principally, an emphasis on assessing performance measures against stated performance goals and objectives outlined in the company's strategic plan. To establish a link between strategic goals and performance measures, it considers different time perspectives, past/future, financial and non-financial data and information from both internal and external environments. During the process, different organisational entities' performances are monitored; these include the network the SME is operating in, the company as a whole and the department The performance definition process concentrated on two key aspects. On one hand, the company's present performance was determined by the effectiveness of its organisational structure and resources in being aligned with strategic objectives. On the other hand, the company's future performance indicators were defined by the ability to sense changes in the business environment and the degree of readiness to respond to these changes. As these tools and methods were developed, constant contact was kept with high-tech industries as well as companies with highly skilled workforce. By means of extensive trials, their usability and sustainability was ensured. SynCockpit users will be able to effectively measure business results and thereby help impact the growth strategy implementation in a positive way.