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Taking a Balanced Strategic Approach to Management

19/10/2011


Most successful oilfield service companies understand that effective strategic management and planning is a key factor of business success. Industry conditions have improved since 2008 and 2009 but oilfield service companies are now faced with labour and equipment shortages -- and a cloud looms due to worldwide economic instability. Taking a balanced approach to ensure you are prepared to overcome obstacles and meet your business goals allows your oilfield services company to contend with this changing landscape.

The Balanced Strategic Approach to Management

A full strategic planning and management system that allows oilfield service companies to align business activities to vision and strategy. Rather than analyzing financial data alone, the Balanced Strategic Approach to Management takes operational, marketing and developmental inputs into account to provide a more comprehensive view of the company.

The 4 Components

There are four main components to consider in the Balanced Strategic Approach to Management:

  • Customers
  • Operations
  • People
  • Finance

Within each of these components, there are areas to consider and questions to ask. The components are equally important and do not need to be completed in any particular order.

Applying the Balanced Strategic Approach to Management is not a major undertaking

The most common obstacle is getting started. Once you have prioritized the areas in which you want to improve and begun taking steps to make the required changes, you will find your oilfield services company much better prepared to compete and succeed.