Strategy planning in a smaller business

by Catherine Woods - Tuesday, 23rd October 2007 -

Big may be beautiful but Scarborough Building Society FD Robin Litten says to be small means having the ability to be nimble.

Litten says being able to move quickly in business is critically important for Scarborough because it’s not as big as its competitors in the financial services market.

“I think that in any market where there’s lots of competition, the challenge of being smaller is to take advantage of that,” he says. “If you’re smaller, you’re quicker to respond.”

Litten tells us that the society can launch a new savings product within 24 hours. “We have regular discussions – involving marketing, finance and risk – and we want the market.”

At the centre of it all is the FD. “As FD, you take the lead in driving the strategic planning for the business.

“You ensure that you always develop a strategy to improve the overall profile. It’s a key role, being at the centre of everything and making sure that everything follows that strategic objective.”

Litten recently received the outstanding achievement award at the Yorkshire FD of the Year Awards 2007.

Picture source

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