BACKGROUND

Our client was a market leader in a high profile sector of mortgages. The work we did was with the senior management team (six people) of the Division responsible for new business. It was carried out between July and November 2003.

What experience does Obsidian have in this sector?

Obsidian has worked extensively in the financial services industry over many years with companies such as Norwich Union, Friends Provident, Gan Life & Pensions, Prudential, and M & G. The lead consultant on this assignment, who is a Chartered Accountant, has extensive management experience in senior financial roles in the private sector, and has been a Director of an Investment Management company for over ten years.

Nature of client's problem

Our client was concerned that the senior management team was focused so much on the day-to-day pressures of operating in a market where major changes (e.g. interest rates) could alter at very short notice that the longer term strategic issues did not have sufficient consideration.

The client chose Obsidian because of our experience of strategy and business planning (not for our detailed knowledge of the financial market in which they operated – we stressed at the outset that was not something we would bring to the programme, although we had broad knowledge of financial matters) and for the flexible approach we would adopt.

Obsidian's experience in this problem area

Obsidian has considerable experience of working with senior management teams in developing/reviewing business strategies and business plans. Our consultants have worked with models such as the Balanced Scorecard, Business Excellence, IiP etc in both line management and consultancy situations. Since all our consultants have had senior management experience in industry or commerce we have a sound understanding of the practical, as well as the theoretical, aspects of this broad subject.

Objectives of product/service offered by Obsidian

The objectives were to

• Consider the broad business environment and the financial services industry in the major markets of the world, the UK and specific market sectors in which the business operated
• Understand the principles of strategy and competitive advantage
• Consider different techniques and approaches that could be adopted to ensure the business was a strong force in the market in the future.

How the assignment was carried out

Three Obsidian consultants were involved in the programme, which consisted of four elements:

• One-to-one interviews with the management team.
• Research that resulted in the development of a number of scenarios that were relevant to the particular business of this group.
• Three two-day workshops spread over a period of three months.
• Assignments that syndicates carried out between the first and second, and second and third, workshops.

Benefits for the client

There were two main benefits to the client:  

• Senior managers, whose knowledge and experience of strategy covered a very wide range, were given the opportunity collectively to review a range of strategic models and apply them to their own business.
• A number of specific actions were agreed that the team felt would enable them to develop the business strategically, whilst at the same time carrying out their day-to-day management roles effectively.