Developing strategic portfolio for future growth
Client Name: TEO Garments
Sector: Retail
Type of Project: Business Future Growth Strategy Design
Grant Support: Frame and Scope (Design Innovation)
Grant Agency: Design Singapore Council
Teo Holdings started off as Teo Garments Corporation in 1979 with a focus on garments manufacturing. Over the years, the business has grown from a small team to one with international presence. Despite the general success, with the industry going sunset in Singapore and a constant downward pressure on prices, the management seeks to open new perspectives in creating new future growth pathways.
Project Objective
The goal of this project was to map and evaluate future growth strategies for TEO Garments:
To maintain the competitive edge of core business
To recognise the most potential new growth paths outside current core business
The project unfolded with the following trajectory, while guided by the key question:
How should we use our resources (time, money, energy) in a way that builds meaningful future, rejuvenates us and helps to us to stay relevant?
Our Approach
According to the trajectory, the project unfolded in 5 main stages.
Diagnosis - Internal interviews with the management, Teo Holdings, Teo Garments and OETEO.
Alternate Futures - Interviews with Teo Garments’ Partners, Key customers, desk research on Mega trends, as well as a workshop with the Teo Team.
Drive and Purpose - Further exploration was done to define key drive and purpose, and rethink allocation of time and energy for both leadership and the team.
Re-Balance - A team workshop was held with a challenge posted to Teo employees: to make strategic decisions for Teo business imagining that they are the leadership of the company.
Strategy and Next Steps - Future Strategies Framework
Diagnosis - Interview with Teo Holdings, Teo Garments and OETEO.
Alternate Futures - Work session to explore possibilities.
Drive and Purpose - Work session to understand what drives Teo Leadership.
Redistribute - Snapshot of online workshop.
Key Insights and Deliverables
Frame and Scope project has uncovered a multilayered transformation programme to build Future Teo Group constellation. This can be successfully orchestrated by working on three key levers of a complex system i.e. the Teo Organisation:
Lever 01 - Structural Change
We are proposing a new structure to look at the organisation of the Teo Group constellation.
This new structure will have two larger conceptual constructs:
Teo Garments (Teo 1) or (T1)
Teo Ventures (Teo 2) or (T2)
Lever 02: Process Change
This is the critical lever to provide lifeline arteries to the organisational structure. Process is about how things are done. Process design is backbone to realise a plan.
Processes are of two types
Operational Processes
Innovation Processes
Lever 03: People and Mindset Change
This is the more critical and most difficult-to-master lever. It is about identifying, attracting, onboarding, grooming and enabling people to bring their best to the business as inspired selves.
This has two dimensions:
Self - how do people conduct themselves, how do they make decisions, how do people distribute and balance their responsibilities and time
Collaborate - how do people work with each other, what processes and rituals they use to collaborate
We have designed three key tools that will facilitate operationalising strategy.
Tool #1 - To communicate what future could look like
Tool #2 - To design strategy portfolio action steps
Tool #3 - To make well considered decisions
