Enterprise`s strategic potential

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Kyiv National University of Trade and Economics

ENTERPRISE'S STRATEGIC POTENTIAL

PIATNYTSKA Galyna, Doctor of Sciences (Economics), Professor,

YATSYSHYNA Klavdiya, Candidate of Sciences (Economics),

Associate Professor at Management Department,

BEREZIN Vadym, sales specialist of METINVEST-SMC LLC

Kyiv

Annotation

Critical analysis and definitions systematization of the "enterprise 's strategic potential" concept are carried out. Possible varieties of potentials were identified on the basis of data processing of different scientists researches, and key components of strategic potential of trade enterprises (small and large trade networks) based on the results of researches at existing trade enterprises of Ukraine were identified. The concept of "construct of the enterprise 's strategic potential" was introduced into scientific circulation. The model of improving the construct of enterprise 's strategic potential is developed. A fragment of filling one of the constituents of the strategic potential construct on the example of a small trade enterprise is presented.

Keywords: strategic potential, construct, small trade enterprise, key components, competitive advantages, resources, competences, trade potential, progressive development, digitalization.

Анотація

П'ятницька Г., Яцишина К., Березін В. Стратегічний потенціал підприємства.

Постановка проблеми. В умовах нестабільності зовнішнього середовища та загострення конкуренції будь-яке підприємство, що прагне мати сильну позицію на ринку, повинно приділяти належну увагу формуванню, діагностиці та подальшому вдосконаленню стратегічного потенціалу у межах розробки та реалізації своєї стратегії розвитку на ринку. Водночас, проводячи діагностику і приймаючи рішення щодо розвитку стратегічного потенціалу підприємства, його менеджери далеко не завжди чітко усвідомлюють, що являє собою його конструкт.

Аналіз останніх досліджень і публікацій показав, що попри наявність окремих наукових доробок з досліджень стратегічного потенціалу підприємств, аспекти, пов 'я- зані з побудовою та вдосконаленням конструкту стратегічного потенціалу, які дають змогу підприємству ефективно діяти та розвиватися, до цього часу не розглядалися.

Мета дослідження полягає у визначенні конструкту стратегічного потенціалу, спрямованого на забезпечення прогресивного розвитку підприємства в епоху цифровізації.

Матеріали та методи. У ході дослідження використано методи порівняння, систематизації, індукції та дедукції, критичного аналізу, моментних спостережень, моделювання та ін.

Результати дослідження. Запропоновано ввести до наукового обігу поняття "конструкт стратегічного потенціалу підприємства". Обґрунтовано, що альтернативність у визначенні компонентів конструкту стратегічного потенціалу обумовлена тим, що стратегії підприємств ніколи повною мірою не збігаються, а отже, і їх реалізація часто потребує неоднакових комбінацій різних матеріальних та нематеріальних активів. Презентовано процес удосконалення/розвитку конструкту стратегічного потенціалу підприємства у вигляді імітаційної моделі, а також розроблено форму для визначення заходів удосконалення компонент стратегічного потенціалу за умови необхідності ініціалізації нового наповнення конструкту, що апробована на одному з діючих малих підприємств торгівлі.

Обґрунтовано, що цифровізація процедури видозмінювання конструкту стратегічного потенціалу залежно від змін на ринку та у стратегії підприємства надасть можливість достатньо швидко знаходити оптимальні управлінські рішення, що орієнтуватимуть підприємство на прогресивний розвиток у стратегічній перспективі.

Висновки. Визначено важливість наявності якісного конструкту стратегічного потенціалу підприємства для виконання поставлених стратегічних завдань. Систематизовано дефініції поняття "стратегічний потенціал підприємства". Ідентифіковано ймовірні різновиди потенціалів на основі обробки даних досліджень різних науковців та визначено ключові компоненти стратегічного потенціалу підприємств торгівлі (малих та великих торговельних мереж) за результатами досліджень на діючих підприємствах торгівлі України. Запропоновано поділяти компоненти конструкту стратегічного потенціалу підприємства на жорсткі та м 'які залежно від їх обов 'язковості включення до конструкту та реалізації різних стратегій.

Ключові слова: стратегічний потенціал, конструкт, мале підприємство торгівлі, ключові компоненти, конкурентні переваги, ресурси, компетенції, торговельний потенціал, прогресивний розвиток, цифровізація.

Аннотация

Пятницкая Г., Яцишина К., Березин В. Стратегический потенциал предприятия. Проведены критический анализ и систематизация дефиниций понятия "стратегический потенциал предприятия". Идентифицированы вероятные разновидности потенциалов на основе обработки данных исследований различных ученых и определены ключевые компоненты стратегического потенциала предприятий торговли (малых и больших торговых сетей) по результатам исследований на действующих предприятиях торговли Украины. Введено в научный оборот понятие "конструкт стратегического потенциала предприятия" и разработана модель его совершенствования. Приведен фрагмент наполнения одной из составляющих конструкта стратегического потенциала на примере малого предприятия торговли.

Ключевые слова: стратегический потенциал, конструкт, малое предприятие торговли, ключевые компоненты, конкурентные преимущества, ресурсы, компетенции, торговый потенциал, прогрессивное развитие, цифровизация.

Background

In an unstable environment and increased competition, any company seeking a strong position in the market should pay due attention to the formation, diagnosis and further improvement of strategic potential in the development and implementation of its market development strategy. Properly organized diagnostics of strategic potential, as evidenced by international business practice, allows not only to identify hidden opportunities for the best use of internal organizational capabilities and resources of the enterprise, but also a prerequisite for making informed management decisions on the further development of certain components of the enterprise's strategic potential. Diagnosis of strategic potential and evaluation of the advantages and disadvantages of its use make it possible to determine the reserves for improving the levels of efficiency and effectiveness of enterprise's strategic management. At the same time, while conducting diagnostics and deciding on the development of the enterprise's strategic potential, its managers are not always clear about what constitutes its construct.

Analysis of recent research and publications

Although the issues of strategic management, incl. related to strategic potential, has been actively investigating for the last 40 years, the theory and practice of strategic decision-making, the formation and evaluation of strategic potential, and the like are constantly developing and acquiring new features, as evidenced in particular by numerous publications such as foreign ones, and domestic scientists [1-6; etc.]. The latter is primarily due to the acceleration of speed and the appearance of changes in the external and internal environment of enterprises, which are not typical for previous periods of time. Some scholars [3], considering the activation of the digital economy and exploring individual components of the strategic potential of the enterprise, have studied the applied effects of its enrichment on the introduction of e-HRM. Other scholars [5] have focused their attention on the classification of manifestation types of strategic potential and have developed a model of external and internal capabilities transformation of the enterprise into strategic success factors. There are scientists [6] who in their studies have presented different interpretations of strategic potential essence, but have not carried out their systematization and/or critical analysis and have suggested, in our opinion, very contradictory stages of the process of strategic potential formation and a system of indicators for evaluating its individual components. Aspects related to the construct of strategic potential that will allow the company to operate effectively and develop so far have not been considered.

The aim of our research is to identify a construct of strategic potential aimed at ensuring the progressive development of the enterprise in the digital age. To achieve this goal, the following tasks are set: to conduct a critical analysis and systematize definitions of "strategic potential of the enterprise" concept; to identify probable varieties of potentials as a component of the enterprise's strategic potential in the process of forming its construct; to give a clear definition of the "construct of enterprise's strategic potential" concept; to create a model of improvement/development of the construct of enterprise's strategic potential and on the example of a small business enterprise engaged in the sale of IT technologies and special computer programs and products, to illustrate approaches to completing one of the components of the strategic potential construct.

The research will use methods: comparison, systematization, induction and deduction, critical analysis, momentary observations, modeling, etc. Information base of the research is publications of foreign and domestic scientists, results of own observations and researches on activity and development of operating in Ukraine trade enterprises.

The main results of the research

The development of any enterprise in the long run depends not only on the influence of environmental factors on it, but also on what strategic potential this enterprise has and how effectively it uses it, implementing the chosen strategy of actions in the market. This determines the importance of conducting periodic diagnostics of the strategic potential of the enterprise in order to develop management measures aimed at maximizing the return on its use or its development within the implementation of the strategic goals and objectives set by the company, as stated above.

For the proper organization and diagnostics of strategic potential with the further formation of its construct, focused on ensuring the growth of the enterprise in a competitive market, first of all, it is necessary to clearly define the essence and components of the enterprise's strategic potential. Against this background, we propose to focus first on the etymologies of the words "strategic" and "potential" and then systematize the approaches currently available to define "strategic potential of enterprise" and identify the constituents of that potential.

The adjective "strategic" is the derivative of the noun "strategy" (from the ancient Greek "отрат^а" - the art of the military unit's management) and in the Collins English dictionary [7] it is defined as a sign of great importance for the future. In other words, when it comes to something strategic, it means, firstly, something that is very important for the enterprise, and, secondly, this is directly or indirectly related to the implementation of the strategy, the master plan or business model on the market to achieve strategic goals.

The term "potential" has a Latin origin (from the Latin "potential"), where it meant a power and strength. Later in the economy it was interpreted as "... means, supplies, sources that can be used to solve a certain task or for the achievement of a certain goal" [8, p. 65]. Numerous attempts of diagnosing and assessing the potential of the enterprise led to the emergence of a number of different definitions for the "potential of the enterprise" concept in the scientific literature. According to the research findings of O. Zhdan [9], they can be divided by approaches to its interpretation:

resource, its supporters are V. Nemchinov, O. Anchyshkin, L. Abalkin and others, and according to it, potential of the enterprise is considered as the presence of source component and the potential for its use;

effective, its representatives are: V. Mec, M. Chumachenko, N. Krasno- kutska and other scientists, who understood an enterprise potential as a generalized characteristic or relationships that emerge in the enterprise to achieve the maximum possible result (e.g. financial) or identify them with the capabilities of the enterprise's resources and competencies to create a result for stakeholders through the implementation of business processes;

productive, its representatives are V. Veiz, Y. Lapin and others, who directly associate an enterprise potential with the volumes of its manufacturing (or operating) activity. Therefore, a productive power indicator is used to characterize its development;

managerial, its supporters are S. Strumylina, O. Oleksiuk and others, who under the potential of the enterprise considered either the total productive labor force, or the maximum possible set of active and passive, explicit and hidden alternatives (opportunities) of qualitative development of the socio-economic system of the enterprise in a certain environment of management, taking into account resource, structural-functional, time, socio-cultural and other restrictions.

The emergence and development of the strategic management theory has led to the introduction of the "enterprise strategic potential" scientific concept. However, to date, scientific thought has several approaches to the interpretation of the strategic potential essence. In this regard, we will systematize the existing "enterprise strategic potential" definitions (table 1) and will express our critical position on them.

Table 1

Systematization of "enterprise strategic potential" concept definitions

Source: Composed and systematized by the authors on the results of various sources analysis.

In our view, the resource approach to determining strategic potential is too narrow, since it does not even take into account organizational and strategic competencies, which are the bearers of competitive advantages, which, in turn, shape and influence the development of the strategic potential of the enterprise and determine its capabilities in market. The competence or resource-competence approach has no disadvantage, but it does not in any way emphasize that strategic potential is formed only by those resources that can be altered as a result of strategic decisions.

An approach from the perspective of strategic assets that provide the realization of potential opportunities, sometimes focuses strategic potential solely on achieving economic goals [15], ignoring the fact that strategic goals can also be social, environmental, etc.; and does not consider organizational capabilities related to competencies as part of the strategic potential of the enterprise [15; 16].

The approach to determining from the standpoint of producing competitive advantage or rational use of opportunities with (or without) taking into account changes in the external environment sometimes attributes to the strategic potential only the strongest competitive advantages of the enterprise [17] or identifies it with the willingness to rationally use the capabilities [19] or the capabilities of the enterprise use resources effectively [20]. The weakness of this approach is that, firstly, absolutely all the competitive advantages of an enterprise affect its strategic potential; secondly, it is incorrect to identify capacity-building with a willingness to use opportunities, since an enterprise may have strong strategic potential but be unable to use it effectively; thirdly, strategic potential depends not only on the efficient use of resources but also on the key competencies of the enterprise.

In the target approach, some authors [22], in our view, are totally unjustified, associate strategic potential with the ability to achieve strategic goals through the efficient use of exclusively enterprise's resources. Thus, on the one hand, organizational capabilities (as in the resource approach), and the fact that opportunities to achieve strategic goals, incl. depend on the ability of the company's managers to overcome the strategic gaps between the potential and the potential needed to achieve the strategic goals. Other scientists either equate strategic capability with boundary capability in certain external conditions [23], or consider it to be shaped for development purposes and implemented according to one or another stage of the strategy [21] (whereas in practice any enterprise at all stages of its life cycle has a certain level of strategic potential, but an enterprise can and should develop it if that potential does not allow it to achieve its strategic development goals).

Among the given in table 1 approaches the most successful in terms of diagnostics and creating the construct of the strategic potential of the trading enterprise, we consider systemic, in which strategic potential is defined as a set of resources and capabilities of the company to develop and implement the strategy (or define and achieve strategic goals). In this case, the components of strategic potential, on the one hand, are resources, and on the other, are opportunities that depend on the organizational capabilities of the company, its competencies, as well as external factors that create favorable conditions for the implementation of planned strategic decisions.

Agreeing with some scholars that strategic potential is "... a complex, dynamic, polystructural system consisting of certain parts" [27, p. 202], no less justified are the scientific positions of scientists who, as components of the strategic potential of the enterprise, allocate material and intangible components and/or those varieties of potential that are priorities in terms of the strategy chosen by the enterprise. At the same time, we propose to introduce into scientific circulation "the construct of enterprise's strategic potential" concept and to understand under it a combination of varieties of potentials or tangible and intangible components of strategic potential that the enterprise forms and/or develops in order to achieve the set strategic goals and the implementation of the chosen strategy. This construct should be tailored to the market threats and opportunities that affect the activity and development of the enterprise, and always depends on alternative approaches to identify the components of strategic potential. In turn, the alternative in defining the components of the strategic potential construct is due to the fact that enterprise strategies never completely coincide (including due to industry specificity, differences in the number and competence of employees, financial sustainability indicators, etc.), and therefore and their implementation often requires different combinations of different tangible and intangible assets. This, in particular, explains the existence of discrepancies and differences in the divisions by different scientists of the enterprise's strategic potential into varieties of potentials-components (table 2).

Table 2

Varieties of potentials as components of the construct
of the enterprise's strategic potential ¹

Notes: 1. The "X" symbol means that the scientist(s) has distinguished the type of potential as a component of the strategic potential of the enterprise.

2. In the field of trade, we propose to allocate operational capacity instead of production due to the specifics of operating activities of trade enterprises. In our opinion, this approach should be applied to other service companies as well.

3. According to the results of our research, in trade, existing trade enterprises of Ukraine often do not share scientific, technical and innovative potentials. The research also identified trading networks (for example, Auchan Ukraine Hypermarket LLC), where innovative development is directly linked to marketing activities (first and foremost, in terms of fulfilling strategic goals for customer orientation). In view of the above, during the formation/improvement of the strategic potential construct, filling of its individual components in one enterprise may be different from another.

Source: Developed by the authors on the results of various sources analysis.

The components of the construct of the enterprise's strategic potential can be divided into hard and soft. The first are obligatory elements of the strategic potential of any enterprise, and the latter are not. To the hard components of the construct of the enterprise's strategic potential, taking into account the data in table 2, belong to those that distinguish absolutely all or the vast majority of scholars and practitioners. This is, first of all, production or operational potential, financial or economic and financial, marketing and personnel (or labor). However, it should be noted that with the advancement of the digital economy, artificial intelligence, etc., is becoming more and more often involved in the fulfillment of various functions and tasks, which is why over time, in some spheres of economic activity, personnel potential will not be crucial in terms of achieving certain strategic goals and complex strategic tasks.

At the same time, if we are talking about trading companies, in our opinion, in the current conditions of economic management in addition to the above, it should also include:

• market potential, which depends primarily on the competitive position of the enterprise in the market and the ability to effectively operate and develop in a competitive environment;

• material and technical potential;

• managerial or entrepreneurial potential;

• communication potential;

• trade potential, which we propose to define as a set of specific trade resources, abilities and/or capabilities of a trade enterprise to meet the needs of the population in goods and trade services, taking into account the market capacity;

• reputational potential that can objectively be considered as one of the major sources of capitalization of a trade company.

Being adherents of the scientific approach in which the diagnostics of the strategic potential of the enterprise is carried out according to its external and internal components, we consider it expedient in the process of creating the strategic potential construct of the especially small-sized enterprises to further allocate the institutional potential, which we propose to determine through indicators: the degree of economic development of the institute in a particular country/region providing the conditions for business activity of business entities (including small ones); number and effectiveness of small business development facilitation programs, incl. related to simplifying the tax system, providing tax benefits, and more.

Taking into account all of the above, as well as the results of our previous researches [38-40; etc.], we present the process of improving/devel oping the construct of the enterprise's strategic potential in the form of an imitation model (figure).

A simulation model of improving the construct of the enterprise's strategic potential

Source: designed by the authors

For the sake of clarity, how one of the components of the enterprise's strategic potential construct should be fulfilled in case of its improvement/development, we will give an example of development of appropriate management measures, which were offered and substantiated by us in the framework of creating this construct in one of the small trade enterprises of Kyiv which sells IT technologies, special computer programs and products (table 3).

Based on the approbation of the above form (see table 3), we believe that the introduction of a well-thought-out and clearly spelled-out policy for the formation/improvement of the strategic potential construct by filling in special forms for filling each of the components of strategic potential within the set strategic goals, will improve the efficiency and effectiveness of strategic enterprise management.

Table 3

Form for determining measures to improve the financial component of the strategic potential construct of the investigated small enterprise (fragment)

Source: designed by the authors

At the same time, considering the prospects and opportunities that the digital age presents to businesses, we believe that the calculation of indicators that characterize both individual and all components of the enterprise's strategic potential construct, assessing their dynamics and predicting the consequences of change can be carried out in an automated, and in individual cases also in automatic mode. The latter will help simplify the procedure for modifying the strategic potential construct, depending on changes in the market and in the enterprise strategy. It will also allow the use of special computer programs to quickly find optimal management decisions that will orient the company to progress in the strategic perspective.

Conclusion

Thus, the research identified the importance of having a quality construct of the enterprise's strategic potential to fulfill the set strategic goals. It is proposed to understand by this construct a combination of varieties of potentials or tangible and intangible components of strategic potential that an enterprise forms and/or develops in order to achieve strategic goals and implementation of the chosen strategy. Based on the critical analysis results of the definitions of "strategic potential of the enterprise" concept, their systematization was conducted and six scientific approaches to the definition of this concept were identified: resource, target, competence, etc. Possible varieties of potentials were identified on the basis of data processing of researches of various scientists and key components of strategic potential of trade enterprises (small and large trade networks) were determined based on the results of our research at existing trade enterprises of Ukraine.

It is proposed to divide the components of the enterprise strategic potential construct into hard and soft ones, depending on their obligation to include in the enterprise strategic potential construct and implementation of different strategies. The opinion about the necessary rigid components of the construct of enterprises' strategic potential in the field of trade with the definition of trade potential, as a set of specific trade resources, abilities and/or capabilities of the trade enterprise to meet the needs of the population in goods and trade services, taking into account the market capacity, is substantiated. It is emphasized that it is advisable to include institutional component in the strategic potential construct, under which it is recommended to understand the institutional potential, determined by indicators: the degree of development of market economy institutions in a particular country/region, which provide conditions for business activity of business entities (incl. small); number and effectiveness of small business development facilitation programs, incl. related to simplifying the tax system, providing tax benefits, and more.

A simulation model to improve the enterprise's strategic potential construct was developed and a form for determining measures of improvement of the strategic potential components, provided by the necessary to initiate a new filling of the construct, which was tested at one of the existing small trade enterprises.

We believe that the results obtained during the research can be further used to develop scientific approaches to managing the strategic potential of business entities in different industries/areas of economic activity. At the same time, approaches to the diagnosis of individual components of the strategic potential construct (in particular those highlighted directly in this research, such as trade, reputational and institutional potentials) can be explored more deeply.

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