LYNX
Strategy execution done right for online broker
Introduction
Background
LYNX, an advanced online trading platform, serves a committed base of over 70,000 traders and investors spread across nine countries. Boasting a team of circa 275 skilled employees, LYNX provides a state-of-the-art trading environment. The platform features global trading opportunities at competitive fees, empowering traders and investors to concentrate on achieving market success.
Over the years, LYNX has achieved remarkable growth and identified key areas for improvement. We noticed variations in the adoption of best practices globally and recognized the importance of standardising processes. To address these insights, LYNX is moving towards a more streamlined and unified approach. This shift will allow LYNX to maintain agility and autonomy, ensuring continued success and efficiency in their operations.
“Momentum's expertise was instrumental in crafting our long-term strategy and ensuring our operational model was adequately aligned with it. Without their insightful guidance, we could not have accomplished such impactful changes in such a brief period.”
strategy
Strategy execution
LYNX partnered with Momentum to craft a long-term strategy and restructure its organization in alignment with strategic priorities. This collaboration led to the creation of a concise, one-page strategic plan that articulated a clear vision for the forthcoming years. The streamlined redesign successfully oriented every member of the management team towards the company's overarching goals.
LYNX placed a strong emphasis on strategy execution by introducing new strategic priorities to all department leaders through the Objective and Key Result (“OKR”) methodology. These priorities were transformed into annual goals and broken down into quarterly plans for more focused execution. To guarantee thorough and effective implementation, LYNX utilized Perdoo, a specialized software tool designed to streamline and manage these processes.
Relevant service
Digital StrategyResults
Impact realization
To enhance strategy execution, we initiated three initiatives at LYNX.
Initiatives
Actionable Strategy
Objective
Develop a practical, long-term strategy for LYNX,
Initial Situation
LYNX aimed to formulate a strategy that succinctly addressed crucial aspects without depending on elaborate presentations. This strategy needed to offer a distinct vision for the next decade and effectively align with LYNX’s strategic priorities.
Action taken by Momentum
Momentum conducted a series of strategic dialogues with the LYNX management team. These discussions facilitated the distillation of key decisions into a clear and concise one-page strategic plan, adhering to the scale-up methodology.
Outcome
LYNX now possesses a straightforward, actionable strategy for the coming years, concisely captured in a one-page document.
Organizational Redesign
Objective
Realign LYNX’s organizational structure to reflect strategic priorities and assign specific responsibilities to individuals.
Initial Situation
LYNX operated under a decentralized model, where multiple members of the management team were responsible for the same strategic priority, with roles not directly linked to actual outcomes.
Action taken by Momentum
Momentum initiated an organizational redesign for LYNX. This involved realigning the structure to be in sync with strategic objectives. Each member of the management team was tasked with overseeing both the squads dedicated to implementing changes and the regular operations. Departments were assigned clear objectives, and roles that did not directly contribute to desired outcomes were either restructured or eliminated.
Outcome
LYNX’s organizational structure is now effectively aligned with its strategic priorities, featuring clearly defined responsibilities for each member of the management team.
Strategy execution methodology
Objective
Implement a strategy execution methodology that effectively achieves the desired outcomes.
Initial Situation
The link between the desired outcome and the actual initiatives was lacking, whereby initiatives often became the objectives. Essentially, a structured strategy execution methodology was lacking. This made strategic steering difficult, and discussions often focused on the means instead of the outcome.
Action taken by Momentum
Momentum utilized the OKR methodology to assist LYNX’s management team in translating the company’s strategic priorities into distinct responsibilities for department leaders. These leaders then refined these priorities into annual objectives and created a quarterly action plan for each roadmap. Additionally, Perdoo, a strategy execution software, was integrated to ensure comprehensive implementation.
Outcome
LYNX has successfully established an effective strategy execution methodology, enabling a focused approach towards achieving outcomes.
