×

Receive our FREE PowerPoint Toolkit

The Flevy PowerPoint Toolkit contains over 50+ slides worth of diagrams, shapes, charts, tables, and icons for you to use in your business presentations.



Flevy is the marketplace for premium business documents.
Buy and sell PowerPoint templates, business frameworks, presentation templates, and more.

Currently viewing the tag: "strategy"

8662133692?profile=RESIZE_400xA significant number of Mergers remain unsuccessful, because companies do not employ a thorough and disciplined approach to realizing Post-Merger Integration Synergies.  In reasons for failure, we hear remarks like:

  • Targets were set several months earlier by the top management without consulting the line managers, or taking ground realities into consideration.
  • Assumption base for setting targets was untested.
  • Targets were met but the timeframe for achieving them made them ineffective—in terms of diminished returns, shareholder disappointment, or depressed share value.
  • Desired Synergies were achieved but at a very high cost or fairly weakened morale.

A disciplined and rational approach to pursuing Merger Synergies is key to successful Post-Merger Integration (PMI).  Companies that authenticate and set pragmatic yet ambitious Post-Merger Integration Synergy targets do the following to exceed targets and achieve substantial share price premium and a significant Competitive Advantage:

  • Advise Integration Leaders on how to aim high.
  • Give managers—responsible for achieving targets—a say in target-setting process.
  • Create detailed plans with built-in accountabilities.
  • Pursue their targets aggressively.

Successful PMI Synergies—be it in Cost OptimizationStrategic Sourcing, Greater Revenues or any other Cost or Revenue realm—have the common characteristic of leaders pursuing synergies with speed, rigor, discipline, and pragmatism with lots of analysis, planning, preparation, and fine-tuning before the close.

Success can be ensured time and again if the 6 Strategies for Post-Merger Integration Synergies are followed to the letter:

  1. Link Due Diligence (DD) and Post-Merger Integration (PMI)
  2. Leverage Clean Teams
  3. Establish Stretch Targets
  4. Rapidly Iterate to Targets
  5. Pursue Both Revenue and Cost Synergies
  6. Institute Performance Management

Implementation of the 6 Synergy Strategies involves adopting High-Engagement and Rapid Iteration approach which yields effective Stretch Target Validation and High Level of Line Accountability.

Let us delve a little deeper into 2 of these PMI Synergy Strategies.

Link Due Diligence (DD) and Post-Merger Integration (PMI)

Linking DD to PMI ensures realistic estimates on part of the DD team thus avoiding formulation of broad-brushed and imprecise Synergies.  Linking also guarantees greater amount of ownership and accountability at the same time enabling more compelling Stretch Targets.  Linking of DD to PMI is necessary because:

  • Under pressure to complete the M&A, Due Diligence teams frame assumptions with little knowledge of the levers influencing Synergies or the challenges involved in achieving them.
  • Due Diligence teams typically project more value in Cost Reduction and enhanced Revenues based on erroneous assumptions—without taking into account either the Operating Model (of the former entities and the freshly created one) or the difference / overlap in Customer Base.

Successful Mergers ensure a harmonized hand-off from Due Diligence teams to Integration Planning teams by ensuring the following:

  • Placing members of the Mergers and Acquisition team on the Post-Merger Integration (PMI) team to produce a greater degree of ownership and continuity.
  • Involving Business Unit Heads in target setting at the Due Diligence stage and ensuring ownership and accountability.
  • Linking of Due Diligence and PMI to enable setting of more profound Stretch Targets.
  • Analyzing and detailing drivers of saving at a high-level for creating Synergy Targets and Ranges which make later improvements possible based on subsequent information. These targets and ranges enable evaluation of potential gains from new company’s Operating Model. 

Leverage Clean Teams

Clean team is an independent group that is tasked with the collection and analysis of sensitive company data—pre-closure—with the guidance of management.  Clean team may comprise of third-party members or employees who can be reassigned out of business in case of deal failure eradicating the risk of compromising confidential information.  Clean team is formed by legal contract based on protocols agreed to by both company’s legal departments.  Clean teams help by:

  • Accelerating PMI planning.
  • Enabling the acquiring company to have a clearer picture of the target company without violating anti-trust regulation or confidentiality agreements.
  • Assessing risks and enabling companies to achieve Synergies faster.
  • Keeping sensitive information of both sides safe—pre-closure—yet embark on planning and preparation even before close in order to save precious time and keep customer confidence high.
  • Aiding companies accomplish 3 core integration activities before closing—compiling wide-range baseline data, vetting Synergy targets, and preparing options for key decisions.
  • Empowering companies to avoid / diminish confusion caused by overlap in client assignments and sales people.
  • Assisting provision of clear information to customers regarding products and services thus avoiding drop in sales.

Interested in learning more about the 6 Strategies for Post-Merger Integration Synergies?  You can download an editable PowerPoint on Post-Merger Integration (PMI): 6 Strategies for Synergies here on the Flevy documents marketplace.

Want to Achieve Excellence in Post-merger Integration (PMI)?

Gain the knowledge and develop the expertise to become an expert in Post-merger Integration (PMI).  Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts.  Click here for full details.

M&A is an extremely common strategy for growth.  M&A transactions always look great on paper.  This is why the buyer typically pays a 10-35% premium over the of the target company’s market value.

However, when it comes time for the Post-merger Integration (PMI), are we really able to capture the expected value?  Studies show only 20% of organizations capture projected revenue synergies and only 40% capture cost synergies.  Not to mention, the PMI process is typically very painful, drawn out, and politically charged, often resulting in the loss of key personnel.

Learn about our Post-merger Integration (PMI) Best Practice Frameworks here.

Do You Find Value in This Framework?

You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library.  FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.  Here’s what some have to say:

“My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market.  They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions.  I strongly recommend FlevyPro to any consultant serious about success.”

– Bill Branson, Founder at Strategic Business Architects

“As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power.  For us, it is an invaluable resource to increase our impact and value.”

– David Coloma, Consulting Area Manager at Cynertia Consulting

“FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients.  In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”

– Roderick Cameron, Founding Partner at SGFE Ltd

8589000693?profile=RESIZE_400xStrategy is about the methods used to attain goals.  It’s the “how” of achieving goals—desired future conditions and circumstances towards which effort and resources are spent until their achievement.

If Strategy has any meaning at all, it is in relation to some aim or end in view.

Strategy is 1 of the 4 dimensions of an enterprise structure:

  1. Goals of the organization.
  2. Resources at our disposal.
  3. Strategies for achieving above-mentioned goals –i.e., the methods used to deploy the resources.
  4. Tactics—i.e., the ways in which the deployed resources are used.

Strategy and tactics – integral part of Strategy Development – bridge the gap between goals and the methods used to achieve those goals.  These 4 dimensions of enterprise structure relate to one or both of the 2 domains; Policy and Management.  Policies determine the goals of an enterprise, whereas attaining goals is typically a matter of Management.  Tactics belong to the managers; strategy is the combined realm of the governors and managers; whereas resources are controlled jointly.

The employed resources through use of Strategies and Tactics give us “certain” conditions.  Inspecting them in light of the “desired” conditions enables us to determine future employment of the resources and thus emerges a pattern of actions and decisions which makes Strategy an adaptive and evolving view of what is required, to achieve goals.

We take a look at various perspectives on and definitions of Strategy, as explained by 8 of the most impactful and renowned Strategists in modern times.  Familiarity with the perspectives of these strategists enables us to develop a more holistic and thorough understanding of the topic, helping us improve our strategic thinking, decision making, and analytical skills.  All of these experts agree on the fact that Strategy is a means to implement a policy or a view envisioned by those who matter.  Let’s see how the following strategists define Strategy:

  1. Michael Porter
  2. Henry Mintzberg
  3. Treacy and Wiersema
  4. H. Liddell Hart
  5. George Steiner
  6. Kenneth Andrews
  7. Kepner-Tregoe
  8. Michel Robert

Let’s break down how a few of these renown strategists define “Strategy.”

Michael Porter

Michael Porter, the father of modern Business Strategy, views Competitive Strategy as “intentionally opting a collection of activities that are dissimilar to the competitors in order to provide a unique mix of value”– i.e. Competitive Advantage.  Porter states that Strategy is about:

  • A competitive position.
  • Differentiating yourself in the eyes of the customer.
  • Adding value through a collection of activities different from competitors.

Henry Mintzberg

Mintzberg is credited with co-creating the Organigraph.  He has written extensively on management and business Strategy.  His contribution to Organizational Theory in the form of “The Organizational Configurations Framework” is a model that describes 6 valid organizational configurations or Organizational Design.

Mintzberg argues that the contrast of changing realities with intentions necessitates accommodation, generating Strategy.  According to him Strategy is a combination of:

  • The Perspective – Vision and Direction.
  • The Position – Decisions to offer particular products or services in particular markets.
  • The Plan – a means of getting from here to there.
  • A Pattern in actions over time – for example, a company that regularly markets very expensive products is using a “high end” Strategy.

Treacy and Wiersema

Treacy and Wiersema’s Value Discipline Model talks about 3 different value disciplines: Customer IntimacyProduct Leadership, and Operational Excellence.  Their research on market leading organizations reveals that they outdid their competitors through mastering 1 of these 3 disciplines.

Treacy and Wiersema assert that companies achieve leadership positions by narrowing, not broadening, their business focus on any one of the following:

  • Operational Excellence – lead the industry in terms of price and convenience and is based on the Strategy of production and delivery of products or services. It implies world-class marketing, manufacturing, and distribution processes.
  • Customer Intimacy – Long-term customer loyalty and customer profitability is based on the Strategy of tailoring and shaping products to the increasingly fine definitions of Customer-centric Design.
  • Product Leadership – concentrates on quick commercialization of new ideas. It hinges on market-focused R&D as well as organizational nimbleness and agility.

Interested in learning more about the 8 definitions of Strategy?  You can download an editable PowerPoint on 8 Perspectives on Strategy here on the Flevy documents marketplace.

Want to Achieve Excellence in Strategy Development?

Gain the knowledge and develop the expertise to become an expert in Strategy Development.  Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.

“Strategy without Tactics is the slowest route to victory.  Tactics without Strategy is the noise before defeat.” – Sun Tzu

For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics.  Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to “Tactical” Strategy.  Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.

These frameworks include Porter’s Five Forces, BCG Growth-Share Matrix, Greiner’s Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.

Learn about our Strategy Development Best Practice Frameworks here.

Do You Find Value in This Framework?

You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library.  FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives. Here’s what some have to say:

“My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.”

– Bill Branson, Founder at Strategic Business Architects

“As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.”

– David Coloma, Consulting Area Manager at Cynertia Consulting

“FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”

– Roderick Cameron, Founding Partner at SGFE Ltd

VUCA2VUCA relates to threats that people and enterprises often encounter.  The acronym reflects the constant, dramatically-transforming, and unpredictable world.  The concept originated in 1987, based on the theories of Warren Bennis and Burt Nanus.  The term was first used by U.S. Army War College to describe the volatile, uncertain, complex, and ambiguous general conditions globally.

The acronym found traction after 2002, when it was considered an emerging idea to be discussed among the strategic leadership.  The term VUCA stands for:

  1. Volatility
  2. Uncertainty
  3. Complexity
  4. Ambiguity

The 4 VUCA challenges reflect the unpredictable forces of change that affect organizations, necessitating new skills, approaches, and behaviors to mitigate them.  The 4 elements of VUCA relate to how people view the situations where they make decisions, formulate plans, respond to challenges, cultivate change, and solve issues.

VUCA is a practical code for anticipation, understanding, preparedness, and intervention in the wake of uncertainty and confusion.  One of the biggest challenges of managing in a VUCA world involves team members who resist change.  Simply training the leaders on key capabilities isn’t adequate to avoid failures resulting due to not handling the VUCA issues properly.  What differentiates sound Leadership from mediocre management is the leaders’ ability to ascertain key elements that prevent them from adopting resilience and flexibility.

In this age of disruption, Volatility, Uncertainty, Complexity, and Ambiguity are widespread.  These elements will be more prevalent across industries and enterprises in future, and if not managed properly can sap an organization’s and its employees’ strengths.

Let’s discuss these VUCA elements individually.

Volatility

The Volatility element of VUCA talks about the distinct situational categorization of people due to their specific traits or their reactions in particular situations.  People react differently in specific settings due to social cues.  Volatility describes the influence of situations on stereotypes and social categorization, which is the reason why people perceive others differently.

Two factors connect people to their social identities: Normative fit and Comparative Fit.  Normative fit is the degree that a person relates to the stereotypes and norms that others associate with their specific identity.  For example, a Hispanic woman cleaning a house does not get gender stereotypes from others in this situation, but when she eats an enchilada ethnic stereotypes emerge and the gender is forgotten.  Comparative fit relates to specific traits of a person that are prominent in certain states compared to others, which are obvious as others around a person do not have those traits.  For example, a woman in a room full of men stands out, whereas all the men are grouped together.

Uncertainty

The Uncertainty element of VUCA pertains to the unpredictability of information in events, which often occurs in the intention to indicate correlation between events.  Uncertainty is often counteracted by using social categorization (stereotypes), as people tend to engage in social categorization when there isn’t much data about an event.

For instance, when there isn’t enough information to clearly appreciate someone’s gender—as in case of an author’s name when discussing written information—majority of people presume the author is a male.  Social categorization also occurs in case of a race, when people stereotype a certain race to a particular trait.  For example, basketball players are most of the time assumed as black people while golfers are expected to be white.

Complexity

The Complexity element of VUCA relates to the inter-relatedness of several factors in a system.  Complexities due to interactions and dependencies within groups and categories bring unexpected results even in a controlled environment.  There are certain identities in individuals that are more dominant than others.  Other people distinguish these identities, make their assumptions about them, and create stereotypes.  However, complexity in a person’s personality makes it difficult to socially categorize that individual accurately.

Different categories trigger in the mind of the observer, creating positive and negative perception.  It is that positive perception that the observer is more open-minded despite stereotypes and think past the target’s dominant social trait.  Complexities in social identities cause some identities to lessen the noticeability of other identities, making the targets unnoticeable and overlooked.

Interested in learning more about the elements of a VUCA environment, its mitigation, and Robert Johansen’s leadership framework “VUCA Counterweight” or “VUCA PRIME?”  You can download an editable PowerPoint on VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) here on the Flevy documents marketplace.

Are you a Management Consultant?

You can download this and hundreds of other consulting frameworks and consulting training guides from the FlevyPro library.

flevypro_slides2.fw

On LinkedIn, there is a free giveaway on a bundle of Strategy & Transformation PowerPoint templates.  Full details can be found here:

Based on the thought leadership of top tier consulting firms (including McKinsey, BCG, Accenture) and renown strategists, each slide represents a specific business framework. A “framework” is a structured approach to analyzing and solving a common business situation. It allows us to evaluate and articulate our situation in an organized, thorough, and efficient manner.

Frameworks covered span a diverse array of Strategy & Transformation topics, from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management.

Each slide follows the standard Headline-Body-Bumper format, the slide design methodology used by all leading consulting firms.

Here is the full list of Strategy & Transformation frameworks:

  • 10 Elements of Customer Delight
  • 3 Strategy Horizons
  • 4 Levers of Control
  • 4 Problems in Reorganizations
  • 8 Dimensions of Strategic Management
  • Accenture Nonstop-Customer Experience Model
  • Acquisition Integration Approaches
  • Balanced Scorecard
  • BCG Experience Curve
  • BCG Transformation Framework
  • Brand Asset Valuator (BAV)
  • Brand Development Lifecycle
  • Branding Pentagram, Competing Values Framework
  • Core Competence Model
  • Customer Segmentation Formula
  • Customer Segmentation Methodologies
  • Digital Transformation
  • Dimensions of Service Design
  • Disruptive Innovation
  • Distinctive Capabilities
  • Four Approaches to Ambidexterity
  • Greiner Growth Model
  • Kano Customer Satisfaction Model
  • Kepner-Tregoe Model
  • McKinsey 7-S Strategy Model
  • McKinsey Customer Decision Journey
  • Strategic Management Maturity Model
  • Strategic Planning & Execution Approach
  • Strategy Map
  • Strategy Palette
  • Structure-Conduct-Performance (SCP)
  • Transformation Trajectories
  • Value Differentiation
  • Value Perception Gap

Here is a list of 4 PowerPoint documents that convey over 100+ different business frameworks and management models. They cover just about every business concept you can imagine. At the bottom, I’ve listed all the frameworks included in each document.

23 Corporate Strategy and Management Models
https://flevy.com/browse/business-document/corporate-strategy-and-management-models-129

30 Business Performance Improvement Models
https://flevy.com/browse/business-document/business-performance-improvement-models-218

28 Organization, Change, and HR Models
https://flevy.com/browse/business-document/organization-change-and-hr-models-616

28 IT Management Models
https://flevy.com/browse/business-document/it-management-models-224

Flevy’s full collection of PowerPoint templates can be found here: https://flevy.com/function/powerpoint-templates-ppt

* * * *

CONTENTS OF CORPORATE STRATEGY AND MANAGEMENT MODELS

1. 3 C’s
2. ADL Matrix
3. Acquisitions Integration Approaches
4. Blue Ocean Strategy
5. Capability Maturity Model
6. GE-McKinsey Matrix
7. OODA Loop
8. Profit Pools
9. Resource-based View of Firm
10. Scenario Planning
11. Strategy Maps
12. Application Portfolio Optimization
13. Value Stream Mapping
14. Six Thinking Hats
15. 4 P’s Marketing Mix
16. 7 P’s Marketing Mix
17. 6 Change Approaches
18. Cultural Dimensions Theory
19. Six Sigma Quality Management
20. Change Management Iceberg
21. Organizational Learning
22. Performance Prism
23. Crossing the Chasm

CONTENTS OF BUSINESS IMPROVEMENT MODELS

1. ISO 9001 Quality Management Model
2. Baldrige Performance Excellence Model
3. EFQM Business Excellence Model
4. Balanced Scorecard
5. Hoshin Kanri Model
6. Benchmarking Model
7. Business Process Re-engineering Model
8. Shingo Model for Lean Transformation
9. Lean Management Model (TPS)
10. Lean Leadership & Kaizen Model
11. Lean Maturity Model
12. Value Stream Mapping
13. Eight Types of Waste
14. Lean Levers
15. Gemba Framework
16. Cause & Effect Diagram ( Fishbone Diagram, Ishikawa Diagram)
17. 5S Principles
18. Plan-Do-Check-Act Model
19. PDCA Problem Solving Process
20. Total Productive Maintenance (TPM) Pillars
21. DMAIC Process Improvement Model
22. Law of 10
23. Training Within Industry (TWI)
24. A3 Storyboard Template
25. PACE Prioritization Matrix
26. Payoff Evaluation Matrix
27. Cost of Quality Model
28. SERVQUAL Model
29. ADKAR Model
30. Kotter Change Management Model

CONTENTS OF ORGANIZATION, CHANGE, HR MODELS

1. IMPA HR Competency Model
2. NAPA Competency Model for HR Professionals
3. Ulrich’s HR Competency Model
4. Ulrich’s Matrix on the Four Roles of HR
5. The Harvard Model of Strategic HRM
6. AHRI Model of Excellence
7. People Capability Maturity Model (PCMM)
8. SHRM Elements for HR Success
9. Ulrich’s Stages of Employee Connection to the Organization
10. Talent Management Framework
11. Novations Four Stages of Contribution Model
12. Ulrich’s Five Rules for Leadership (Leadership Code)
13. ASTD Competency Model
14. Senge’s Learning Organization Model
15. High-Impact Learning Organization Model
16. Tuckman’s Model of Team Development Stages
17. The Emotional Competence Framework
18. Bridges’ Transition Model
19. Lewin’s Three Stage Change Model
20. The McKinsey 7S Model
21. ADKAR Change Model
22. Kotter’s Change Management Model
23. Cause & Effect Diagram for HR Systems
24. ISO 9001 Quality Management Model
25. Baldrige Performance Excellence Model
26. EFQM Business Excellence Model
27. Kaplan & Norton Balance Scorecard
28. Xerox Benchmarking Model

CONTENTS OF IT FRAMEWORKS

1. IT Infrastructure Library (ITIL) Model
2. ISO/IEC 20000 IT Service Management Model
3. ISO/IEC 27000 Information Security Management Systems Model
4. COBIT 5 Model
5. Capability Maturity Model Integration (CMMI)
6. People Capability Maturity Model (PCMM)
7. ISO/IEC 15504 (SPICE)
8. Organizational Project Management Maturity Model (OPM3)
9. Portfolio, Programme, Project Management Maturity Model (P3M3)
10. Portfolio, Programme, Project Office Model (P3O)
11. PRINCE2 Project Management Model
12. IDEAL Model
13. Waterfall Model
14. Agile Model
15. Scrum Model
16. Enterprise Data Architecture Models
17. COPC-2000 Model
18. Lean Levers for IT Outsourcing
19. Cause & Effect Diagram ( Fishbone Diagram, Ishikawa Diagram)
20. DMAIC Process Improvement Model (Six Sigma)
21. ISO 9001 Quality Management Model
22. Malcolm Baldrige Performance Excellence Model
23. EFQM Business Excellence Model
24. Balanced Scorecard
25. Xerox Benchmarking Model
26. SERVQUAL Model
27. ADKAR Model
28. Kotter Change Management Model

Strategy in business is about winning and so, any successful business needs to have a well defined, executable strategy.  Unsurprisingly, from both sales trends and customer feedback, at learnppt.com, we have found ourselves adding more and more products around this topic of business strategy.

This weekend, I took the time to compile all of our toolkits and frameworks related to business and strategy.  Browse it here:
Business Strategy

Some of the topics discussed you will find include Growth Strategy, Marketing Strategy, and Management Strategy.

Our most recent PowerPoint in this domain teaches you how organizations can inject Creative Thinking into their Strategy Development processes:
Creative Thinking in Strategy Development
This document discusses the 3 enablers to creativity in strategy formulation:

  • Ensuring the right “conditions” are in place
  • Pushing the limits of conventional thinking
  • Leveraging the power of collaborative thinking

Got a request in PowerPoint product of blog post topic?  Leave a comment or shoot me an email.

Cheers!