An executive survey found that strategy decisions were made when: 44% at regular planning cycle, 35% issues arise, 18% none, 3% don’t know (McKinsey).
Executives need to:
- Increase the time spent regularly creating, reviewing and updating strategy;
- Consider both a) internal corporate aspirations, and b) directional changes required due to external global forces;
- Limit the number of issues addressed by doing a pragmatic prioritization, and then determining timing and sequencing of decision making;
- Implement a rigorous management process to track initiatives to close gaps between current state and desired future state;
- Execute through disciplined approach of key strategic initiatives:
- What is scope of decision….the objectives, the constraints, and the external forces/ trends?
- What are our capabilities to meet this goal? Liabilities?
- Develop systemic offering and plan to build/execute
- Review, decide, revise, evolve
Where will your organization growth come from?
