Monday, May 21, 2012

Business Strategy

Strategic Thinking









True Strategic Thinkers do not spend too much time on day-to-day activity.  Here are some ways to become the strategic leader your business needs.

1.     Anticipate

Don’t just focus on what’s directly ahead. Look for opportunities to take advantage of potential new ideas at the leading edge of your industry. Use external networks to search for ideas beyond the current limits of your business.

2.     Think Critically

Don’t just follow conventional wisdom and play safe. Critical thinkers question decisions continuously. To strengthen this skill within the company challenge managers to examine root causes of problems, test current mindsets, and work to eliminate bias in current decision processes.

3.     Interpret

It is important to eliminate ambiguity but don’t rush to fast and possibly wrong decisions. A strong strategic thinker seeks and processes information from several sources before developing a point of view. Encourage the organization to use multiple sources of data and challenge prevailing assumptions for problem solving.

4.     Decide

Don’t fail to decide because of “analysis paralysis”.  Develop decision making processes and have the organization follow them. Frame the problem and balance the need for speed with quality answers. Leave perfection for others and take a stand even if information is incomplete. Achieving consensus is rare so lead the team by acting.

5.     Learn

An organization learns from successes and failures. To continue to grow owners should encourage rigorous debriefs of decisions to learn improved performance. If mistakes are made, change directions as soon as errors are discovered.  Learn from successes and failures. 


No manager has elite ratings in all of these skills but nevertheless you must strive to fill whatever gaps exist in your skillset.

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