Archives For Execution

Successful Strategy

November 9, 2017 — Leave a comment

GlobalSolutions

I was in a meeting with a senior executive recently, when he shared his concern that the processes and approaches the company is using to develop the corporate strategy may not take the business forward as planned, but backward. As we discussed his challenges, there were some key gaps that the organization was likely to fall into that could easily be avoided with a strong planning process. So, here are a few of the more prominent reasons organizations fall into the strategic planning gap…How many of these are evident in your business?

Reason Number 1: Lack of leadership engagement

One important reason behind a company’s inability to create a visible and viable strategy is that, frequently, key senior leaders are not appropriately engaged in the development process. This frequently means that critical success factors are not considered, priorities are unclear, and incomplete strategies are developed. Leaders must immerse themselves in the process to understand how the gears of the business engage – how their domain aligns to and fits with the other critical pieces within the corporation.  Critical insights and knowledgeable contributions regarding all aspects of the business will provide the pivot point for the strategic planning process – key decisions emerge from a compilation and understanding of leader’s perspectives. Companies often believe that strategic plans can be developed in one or two day strategic planning sessions – this is simply not true. Strategic planning is a dedicated process that is developed over a period of time with all senior leaders engaged and participating – not to mention, an ongoing process that drives the ability to stay ahead of the competition.  Without a strong process for engaging leaders and formulating strategic plans as a unit, companies often end up with plans that are meaningless from a strategic point of view.

Reason Number 2: Leaders lose sight of the difference between strategy and planning

Very often I come across companies that confuse strategy with planning.  The annual financial and operating planning process drives many corporate strategy exercises – which is a backward premise. They are different activities and should be treated as such: strategy is about developing a framework that drives future actions and decisions; planning is about resource allocation. Critical strategic decisions don’t fit within the annual planning timetable and neither should the strategy development process. When strategy and planning overlap, the plans thrust upon the organization are anything but strategic in nature. Upon closer examination one may find that these plans are (at best) a collection of tactical plans targeting operational efficiency – operational efficiency IS NOT by it’s nature strategic.

Reason Number 3: Too much data, too little insight vs. too much insight, too little data

Few companies have a structured process for scanning the environment and observing emerging trends. There is either an information drought or an overload of information – generally, there is no middle ground. When there is information, often companies do not know how to draw any strategic meaning from it. In the absence (or lack of usability) of relevant data, assumptions are made that may not reflect the reality of the environment, which means a rapid decline in credibility and relevance of the strategic plan. While it is definitely not advisable to engage in paralysis  by analysis – it is important to gather as many facts as you can, within a limited amount of time, apply what you know, and move forward with a decision.  It is key insights based on the information you have (depending on risk factors, often 80% is good enough), not excessive data, that will drive a successful strategy.

Reason Number 4: Insufficient alignment, commitment and communication.

When the process is structured correctly, the leadership team has invested significant time creating the strategy together. A common result is that they come to believe that the strategic intent is clear to everyone across the organization. In most companies this is far from reality, and the strategy is left to interpretation. This creates organizational misalignment, with group or divisional strategies not fitting comfortably within the whole.  The strategy process should include ensuring that executive alignment and commitment is strong, but also that sufficient time and effort is spent on communicating the strategy throughout the entire organization to ensure there is understanding, buy-in, and integration across the company. Problems often surface when there is a lack of alignment and integration – strategically, operationally, and interpersonally.

As an organization continues to deliberate strategy as an abstract concept or simply a mandated process, the typical result is that strategic plans are not living documents and do not deliver the desired results.  Any one of a million reasons can derail the strategic planning process. As this repeatedly occurs,  the concept of strategic planning is eroded to such an extent that the exercise is taken up just as another routine, isolated from the business of the company. The strategy process should bring rigor and challenge to the leadership team’s thinking – it should result in a strategic plan that is alive in everyone’s mind, engages community ownership, and provides a driving force that guides the company steadily toward competitive advantage.

Is your strategic planning process is on track?  Here are some potential indicators:

  • Are all of the organizational, divisional and team leaders engaged (at the appropriate levels)?
  • Is there a clear understanding, and separation, of strategy and planning? Is strategic planning a dedicated, ongoing process?
  • Is there good balance and perspective between data collection and business insight?
  • Do all the key players understand their place in the strategy and how it all fits together as a complete puzzle?
  • Is every leader, at every level, committed to the strategy? Is it a cohesive group effort?
  • Is there a strong communication component within the strategic plan?
  • Is the strategic plan a living, breathing document that everyone is working toward achieving?

There is only one way to a great strategic plan –  a dedicated, integrated strategic planning process that ensures a climate of trust and the innovative business ideas of leaders.

Please engage the discussion and let us know how you mind the strategic planning gaps in your organization. Please feel free to contact me at  Sheri.Mackey@LuminosityGlobal.com or by visiting our website at www.LuminosityGlobal.com. Check back soon for the next installation of Leadership Across Boundaries & Borders.

Slide1In today’s demanding business environment (cost pressures, flatter organizations, more direct reports, “speed to market” as a competitive advantage, etc.) you have limited opportunity to devote time and energy to your own development. Most leaders struggle to meet all of the responsibilities of their positions and are too busy and too stressed to step back and learn from their experiences – or to implement changes that establish best practices. The one thing that is in no one’s best interest is for you, as a leader, to forsake your own learning and development – no matter what level you may be. In the current environment, Executive Coaching is one sure-fire way you can continue to develop your executive-level skills, as well as address your developmental and growth needs (which impacts the entire organization), while continuing to run your organization on a day to day basis. Continue Reading…

An Attitude Of Gratitude

November 22, 2016 — Leave a comment

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Thanksgiving was established as an American national holiday in 1942 by President Roosevelt, however “thankfulness” is by no means exclusive to America.  Thanksgiving was (and is) meant as an opportunity for everyone to reflect on and appreciate success and the overcoming of adversity, in addition to the religious connotations. The idea was that success should not be taken for granted and that it is important to actually set aside time, officially and unofficially, to appreciate those who contribute to the collective success – and that concept, my friends, applies to everyone!

From this perspective, no matter where you may come from, Thanksgiving is a wonderful time to recognize, acknowledge and appreciate all of the contributions made to organizational success. Particularly when people are expected to do more with less, work long hours, cross global time zones and move quickly from crisis to crisis, it’s important to pause and say “thank you.” If you want your people to continue working with unbridled energy and commitment, it’s vital to remember that money alone is not sufficient currency – appreciation, in fact, goes a long way toward building an emotional bank account with those who are ultimately responsible for that “collective success”.

The power of creating a culture of thankfulness is unlimited. Recognizing people for going “above and beyond” creates a positive dynamic that motivates individuals and teams to commit their very best to you and the organization.  The Fortune 100 Best Companies to Work For list highlights simply “Thanking People” as one of 9 key practice areas in their Culture Framework. According to Fortune, the Best Companies thank employees personally and in unexpected ways; they thank people frequently and cultivate a “climate of appreciation”. Think about the implications of simply saying “thank you”…

Thanksgiving is a traditional time to give thanks for all that we have been blessed with in our lives – including those we serve, those we serve with and those who serve us. People remember how they are treated in good times… and in bad. Demonstrate “an attitude of gratitude” and it will come back to you many times over.

Have you given thanks to those you work with for all they do for you and the organization?

I am truly thankful for each and every one of you.  Have a happy Thanksgiving – whoever you are and wherever you may be from!

Please feel free to contact me at Sheri.Mackey@LuminosityGlobal.com or by visiting our website at www.LuminosityGlobal.com. Next week we will continue with Part 2 of “Influence”.

Innovation.   Integration.   Motivation.

Once again, three simple words…

However, each of these is extremely complex and rarely executed.

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In order to win the war for global domination, we must engage both our colleagues and our employees on three key battlefields: Innovation, Integration and Motivation. This week, we will address the second of these combat zones: Integration.

The rapid pace of change and the growing number of collaborative technology solutions has enabled virtual work while the demand for skills from around the world has made it a necessity. However, collaborative teamwork is not intuitive. It’s far more than dealing with technology and time zones – it is about people and the value that cross-cultural, cross-functional integration can bring to the organization. Continue Reading…

 

Innovation.   Integration.   Motivation.

Three simple words… however, implementation is extremely complex and rarely executed.

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In today’s challenging environment, leadership has never been more complex.  As leaders, we are the Commanders of our troops and have a responsibility to ensure we are consistently pushing forward to ensure victory. While the obvious route is to cut costs, limit availability of resources, manage cash efficiently and hold down the fort until reinforcements arrive – this is merely defensive maneuvering.  It is absolutely essential that we, as leaders, recognize that we cannot win the war of sustainable competitive advantage without going on the offensive to courageously engage people as a competitive weapon to ensure we are victorious. Continue Reading…

School of Hard Knocks

April 25, 2016 — 1 Comment

Screen Shot 2016-04-25 at 3.28.43 PMWe go to business school to learn all the right skills, but are we actually taught the right skills? Are young people coming to us from University adequately equipped to work in our world? Of course we all need to know the fundamentals of basic business management, but what about  those critical, but less obvious, competencies that leaders (formal and informal) must know in order to succeed? What are those essential skills not taught in business school that often cause high potential leaders to derail and never achieve their potential?

I was listening to Condoleeza Rice at an event this morning and she had some very interesting points regarding education (in addition to being a past Secretary of State, she has also been a University Provost and is currently a Professor at Stanford). She recognized the need to tighten the relationships between academia and business to better prepare people for the workforce they are entering… while also recognizing the enormity of such a lofty agenda. In my humble opinion, here are a few important aspects of leadership that are not taught in business school, but could definitely benefit from integration: Continue Reading…