I wrote recently of how it had occurred to me that it was absolutely critical for academia and business to come together for the greater good of global business and inter-culturism. Oddly enough, as I spoke recently on a global stage, my views were reinforced ten-fold. As, on this particular occasion, I addressed a global audience of primarily academic and administrative attendees, it rapidly became apparent that they were not too accustomed to hearing from the business sector. As I made my points and finished by commenting on the need for global business and academia to partner for the betterment of us all, I was greeted with applause and standing ovations. I thought to myself, “How remarkable – we all know we need to work together, yet the mention of actually doing so is a revelation.”Continue Reading…
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While COVID-19 rules may suggest a six foot gap is a good idea… not true when talking business strategy. 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 engage 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 diverse leadership perspectives. Companies often believe that strategic plans can be developed in one or two day strategic 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 combine, 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 70% 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 executive alignment and commitment is strong, but also that sufficient time and effort is spent on communicating the strategy throughout the entire organization (at every level) 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 purpose of the company. The strategy process should bring rigor and challenge to leadership team thinking – it should result in a strategic plan that is alive in everyone’s mind, engage community ownership and provide a driving force that guides the company steadily toward competitive advantage.
Is your strategic planning process falling into the gap of mediocrity? Here are some potential indicators:
- Are all of the organizational, divisional and team leaders engaged (at appropriate levels)?
- Is there a clear understanding (and separation) of strategy and planning? Is strategic planning a dedicated, extended process?
- Is there a 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 comes together to fill the gap?
- 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 all the time?
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.
How will you close your strategic planning gaps?
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 email@example.com . Check back soon for the next installment of Leadership Across Boundaries & Borders.Continue Reading...
Being a great leader is more than just a title – it is hard work. It requires unprecedented levels of innovation and a commitment to the organization and its constituents, as well as the ability to continually inspire and motivate others to succeed. One key way to achieve ongoing innovation and sustainable results is through the creation of an execution culture.
You, as a leader, have an opportunity to accelerate progress in your organization through the deployment of Rapid Result Initiatives (RRI’s), which can be used to:
- Increase current performance
- Strengthen collaboration
- Facilitate innovation
- Demonstrate success in the process of executing your long term vision and mission
RRI’s are small, high-leverage, short-term projects that generate immediate impact and measurable results, while tapping into hidden capacity and building momentum to drive large-scale change – usually in 100 days or less. Continue Reading…
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Last week we discussed working across boundaries and implementing a systems approach. This week, I am continuing the theme with an expansion of what it means to work across boundaries and some suggestions to help you do so successfully.
Working across boundaries means many things to many people… It can mean:
… working across organizational lines
… working across supervisory or leadership levels
… working across functions
… working across corporate entities (partners, resellers, etc.)
…working across customer lines
… working across physical confines
… working across cultural differences
Let’s talk about what it means to work Across Boundaries…. because the reality is that it can mean many things to many people. In my world, working across boundaries is about lateral thinking… really comprehending that you are a single piece of a much larger puzzle and that your piece has a significant impact on the larger whole. It also means having the capacity to move across those boundaries to absorb knowledge from one context or discipline and apply it back into your area of expertise to create a free-flow of information – increasing your knowledge and the potential to “create a better mousetrap”. Think Leonardo DaVinci:
Working across boundaries, more than anything else, means working together to solve problems that cannot be solved ~ or easily solved ~ by a single person, department or business unit. It is critical that you, as a leader, consider (and learn from) the overall system and expect every person across every department to work together to figure out how to improve the overall experience for customers both internally and externally – the rest will naturally follow. The reality (whether you want to acknowledge it or not) is that you are part of a system… a network… an interconnected structure involving many people and multiple linkages. Without each component part of the whole, there is little to offer the customer… or the market. Continue Reading…
Welcome back to Leadership Across Boundaries & Borders! I can be reasonably sure, most of you would tell me that you are efficiently managing your resources – cutting costs, increasing productivity, etc. – all good and honorable duties respectable leaders are expected to perform. However, For the next several weeks I will be discussing resource maximization of a specific type – Human Resources… People Potential – and your ability to leverage your resources across the organization and across the globe for all-encompassing corporate and interpersonal success.
Many of us like to believe that, with a good plan, we can direct an action, change a process, standardize the business, etc., but if that is all you are focused on, your likely percentage of success is very low. The reality of any business situation is that you need people to DO something in order for your plan/action/change/etc. to succeed. How, in a globally dispersed environment, you inspire employees to bring their talents, initiative, imagination, and passion to work every day is the very delineation between success and failure. It may seem like a lofty concept, but it is absolutely essential to your long-term success – first and foremost, never forget PEOPLE are absolutely essential to your success. Continue Reading…