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Many strategy execution processes fail because the firm does not have something worth executing.

 

The strategy consultants come in, do their work, and document the new strategy in a PowerPoint presentation and a weighty report. Town hall meetings are organized, employees are told to change their behavior, balanced scorecards are reformulated, and budgets are set aside to support initiatives that fit the new strategy. And then nothing happens.

 

One major reason for the lack of action is that “new strategies” are often not strategies at all. A real strategy involves a clear set of choices that define what the firm is going to do and what it’s not going to do. Many strategies fail to get implemented, despite the ample efforts of hard-working people, because they do not represent a set of clear choices.

 

Many so-called strategies are in fact goals. “We want to be the number one or number two in all the markets in which we operate” is one of those. It does not tell you what you are going to do; all it does is tell you what you hope the outcome will be. But you’ll still need a strategy to achieve it.

Via The Learning Factor

In addition to creating a new company that is disrupting the status quo, many founders are also challenging the old norms of how businesses operate in order to add value. When you are struggling to raise capital, hire, and scale your business, is there time and energy available to also rethink how you do business in general? How much effort do you want to put in to stand out as a company not only creating something spectacular, but also a company that differentiates itself as an employer? What truly matters in the end is whether that transformational effort adds value.

 

In 2012, the gaming company Valve published their novel Employee Handbook which outlined their organization structure (or lack thereof). Valve challenged the notion of having assigned projects to work on or managers to report to. Many other companies have taken similar approaches not only to attempt to operate more efficiently, but also to attract and retain talent by differentiating their companies from the mainstream.

Via The Learning Factor

One of the keys to any successful business, regardless of its size, is innovation. Developing new ideas is the fuel which will keep your business up to date. Innovation will keep operations, products, and services fresh. Adding this fuel will make your business more competitive.

 

According to a study from PwC, an overwhelming 93 percent of business executives believe that “organic growth through innovation will drive the greater proportion of their revenue growth.”

 

But, what exactly is innovation? The answer to this question can and will vary depending on your industry or market.

Via The Learning Factor

Many companies are responding to an increasingly digital market environment by adding roles with a digital focus or changing traditional roles to have a digital orientation. The list of “digital” business roles and functions is extensive and growing. There are now digital strategists, chief digital officers, digital engagement managers, digital finance managers, digital marketing managers, and digital supply chain managers, among other positions.

 

Despite the proliferation of digital roles and responsibilities, most executives recognize that their companies are not adequately preparing for the industry disruptions they expect to emerge from digital trends. Nearly 90% of respondents to a 2015 global survey of managers and executives conducted by MIT Sloan Management Review and Deloitte1 anticipate that their industries will be disrupted by digital trends to a great or moderate extent, but only 44% say their organizations are adequately preparing for the disruptions to come

Via The Learning Factor