In fast-paced industries, companies should think of strategy as an iterative loop with four steps: making sense of a situation, making choices, making things happen and making revisions.
Six silent killers of strategy implementation exist in most companies, but too many managers avoid confronting them. Leaders need to face these killers if they and their organizations are to learn and succeed.
The strategic planning model is due for a “new release,” one that enables companies to keep pace with changing environments, quickly create and adapt strategy and empower people throughout the organization to make effective choices.
Companies that continue to take a tactical, short-term approach to communicating with key constituencies will find it increasingly difficult to compete. Developing an integrated, strategic approach to communications will be critical to success.
From Apple to Twitter, some of the most successful businesses are not what their inventors originally envisioned. The Twitter story, in fact, is a powerful reminder that an entrepreneur’s main job is not to flawlessly execute the business idea so lovingly articulated in his or her business plan. It’s to embark on a learning journey that may or may not reach the destination originally envisioned. Instead, the company may end up at a more successful Plan B.