strategy

Business Strategy before Digital Strategy

March 5, 2016

Do you have a digital strategy? It’s a loaded question that gets asked frequently these days. Before we can jump into this question, we have to ask the question before the question. What does “digital strategy” mean? If you ask 10 professionals this basic and fundamental question you’ll likely get 11 different answers. What do some of those answers sound like? Here are some examples: It’s a way to find more leads using paid search advertising It’s selling products and services online It’s banner ads desperately trying to get people to click on them It’s an digital CRM system that allows my sales team to track prospects and turn them into clients It’s developing a website that naturally draws traffic through organic search and quality content It’s mobile technology that allows users to find restaurants and quickly read reviews and ratings It’s equipping a salesforce with tablets and personalized presentation content so they can better conduct face to face selling […]

How Do We Grow?

February 6, 2016

One of the numbers that many people watch closely about the short term future of business is the annual growth rate in the U.S. This year, at least unadjusted, we saw a slowdown in 4th quarter, and slow start at the beginning of the year. These kind of statistics always bring up the question on many business people’s minds – how are we going to grow this year? Typical answers include more sales, better products, cutting edge services, expanding marketing channels, etc. These are still critical to growth, but a very different set of ideas for growth is emerging because we are in an interconnected world. Let me explain. My first business leadership position was managing a greenhouse nursery, therefore growth of plants was as important as growth in revenues and profits in this place. When you grow things in greenhouses, what becomes important are the external conditions necessary for each type of plant to grow, which they will do […]

Strategy in a Connected World

January 2, 2016

There was a day, a long time ago (and still in a few industries) where strategic planning was run by a standard process, would have accurate forecasts for 5+ years, followed by simply executing the plan. Many forces began to change the landscape of the market, not the least of which is the interconnectedness of all parts of our business lives. The speed of change has completely changed the way organizations operate. No longer can the person at the top set the vision and goals, and cascade the actions plans down the hierarchy. In fact hierarchy has given way to flatter organizations, where input is coming from many parts of the organization constantly feeding a group of people who are not only strategizing for today, but experimenting with what will satisfy future customers as well. One of our favorite thinkers in strategy, Rita Gunther McGraith, now trains executives to constantly create and update what she calls an opportunity portfolio. This […]

Planning in a VUCA World (wait, what?)

Planning in a VUCA World (wait, what?)

December 23, 2015

Planning. To some it’s a four letter word. To others, it’s an activity that never happens in their organization. No matter how you think about planning, you’ve probably noticed that to be effective, it needs to be done in a much different way than it used to. Why is that? Well. In a word. VUCA. Actually, that’s an acronym. And it stands for the Volatile, Uncertain, Complex, and Ambiguous environment we find ourselves and our businesses in. In a world changing so fast, we can’t rely on the rigid and financial-only-centric methods of our past. So what does the planning organization of the future (and the present, if they’re good) look like? It looks agile. Here are five key dimensions to an agile planning organization. Begin with purpose. Farmers have a 20 year vision but react to today’s weather. They begin with the purpose of their farm and all decisions are viewed through that lens. It should be no different […]

We Plan Better Together

December 23, 2015

If I had a nickel for every time people groaned when I used the words “Strategic Planning” with company leaders, I would be a rich man. To begin with, I want to separate the word “Strategy” from the word “Planning”. Strategy was defined well by Roger Martin in his article “The big lie of Strategic Planning” that appeared in the Harvard Business review earlier in 2014. He says: “Good Strategy makes leaders uncomfortable and apprehensive because it is about strategic decision making where they are placing bets and making hard choices. The objective of strategy is not to eliminate risk but to increase the odds of success. Planning, on the other hand, is also necessary, and requires hours of careful research to identify which initiatives are affordable with our existing resources. It involves cost control and maximization of investment as well as development of core competencies and strategic capabilities.” We will focus on planning in this post, and tackle strategy […]