The implication for organizations is that they must find ways to identify and cultivate future leaders with the capacity to think strategically. Recent research by authors Carroll and Mui underscore the importance of strategic thinking at the organizational level as well. The authors studied Thinking Strategically. The Competitive Edge in Business,. Politics, and Everyday Life. Avinash K. Dixit and Barry J. Nalebuff. W. W. Norton & Company.
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Thinking strategically requires research, analysis, and forethought in order to and Managers. portal7.info Thinking Strategically. ™. Syntesis Global 20/20 Leadership Series. Facilitator: Rick Hernandez. President & CEO. Syntesis Global, LLC [email protected] The Competitive Edge in Business, Politics, and Everyday Life Praise for Thinking Strategically “Machiavelli is brought up-to-date in this book by Dixit and .
A company often goes through a strategic planning process once a year, creating a document that is, in essence, a guidebook for the management team to use in the upcoming year. Companies should strive to make strategic thinking an ongoing, year-round process. At the heart of strategic thinking is the ability to anticipate major shifts in the competitive marketplace and identify emerging opportunities. Resource Limitations Dealing with limited resources of money, people and time is a fact of life for all businesses, even giant corporations. Strategic thinking enables a business owner to determine how to use these resources most effectively and advance the company toward its objectives. Strategic thinking focuses the management team on markets that are most likely to succeed.
Resource Limitations Dealing with limited resources of money, people and time is a fact of life for all businesses, even giant corporations. Strategic thinking enables a business owner to determine how to use these resources most effectively and advance the company toward its objectives.
Strategic thinking focuses the management team on markets that are most likely to succeed. Strategic thinking helps the company avoid costly mistakes, such as opening a new retail location before the customer population is large enough to support it.
Changing Environment Every business is affected by change. New competitive threats arise. The prices of materials or inventory rise unexpectedly.
The environment creates opportunity, too. New markets open up. Competitors that falter can create an opportunity to take market share from them. Strategic thinking is a mindset of preparing for these changes and having plans in place to deal with them.
Reacting quickly allows the company to take advantage of opportunities and minimize the damage of unforeseen negative events. The analogy is only partially accurate, because in business each side does not start with the same number of pieces, and the size of the board constantly changes.
Companies proficient in strategic thinking are continually evaluating their businesses strengths and weaknesses versus those of key competitors.
They look for the right time and best means to attack stronger, better capitalized competitors. Great strategic thinkers will listen, hear and understand what is said and will read and observe whatever they can so that they will have very helpful and strategic information to guide them. Critical Skill 6: They are committed lifelong learners and learn from each of their experiences. They use their experiences to enable them to think better on strategic issues.
Critical Skill 7: The best and greatest strategic thinkers take time out for themselves. Critical Skill 8: They are committed to and seek advice from others. They may use a coach, a mentor, a peer advisory group or some other group that they can confide in and offer up ideas for feedback. Critical Skill 9: They have the ability to balance their tremendous amount of creativity with a sense of realism and honesty about what is achievable in the longer term.
This ability to balance does not deter them in their thinking. Sometimes they refer to themselves as realistic optimists. Critical Skill They have the ability to be non-judgmental and they do not allow themselves to be held back or restricted by judging their own thinking or the thinking of others when ideas are initially being developed and shared.
Critical Skill They have the ability to be patient and to not rush to conclusions and judgments.
Great ideas and thoughts require time to develop into great successes in the future to reach your defined vision. The greatest and most successful organizations in the world, over many years and decades, would think ahead and encourage great strategic thinking at least somewhere in their business plans.
A sustainable successful future requires much more, no matter how big or small your business is, and a major requirement is strategic thinking. Therefore, I strongly recommend that you develop these eleven 11 critical skills of a strategic thinker to use in your business and personal life to ensure success.
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