Rebecca and I deal a lot with strategy in our business and this article, Where are the Sinkholes in Your Strategy, from one of my favorites, Strategy + Business, really resonated with me. Here are some quotes, but do check out the entire article.
“My firm was once asked by a CEO to assess the strategy of his company, one of the world’s largest. He wanted to know if there were any holes that he and his board should address. I’ve always thought this showed great leadership and confidence. (Strategy is a lot like IQ for many people: to challenge their strategy is to question their intelligence.) It also revealed his keen awareness that no strategy is perfect.
We started by asking two questions:
1. What distinctive capabilities make the company better than any other at how it adds value to its individual businesses, and how those businesses meet their promises to customers?
2. Are changes happening in the company’s world that could render its distinctive capabilities obsolete or insufficient?”
Rebecca and I have written a lot about value and you can see most of our posts here. But the one thing we encourage our clients to think about is their impact on their clients’ clients — not those you see day to day, but the the clients of those people. It’s a great exercise as is scenario planning like question 2 above suggests. It means you have to be aware of your environment and spend some time looking at
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