In the everyday life of a business manager there are various discussions with bosses, co-workers, customers, clients, and other personnel. If we analyze these situations, we can deduce that there are different levels of strategic thinking involved in each one of them. These levels vary from minor to complex in terms of their magnitude.
Similarly, the ability to think rationally and strategically is significant and varies from person to person. Basically, strategic thinking applied in a business organization is based on 3 different disciplines – Acumen, Allocation, and Action. These 3 disciplines must be collectively to reap special benefits in a business organization.
Acumen involves the generation of important business insights in an organization. In other words, it is the ability to unearth hidden facts from a particular set of undifferentiated data. Efficient strategists believe that to have a clear and long term vision for a business, one must consider the hidden insights that are not visible in the primary observation of a scenario. It requires patience and analytical thinking to deduce the factors that can impact a decision.
A strategic insight may or may not be a single idea.
It can be a collection of multiple small ideas that combine together to form an important business insight. Acumen is generally referred as an iceberg. In general perception, the iceberg is observed as a small tip projecting above an ocean surface. However, it is a gigantic body below the ocean’s surface that can cause drastic hindrances for the ships passing through them. Similarly, the acumen is the discovery of important and hidden facts that can be pivotal for the success of a business.
Allocation is the second important discipline of strategic thinking process. No matter how efficient a business strategy is, it is of no use until required resources are effectively allocated to the respective departments. Only then the strategy can be executed properly. An efficient manager must have the proper understanding of resource allocation; with which he can maximize the benefits for a business organization.
Many business organizations suffer from bankruptcy even if they have abundant number of resources in their inventory. This occurs due to the inability of the managers to effectively allocate the resources for the execution of a business strategy. Hence, it can be interpreted that the distinguishing factor between a successful and an unsuccessful business is the efficient resource allocation.
The third important discipline of strategic thinking is the action.
Many a times, business organizations lay out perfect strategies for optimizing their growth and development. These strategies are created by considering the future objectives in mind. However, there is a major difference between creating a strategy and implementing it in the reality.
As per a report published in Training & Development Magazine, managers have found gaps in 49% of the cases between developing business strategies and implementing them. Moreover, 69% of the organizations had the difficulty to close this gap. The efficient action plan involves the addressing issues that are pivotal for the smooth running of operations.