Developing a strategic mindset within an organization to achieve long term targets and goals require a number of considerations. To develop a strategic thinking mindset within the employees, a manager must have a clear vision of the long term goals of an organization. Intrinsically, strategic thinking is the phenomenon that involves the generation of important business insights to achieve certain business objectives. It is a process that is done on a consistent basis rather than being a one-time or periodic approach.
Furthermore, strategic thinking doesn’t involve adding up extra tasks to the already available liabilities but it is an enhancement which maximizes the efficiency, to complete the work at optimized levels of accuracy.
An efficient strategic thinker relies on three main disciplines to create a successful business strategy: Acumen, Allocation, and Action. All three of these disciplines are pivotal in the generation of an efficient business strategy. Hence, it is important to analyze all of these disciplines critically.
Acumen is the state which involves the creation of important business insights or intelligence. In other words, it involves creating a long term vision for the success of a business organization. Although there are various key elements that determine the success and failure of a business. However, developing a clear vision to achieve business goals and objectives is quintessential and holds prime importance. For instance, through strategic thinking it could be made possible that all the employees are working together in synergy towards a long term goal.
Strategic thinking must be focused on achieving the long term objectives
Allocation is the discipline which involves efficient resource utilization within an organization. It is important for the managers to consider firm resource allocation decisions to make sure there is no resource wastage. In order to maximize the potential of a business organization, strategic thinking must be focused on achieving the long term objectives with the optimum resource utilization. There have been cases of several multibillion business organizations that had to face bankruptcy due to poor resource allocation and ineffective decision making at the top hierarchical level. Hence, to avoid such scenarios resource allocation must be a top priority.
Action is the discipline which involves the execution of the planned strategy to achieve business objectives and long term goals. Once the insights are generated and resources are allocated, it is important to execute the strategy in real-time. However, it is often assumed in many organizations that strategy generation and resource allocation are the only determining steps in the success and failure of a business.
Hence, the execution of the developed business plan is often overlooked. As per a survey published by Training & Development Magazine, 49% of the business organizations suffer from gaps between developing a strategic plan and implementing it in real-time. Besides, failure to cover this gap leads to the inability of an organization to put a strategic plan into action. Hence, it is an important duty of the manager to take necessary steps to execute the developed strategy to ensure the achievement of long term business goals and objectives.