Business Trends
As year-end approaches, boards often shift their focus to strategic planning for the upcoming twelve months. This critical period demands that board members engage in strategic thinking to identify unique opportunities for creating value. Strategic thinking involves proactive and business trends and creative dialogue, challenging conventional beliefs about an organization’s value proposition to pinpoint new opportunities.
Strategic thinking requires understanding the fundamental drivers of a business and challenging conventional thinking to recognize unshaped potential and have foresight. A strategic thinker seeks distinctive opportunities that elevate the business, deliberately viewing situations from multiple perspectives to avoid letting one decision dictate future ones. They are adept at creating clarity from complex details, sensing changes, conflicts, and opportunities, and articulating how to address these issues concretely. They excel in analyzing the relationship between key elements to get to the core of a problem.
Developing strategic prowess involves mastering four key abilities:
Know: Observe and Seek Trends
Observing internal and external trends is crucial. These trends provide insights that help focus and prioritize efforts, especially in a fast-growing organization. A deep understanding of industry context, trends, and business drivers is essential. Routine exploration and synthesis of internal trends, proactive networking, and understanding the unique insights of one’s job role are foundational in aligning with corporate strategy.
Think: Ask the Tough Questions
Strategy begins with questioning. With a fresh understanding of trends and challenges, practicing strategic thinking means asking questions like, “How can I extend my perspective to excel?” By enhancing perspective-taking and inquiry skills, individuals can envision varied possibilities and outcomes. This initial engagement improves interactions with colleagues and enhances project delivery.
Speak: Sound Strategic
Strategic thinkers also know how to articulate their thoughts effectively. Structuring written and verbal communication helps deliver the core message efficiently. They challenge the status quo and question underlying assumptions, guiding others through identifying issues and framing strategic choices. To sharpen strategic skills, focus on presenting ideas logically and concisely.
Act: Make Time for Thinking and Embrace Conflict
Strategic contribution requires reflection. Prioritizing tasks allows for scheduling thinking time, which is essential for strategic development. Engaging in debates and inviting challenges helps ask the tough questions, providing deeper insights. Managing ambiguity through clear decision-making criteria allows for effective action in uncertain situations.
Conclusion
Building strategic skills can be uncomfortable as it often involves challenging personal assumptions and handling conflict. However, once individuals become comfortable with this discomfort, they find themselves capable of contributing at a significantly higher level. This journey enriches both personal and professional growth, paving the way for more effective leadership and organizational success.
