Strategic thinking is vital for your business success
Strategic thinking is all about prioritising business tasks and decisions in your company and then taking action to execute them well. Every business leader needs to think strategically.
Strategic thinking is about managing what to do and what not to do in your company. This basically means clearly prioritising one initiative over another in your business in order to concentrate the bulk of your company’s resources in a single key area. It makes perfect sense and creates clarity when allocating your business resources.
However, business leaders are too often faced with huge amounts of information and decisions and can confuse strategy with productivity. Or they can spend too much time thinking, without taking necessary action.
Here are some key points to ensure that you are clear about the concept and to help your business succeed:
1. Productivity and strategy are clearly different
Many business leaders confuse productivity with strategy. Productivity is all about getting things done in your business. Strategic thinking is about getting the right things done well. This means that being strategic requires leaving some things undone.
Setting aside ‘seemingly important tasks’ can lead to a feeling of a loss of confidence and control. Producing volume without an aim in a company is not the same as pursuing excellence. Without strategy, productivity is meaningless. You need to have a clear picture of what you are aiming for in your business. Only then can you allocate your resources effectively to produce key results.
2. Identify where to focus
Picking out things that are important and not important in your company is an impossible task. If you try to highlight every project and initiative that your company is working on and what’s important, the chances are everything will be important. Not one thing will be left out. This is because every task or initiative is important to someone in your company, somehow. They all ‘add value’ in some way.
Discussing what’s important really is a pointless and fruitless exercise. Strategic thinkers decide where to focus, not merely on what’s important. It’s all about choosing some ‘important’ projects or ignoring some ‘important’ opportunities. A strategic thinker will decide which initiative will contribute most to the company’s mission and will focus on that. That way, your business resources can be set up most effectively and efficiently to serve your company’s purpose.
3. Strategic thinking must be followed by strategic action
Strategic thinking must always be followed by strategic action. This means that thinking must be followed by a decision that can be executed well. All business leaders operate in an uncertain, complex business environment. A strategic leader must be able to decide what their team will and will not focus on, to drive their company forward.
Strategic thinking is vital for the purpose and success of your business. It will ensure that you focus on getting the right things done well in your company.
We can help you define your strategic thinking and ensure its effective execution to make a positive contribution to your company. Talk to us. Get in touch today to find out how Ascend Twentyone can help your business.