Whether you truly believe the pace of business is accelerating or not, it becomes more apparent each year that companies lacking the ability to weather and adapt to rapid change are suffering in comparison to their nimbler peers.
Technology is a great microcosm for studying rapid change. Take the dichotomy of two companies in the news recently. While Amazon is pushing to break free of wires and open up 400 new brick-and-mortar locations, fellow digital conglomerate Yahoo! is pursuing “strategic alternatives,” as a result of lagging adaptation to change. Despite vastly different approaches to contend with change, both organizations, like many others in their sector, are on the clock to pick up the pace and inspire ever-faster organizational change.
But it’s not only tech companies that need to cope with this accelerating shift. BlackRock CEO Larry Fink recently called on corporate leaders across the board to focus more on the longer-term strategic plan and ensure they have more than a cursory focus on their “strategic framework for long-term value creation.” It isn’t enough just to deliver quarterly results anymore—all companies must plan to scale and deliver for the future.
To keep their business in the game, leaders in every industry and type of company—whether a public multinational or venture-capital-backed startup—will need to follow these 3 key steps to increase their organization’s capacity for change, to stay relevant and survive in a fiercely competitive marketplace.
1. Create a roadmap to navigate the future. This strategic plan for weathering change should be constructed on a foundation of purpose—clarity about who the company is and what they do; markets—where the business plays, and where they don’t play; and differentiation—how they are unique, and why they will they still be relevant six, 12 and 24 months from now.
2. Encourage broad-based engagement and innovation. Successfully navigating change requires a bold strategy combined with exceptional execution—engaging and empowering leaders across the organization, delivering the results, and accelerating and repeating this as the new norm for how things get done. The CEO and leadership team must foster a culture where employees are not just permitted, but encouraged to find ways within and beyond their defined job descriptions to help the business get results faster.
3. Build networks to execute change faster. Networks trump hierarchies when it comes to collaboration, speed and results. Success will depend on the culture—led by the leadership team—attacking and breaking down hierarchy silos, incentivizing the desired behaviors and creating an environment where people are unafraid to share ideas, take risks and fail fast.
In the end, transformations should be exciting opportunities for breakout results and new ways of working. Just as market leaders seize each iteration of change as an opportunity to grow bigger and better, slower adopters may still have a chance to reinvigorate the company, redefine what they do and how they do it, invest in and innovate products that will thrill consumers and execute and deliver results for investors.
The only question remains…are your leaders up for the challenge?
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
