Only through strategy can an organization establish a lasting competitive advantage that enables it to capture the Big Opportunities ahead of competition, namely.
Whether the strategy will actually achieve this, however, depends on how well it is aligned with the actual business environment, how accurate its change management plan is, and how well this change management plan is executed. This is why it is imperative that CEOs actively engage not only in Strategy Formulation, but also in Strategic Planning and Strategy Execution.
Considering the demands on a CEO’s time, it can be challenging to fit these activities into the CEO calendar. To keep things simple, CEOs should start with regularly asking their organizations the following 3 strategic questions.
1. Where are we today? Every organization will focus on the things it believes its leader is focusing on. Consequently, if the leader shows no interest in the execution of plans, the organization will not focus on this task either and none of the things that were agreed during strategy will get done. For this reason, regularly ask your organization about the progress of Strategy Execution: “Where are we today and how does this compare to the targets we set ourselves?”
2. Are we ready for the next steps? Organizations that manage Strategy Execution solely through asking backward-looking questions will always be reactionary. Since “an ounce of prevention is better than a pound of cure”, you should also drive a forward-looking mindset in your organization. This can be accomplished by regularly asking: “Are we ready to execute the next phase of the strategic plan and what could cause issues?” Key here is to welcome the identification and communication of threats to plan execution. Don’t criticize managers for fearing the future. Criticize them if they are not getting ready for it!
3. Do we still want to take the next steps? The global business environment today is characterized by continuous fast-paced and unpredictable change. Every strategy therefore runs the risk of being overtaken by time. If the real world does not change in accordance to what was assumed during Strategy Formulation, it is most likely the identified Big Opportunities will never materialize. In such a situation an organization would just be wasting time and effort if it continues focusing on executing the strategic plan. Such “strategic tunnel vision” can be avoided if you regularly ask your organization to challenge the strategy it is working under: “Do we still want to take the next steps of the strategic plan, or has the world changed in ways that necessitate a change in strategy?”
With this 3-step strategy, CEOs can very simply stay on top of his or her company’s priorities.
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.
