4. Get close to customers. Assumptions about an organization’s business model will consistently be challenged as leaders listen to the worries and change considerations from key stakeholder groups — especially those customers or clients who buy from the company today. Understanding future customer needs, business directions and expectations offers critical clues to the resiliency of your current value propositions. Loyal customers will appreciate inquiry about their business challenges and gain confidence in your support as you invest time in learning about their wants and needs.
This should cut across all connections to your business—sales representatives, customer service and, of course, at the executive level. Consistent service and value will lay the foundation for more strategic dialogue over time. For example, toy company Hasbro recently designed and facilitated a focus group with both kids and parents to discuss the future of play. In an age where digital is outpacing board games, this helped Hasbro understand what drives consumer loyalty in an attempt to better predict their customer’s next move. In contrast, leaders at the Lego Group all but missed the digital revolution in toys and gaming. They didn’t have the insight to see around the corner in time to seize the new opportunity and paid a hefty price.
5. Broaden your network. Industry, business and general media outlets offer extensive information, yet we tend to focus more on providers with whom we agree than on those who oppose our views. Plus, with constrained time, outreach is often restricted. During planning exercises, senior leaders often congregate to share seasoned perspectives without the benefits of the younger generation who may see the impact of technology on our world, for example, through a different lens.
To combat a group-think or myopic view of future possibilities, leaders can benefit from a broader set of connections that challenge and even reshape their thinking. Consider diversifying your sources of insight—from the experienced and long-respected to fresh and diverse individuals who can bring new insights to your worldview. In fact, leaders of Whole Foods have formed autonomous, self-managing work teams who manage their own business, run their own P&Ls, make merchandising decisions, and are in charge of hiring and firing within very close knit teams who rally around the company’s mission.
The five principal strategies outlined here provide a solid foundation for information gathering and adaptive planning that can help CEOs ensure organizational success. No one can predict the future, but leaders armed with the right knowledge and insights can anticipate and prepare for changes that will impact their business down the road.
Coming in December: “Winning the Long Game: How Strategic Leaders Shape the Future.” by DSI CEO Steven Krupp and Founder Paul J.H. Schoemaker.
Additional reading:
Six Key Elements of Strategic Thinking for CEOs
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.
