With practice and the right process, executive can develop a core competence in strategic thinking.
This article presents a methodology executives can employ to conceive and implement creative and coherent strategies. Managers can use the methodology repeatedly to reassess the organization's direction, thereby cultivating both their competence in strategic thinking and their understanding of how strategic decisions connect to the market are most important
The challenge of Redefining and Implementing Strategy
The author gave us an example about Butterfield Fabrics operation.
There are three stages.
1. Stage One: Identify the Driving forces in Your Company's Competitive Environment. In this stage, author tell us how the management team making the strategies.
2. Stage Two: Formulate Strategy That Addresses the Driving Forces. Strategy formulation involves three steps. First, you need to brainstorm ideas for what needs to be done and devise initiatives for each driving force. Second, you have to plot those initiatives on a matrix to get a sense of how they fit together.
Third, you must create maps that make explicit how each functional group in the organization will contribute to achieving the strategy.
3. Stage Three: Create a Plan for the Protests to Implement the Strategy. The final stage in the driving-forces method of strategy marking is to develop a plan that defines specifically how money and manpower must be spent over time to implement the strategy.
Competence in Strategy
Good management teams are deeply competent when it comes to preparing annual operating plans and delivering the numbers called for in those plans. Why? Because, they confront these tasks over and over again. Managers develop ways of thinking and working that mar them very effective in meeting those recurring challenges.
A company's executives can actively cultivate a deep competence in strategic planning by engaging in such planning over again.