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How the Very Best Strategists Decide
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Two strategies
When it comes to setting strategy, there are benefits to both popular and loner strategies.
- Popular strategies are those that are identified by the crowds. The more people that choose a strategy, the better the strategy performs.
- Loner strategies are those that are identified by only one person. If you want to outperform the crowd, you've got to do something the group isn't doing.
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Outperforming the crowd
If you want to outperform the crowd, learn the following two essential skills.
- Generate ideas by broadening your decision frame.
- You must be able to distinguish between good and bad loner strategies. It is best done by embracing critical thinking.
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Broadening the Frame
When we need to make a decision, we tend to ask "What should we do?" However, it narrows our thinking to one right decision.
If we ask the question: "What could we do?" it broadens our decision-making frame, because we can consider multiple futures. Could ask what if, what else, and why not.
For example: Ask what would be the equivalent in your industry of something that’s working well in another.
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Embracing Critical Thinking
Strategy development and internal reviews often center on precedents, trends, and due diligence. They address"what will happen." Change the question to "what may happen" :
- Role-play other parties.
- Listen to assumptions in the way a strategy is supposed to work.
- Watch out for confirmation bias, overconfidence, survivor bias, and groupthink.
- Forecast your competitors' results.
- Beware of missing pieces in the tools you use.
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Most companies only examine the most direct risks facing a company and tend to neglect secondary risks that can have an even greater impact.
Companies need to learn to evaluate aftereffects that could weaken whole value chains.
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Business leaders often make important decisions that defy any logical analysis. This process may be termed as a gut instinct, a hunch, or an inner voice.
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Patterns In Randomness
Our gut instinct or intuition can come in many forms, like detecting patterns in places where other people only see randomness or having a sudden flash of brilliance which goes against the grain but feels right.
Gathering enough data to make a rational decision also takes up a lot of time, and in today's fast-paced world, by the time one procures all data, the decision becomes antiquated.
Subconscious And Conscious Brain
Our subconsious mind continuously processes information, even when we sleep, which our conscious mind finally learns or infers, lighting a bulb inside us.
We know the gut feeling is true because our 'right brain'(intuition and emotion-based) already knew the revelation that our left brain (logic and consciousness-based) now has come to know.
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The model of future work
By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scar...
Employers should lead the way
The pace and scale that technology disrupts is a social, political and business challenge.
Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.
Talent is the largest barrier
Talent is the largest barrier to the successful implementation of new strategies.
Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.