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Connect and Engage in Shared Strategy Development

Business strategies, once formulated by a select few, are now made more effective by incorporating diverse viewpoints from various digital platforms and employees throughout the organization. This approach enhances the strategy's development process by considering multiple variables and...

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In today's digital era, strategic planning has evolved from being handled by a select few to a...
In today's digital era, strategic planning has evolved from being handled by a select few to a collaborative process involving diverse viewpoints from multiple digital platforms and employees throughout the organization. This collaborative approach allows for a more comprehensive analysis of variables and the generation of innovative solutions. It empowers...

Connect and Engage in Shared Strategy Development

Strategizing Got You Stuck in the Past? Time to Embrace Inclusivity

In today's digital world, business strategy shouldn't belong to a select few. Let's ditch the traditional methods and broaden our horizons. Here's why:

  • Narrow-mindedness: Many business leaders cling to the belief that crucial strategy decisions should be in the hands of a select few.They fail to understand that welcoming wider participation doesn't mean handing over decision-making power.
  • Insecurity: There's a fear that others might think the leader lacks control over the issue or possible solutions. Consequently, they may shy away from encouraging open discussions.
  • Overwhelm: Leaders might worry about being bombarded with ideas, most of them unnecessary, and the time investment required to analyze and filter useful information.

To shake off the monotony and unlock creativity, here are some strategies for a more collaborative approach to strategizing:

Mapping your strategy journey:

A successful strategy process consists of four stages:

  1. Strategic analysis: Identify areas that require brainstorming and collaboration to generate a wealth of ideas.
  2. Idea generation: Encourage employee participation, bringing a diverse range of perspectives to the table.
  3. Strategy selection: Carefully pick the best alternatives that will benefit the organization by analyzing the options supported by the team.
  4. Strategy execution: Proceed with the selected plan, equipped with a fresh, collaboratively-formed strategy.

Defeat your weaknesses:

Collaborative strategy-making can be a process of learning and growth. Instead of simply delegating tasks, actively encourage employees to offer their insights. This approach will motivate the team and foster innovation.

Focus on streamlining and processing:

Once you embrace a more inclusive strategy process, you'll encounter an influx of ideas. Embrace this period of innovation by preparing for the increased complexity and volume of ideas that will arise.

In this digital era, smart strategy planning and execution require harnessing innovative tools and embracing a broader range of perspectives. Although you might be overwhelmed by the sheer number of ideas, it's crucial to tackle this challenge head-on to create a better, more resilient strategy that speaks to a broader audience. The biggest hurdle you'll encounter is managing and making sense of the abundance of ideas you generate.

Embrace Collaboration to Elevate Strategy by Graham Kenny, HBR 2023/03

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  1. To develop a comprehensive and adaptable strategy in today's digitally interconnected world, it's crucial to incorporate various financial options and resources past the traditional scope of decision-making hierarchy in business, as outlined in Graham Kenny's "Embrace Collaboration to Elevate Strategy."
  2. In a collaborative strategy-making process, the finance department can play a pivotal role in analyzing and processing the wealth of ideas generated, providing valuable insights and ensuring the organization's financial health while fostering a more inclusive business environment.

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