Apr 12, 2012, 07.48 PM | Source: Reuters
Developing effective strategy in turbulent times requires breaking with old habits and having difficult discussions, says Harvard Business Review.
The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org. Any opinions expressed are not endorsed by Reuters.
"Strategic planning fails when it has fuzzy objectives, too many people, and a rushed schedule. When your company faces uncertainty and needs to develop a strategy fast, do it the right way:
1. Define the challenge. Your leadership team can't settle on a path forward unless everyone agrees on the problem you're trying to solve. Once you are aligned, focus on core questions and avoid meandering discussions.
2. Identify the destination. Define the future state and how to get there. Don't try to please everyone; make the hard choices that lead to a clear strategy.
3. Develop options. Changes in the marketplace are inevitable. Come up with alternative approaches that let you to respond to uncertain events."
- Today's management tip was adapted from "Six Strategy Insights RIM's New CEO Can Use" by Steve Wunker.