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Key Takeaways
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- Don't let shiny new ideas and quick fixes distract you; a true strategic focus is long-term, spanning three to five years.
- KeyResist the urge to chase every trend; fear of missing out (FOMO) drives many bad decisions.
- Establish strong leadership, making tough decisions based on knowledge and experience, not just data.
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How many times have you seen it happen? A CEO attends a conference, gets fired up about a new idea, and declares, "We're doing this now!"
The team scrambles to implement the idea, only for the CEO to find the next shiny object a few months later, abandoning the first initiative before it ever had a chance.
The strategy merry-go-round
This constant shifting of priorities isn't strategy; it's strategy exhaustion. It's a sign of a company with people who don't understand what strategy truly means.
The myth of constant change
The issue is a failure to connect individual actions to a broader, strategic goal. If maximizing revenue in the U.S. becomes the sole focus for the firm, the bigger strategic picture gets lost. You need a comprehensive view, one that enables all employees to see how their efforts help achieve team objectives.
By establishing this visibility, you are more likely to see what can be achieved, and have each member acting as a singular force. To achieve long-term business growth, ensure that every action is deliberate and make strategic choices.
What's your enduring advantage?
Ask yourself:
- What business are we really in?
- What's our unique value proposition?
- What's our competitive advantage?
Move from shiny object syndrome to strategic focus
- Document your objectives. Make sure that all of your managers, from top to bottom, can use the material and truly understand what you seek to accomplish.
- Make your bets clear. People can see the benefit of your bet if the organization’s goals are in clear view.
- Hold leaders accountable. Make no mistake: Leaders can make mistakes. They can make the wrong bets, and even be focused on the wrong races. Leaders and teams need to understand what went wrong, and communicate honestly about the lessons that can be learned.
Don't get caught in the strategy whiplash cycle. Focus on building a lasting business, not on chasing every shiny object that comes along.
