Eight shifts have been identified which will ensure that the corporate strategy drafted, can actually yield great results. For a start, the annual planning needs to be replaced by a continuous journey. Instead of getting approvals from all, the management needs to debate the real alternatives to any scenario. Businesses will also need to adopt the one- in- ten approach common to fashion, venture capital, movies and oil exploration. This explores the big hits, rather than the mere regular success stories. The top leadership needs to be dedicated towards these big wins, rather than merely in approving budgets. The resourcesneed to be channeled in such a manner, that the inertia regarding budgets gives way to liquidity. Instead of the carefully plotted projects, one needs to think big and work on open risk portfolios. The talent management and performance review schemes must be allotted in such a way, that it measures a holistic brand of work, rather than merely an enumeration of the numbers achieved. Strategy is ultimately not merely about the long- run, but small steps, one at a time, leading up to the bigger picture.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/eight-shifts-that-will-take-your-strategy-into-high-gear

Uploaded Date:02 February 2019