Some methods have been identified, following which, companies can fuel their corporate strategy into top gear. Firstly, all on board need to realize that the strategy cannot be an annual occurrence, but a constant journey. Instead of merely agreeing on all points, there must be debates on other alternatives. There must be cognizance on making the big moves up, rather than merely approving budgets. Budgets often cannot be kicked into action, thanks to a historically built inertia. This needs to be moved on to liquid resources. Performance reviews too need to be shifted away from a mere analysis of the numbers achieved to a holistic approach on work done. Strategy isn’t just about the long-term. Instead, it must induce all on board to take the first steps towards the final goal.

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:23 November 2018