Thinking Strategically to Fuel Smart Decision
Thinking strategically is consistently identified as an essential skill for managers and leaders in business today, yet it is also recognized as a skill that is lacking in most.
One reason for this lack is that strategic thinking isn’t broadly understood. Thinking strategically is not the same thing as strategic planning: planning is a management skill, thinking strategically is a critical element of leadership. It is a way of thinking about the world, about connections and interrelatedness that can guide and drive potentially game-changing strategy.
While of immeasurable benefit to any business, thinking strategically is not something most leaders have been trained to do, and while becoming a strategic thinker can’t be achieved overnight, the skill can be developed through the consistent application of a few simple tools.
Trend Exploration
Recognizing trends outside a company that can have positive or negative impact within the company can help shape strategic thought. At least annually, individual leaders or teams of employees should explore emerging trends that may impact your business, your industry, the nation or the world. This exploration should cover five different arenas–STEEP (keeping in mind your customers, your competitors and your employees): Social & demographic; Technological; Economic; Environmental; and Political and regulatory. Once you’ve brainstormed a list of as many trends as possible, you can start prioritizing by determining the likelihood and potential impact of each trend, plotting them on a grid for a visual representation of which trends deserve the most attention.
Input Analysis
Knowledge is critical for strategic thinking, so identify where you’re currently obtaining information in each of three categories: general news, industry updates, and company information. Include all your sources, whether they be newspapers and trade journals, internal reports, or company and industry colleagues. Once you know where you currently obtain your information, it’s time to identify where else you might look for insight to fuel your strategic thinking. Identify two or three alternative information sources for each of the three categories. Finally, for each source determine what perspective you would gain, what assumptions might be challenged, and how this new information might help you or your organization. From this analysis, select which new sources you will add to your regular information gathering process.
Setting Priorities
Strategic thinking takes time – dedicated time. It’s important for strategic thinkers to schedule a regular time outside of the daily schedule of meetings and projects, whether it be during your morning commute, your daily run or undisturbed time set aside in your office. Whenever it is, commit the time to think strategically about the trends and other influences that can impact your business.
As stated earlier, strategic thinking is different than strategic planning, but they are connected. Once you’ve identified the trends, analyzed the information, and dedicated the time for strategic thinking, you can apply that thinking to creating the most effective strategic plans for the future of your business.
Inciting Leaders 