JUNE 2016 / NO. 2
TAGS: FORWARD-LOOKING, ACTION
Five ways to create forward-looking courses of action
“Strategic War-Mapping forces management to get into the shoes of competition”
Companies have a tendency to compete on the basis of their core competencies rather than on the basis of those attributes that really distinguish them in the eyes of their customers. Core competencies seem to be a safe approach but are not the best route to business success. Your focus should be ‘outwards-in’ rather than ‘inwards-out’. Firstly, one must go after the must-haves, and only secondly after the salient differentiators, so as to be able to win the game. This means changing from looking in the rear-mirror to monitoring the road ahead. Boards have to be challenged to look further out than anyone else in the company. A professional strategic intelligence team can facilitate this and help steer boards of management create the necessary forward-looking courses of action by delivering ‘intelligence that cannot be ignored’. There are five ways to create those paths:
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Analyze the external competitive landscape over and above merely looking at the traditional industry sector, by generating the outside-in insights and foresight from external sources
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Set the strategy framework: define, outline and select the options, and determine the strategy of where-to-play and how-to-win
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Unleash the joint knowledge, insight and foresight of key people, and execute quarterly strategic reviews
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Anticipate the potential as well as the existential risk: the aim is to be ready for these existential risks should they occur
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Establish a new place to set, share, and communicate and the required course of action: your company’s radar room
“A company is like a person. It can’t stand still. Either it moves ahead or drops back. If you are not competitive, you either become competitive or get out. It’s as simple as that”
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