Strategic Decision Making – Chasing the Torch Light
A smart CEO once said to me management have a tendency to ‘chase the torch light’.
Shine an enticing opportunity or challenge on the wall and they’ll be mesmerised and knee jerk react to the stimuli. (E.g. A sexy project, new workstream, sector, threat or initiative). Harsh, but it goes on everyday!
Not big or clever.
Strategies need testing before embarkation occurs. Once the boat has left the harbour, energy and resource has already been expended and more will be needed to either bring it back or complete its passage!
Thougtfull consideration of your values and priorities outside of the process of reacting to an opportunity or challenge gives your business a chance to think through its priorities – without the pressure of needing to respond immediately.
That is best done by testing (against a defined set of questions):
Opportunity and Strategy Testing…
- Is it consistent with the values, purpose and vision of our business?
- Does it build on or reinforce our competitive advantage?
- Does it meet a real and demonstrated market need?
- Will it likely yield a result that is sustainable – not a flash in the pan or ego stroke?
- Will it reinforce the markets view of us as their provider of choice?
- Do we have the resources to see it through and succeed?
- Who can we join forces with to make it more succesful?
- What are the best and worst case scenarios?
Decide in haste – repent at your leisure I believe the expression goes… All too easy in the instant gratification and reactive environment we operate in.