Strategic Thinking as a Discipline
Over the last few months I have been banging on about strategic thinking being for everyone. At all levels in the organisation, we can interact with the world with a strategic mindset. For some of us, this comes completely naturally, whereas others have to learn it. It is as much a skill as it is a discipline.
Strategic thinking is the discipline of noticing and responding to potential game-changers in order to have the advantage, even in an uncertain and chaotic business environment.
Strategic thinking is the discipline of noticing and responding to potential game-changers in order to have the advantage, even in an uncertain and chaotic business environment.
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Make Time to Think
We live in a hurly-burly world where we are constantly on the run. In this context, we fail to set aside time to think strategically about our work. So the discipline relates to setting aside specific time to think. So there is a solution to this. It’s called a calendar – set aside a couple of hours every 2 to 3 months when you will think strategically. Take yourself out of the office to a setting where you will not be interrupted, and where you can think. Setting is important – and the more pleasant your setting, the better will be the quality of your thinking. Take your team with you, if you can – many brains create richer thinking than if you do it alone. And it’s a great way to build your team. |
Use A Process
So now that you have created the thinking time, what will you think about? Here’s an idea that you can try (and I’ll give you other ideas in other articles).
Let’s call it a “PESTLED Process”.
PESTLED is an acronym for Politics, Economy, Society, Technology, Legislation, Environment and Demographics – all things that can impact on your team, your company, your industry, your market, your competitors and your customers. The words themselves can mean whatever they mean to you. Their purpose is to give you something to think about and to ignite thinking – it’s a kind of free association, if you like.
So now that you have created the thinking time, what will you think about? Here’s an idea that you can try (and I’ll give you other ideas in other articles).
Let’s call it a “PESTLED Process”.
PESTLED is an acronym for Politics, Economy, Society, Technology, Legislation, Environment and Demographics – all things that can impact on your team, your company, your industry, your market, your competitors and your customers. The words themselves can mean whatever they mean to you. Their purpose is to give you something to think about and to ignite thinking – it’s a kind of free association, if you like.
In this process you are going to ask the following question: “What is going on in the area under the spotlight that will or could impact on us either negatively or positively?”
It does not matter that the ideas sparked are listed in the “right” boxes. What matters is that the word sparks thoughts and ideas. When you think of that word, what questions come to mind? So let’s look at a couple of examples:
Politics:
Technology:
Note down questions to which you do not know the answers – or about which you don’t know enough – and make a point of looking for this information later.
Once you have captured your thoughts – under Opportunities or Threats/Risks – go back and look at each item and decide:
3.2 Ease of implementation
3.3 Potential impact
Contact Me
If you recognise that you need to start developing your strategic thinking skills and disciplines, email me on [email protected] and let’s discuss your coaching programme.
Politics:
- What is going on (or coming up) in local, provincial or national politics that may create opportunities or risks for you? What is going on in the internal politics of your key customers that could impact on you one way or another? What risks does this create for you? What opportunities does this create for you?
- What is going on in the internal politics of your competitors? How might that impact on you?
Technology:
- What new technology has been launched or is about to be launched that will create opportunities or threats for you
- What technological edge do you have that you can leverage?
- What new technology have your customers got that is going to shake things up for you?
- Ask questions that consider these areas in terms of your own company, your competition, your market, your industry, and capture your answer in terms of whether this creates an opportunity or a threat – and if it creates a threat, might there be a hidden gift in the threat which, if cleverly played, will create an advantage for you in the future?
Note down questions to which you do not know the answers – or about which you don’t know enough – and make a point of looking for this information later.
Once you have captured your thoughts – under Opportunities or Threats/Risks – go back and look at each item and decide:
- Should you respond?
- How could you respond?
- Rate each option out of 10 on
3.2 Ease of implementation
3.3 Potential impact
Contact Me
If you recognise that you need to start developing your strategic thinking skills and disciplines, email me on [email protected] and let’s discuss your coaching programme.
