{"id":1878,"date":"2020-11-25T15:39:05","date_gmt":"2020-11-25T15:39:05","guid":{"rendered":"https:\/\/www.iese.edu\/standout\/?p=1878"},"modified":"2024-03-04T10:09:55","modified_gmt":"2024-03-04T10:09:55","slug":"strategic-thinking-how-to-improve-it","status":"publish","type":"post","link":"https:\/\/www.iese.edu\/standout\/strategic-thinking-how-to-improve-it\/","title":{"rendered":"How to improve your strategic thinking"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<strong>COVID-19 has all of us thinking in the short-term<\/strong>, in what will happen over the next several months. And even in the most stable of years \u2013 which 2020 certainly hasn\u2019t been &#8212; we aren\u2019t used to thinking about the long term. <strong>Managers are often \u201cdoers\u201d<\/strong> \u2014 action-oriented people who act quickly and in the now to achieve results.<\/p>\n<p>But planning for the long term is at the core of what managers must do. <strong>Thinking about the future<\/strong>\u00a0and\u00a0<strong>developing the necessary strategic capacities will allow you to write today what you want for your company tomorrow<\/strong>. For that, strategic thinking is essential.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d0aed2eccc6 {margin-top: 35px !important;}<\/style><div id=\"thegem-divider-69d0aed2eccc6\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h2><strong>How to develop <span class=\"subrat\">strategic<\/span> thinking?<\/strong><\/h2>\n<p>Here are three simple tools that can help:<\/p>\n<ul>\n<li>The <strong>Political, Economic, Social, Technological, Environmental and Legal (PESTEL) <\/strong>analysis is a tool that allows you to analyze external opportunities and threats to a company at a given time. Use it frequently to see how different factors evolve and what aspects of the environment can affect them.<\/li>\n<li><strong>Maslow\u2019s Pyramid<\/strong>. This classic of consumer psychology holds that people move up the hierarchy of needs as we meet the most basic needs. In times of crisis like the current one, it is likely that our consumers are going down the pyramid. Therefore, some products or services will not be of interest and you must anticipate it.<\/li>\n<li><strong>Porter\u2019s 5 Forces<\/strong>. The benchmark for competitive strategy can help you to keep thinking about what is changing or what could change in your environment and your value proposition.<\/li>\n<\/ul>\n<p>Beyond these tools, here are:[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-69d0aed2ecd04 {margin-top: 35px !important;}<\/style><div id=\"thegem-divider-69d0aed2ecd04\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h2><strong>10 steps for managers to improve their strategic thinking.<\/strong><\/h2>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">1.<\/span> Blinders off: learn to see what nobody else sees<\/strong><\/h3>\n<p>If you\u2019re putting on mental blinders and only looking straight ahead, you\u2019re missing a lot of information along the way. From time to time you have to turn your head to look around. It\u2019s a matter of opening your eyes fully to see more and detect the opportunities missed by others.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">2.<\/span> Stretch your wings: fly beyond the merely tactical<\/strong><\/h3>\n<p>When you walk, your eyes are fixed on the ground so you don\u2019t trip on objects in your path. This is tactical. Strategy is not about walking, but rather flying, so as to see the bigger picture. When you start working in a company you have to begin by walking, but as you grow within the company you have to learn to fly and develop the ability to see beyond the merely tactical.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">3.<\/span> Become passionate: enjoy what you do<\/strong><\/h3>\n<p>We spend a lot of time working, so it\u2019s important to enjoy it, to feel proud, to make it worth the effort. You have to want to do what you do: meet with and work with your team, take decisions, imagine the future. If you only do it because someone makes you do it, it will not work.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">4.<\/span> Take the reins: manage your time and delegate<\/strong><\/h3>\n<p>Time is our most limited resource. Think about your daily life: how many of the things you do could be done by a member of your team?<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">5.<\/span> Trust your team: let it grow<\/strong><\/h3>\n<p>A very important part of strategic planning consists of thinking how to make the company grow, and the company only grows if its people grow. It\u2019s an executive\u2019s responsibility to make the members of his or her team grow, giving them the power to take decisions. Allow your collaborators to share fully in successes.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">6.<\/span> Don\u2019t be afraid: take decisions<\/strong><\/h3>\n<p>Read, listen and learn \u2014 but take your own decisions. There are thousands of books about strategy on Amazon, but the best book on strategy is the one you write yourself with what you do each day. When you take a decision, stick with it. Don\u2019t continually question everything.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">7.<\/span> Be consumer-centric: center yourself on the client<\/strong><\/h3>\n<p>Put yourself in the shoes of your clients, live their experiences. If you\u2019re a food company, your work doesn\u2019t end at the shop shelves, it must reach all the way into consumers\u2019 kitchens.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">8.<\/span> Be flexible: adapt to change<\/strong><\/h3>\n<p>Things move so fast that a strategic plan, once it\u2019s been drafted and printed, already needs revision. Agility is an essential ability for executives. You have to be obstinate in your vision but very flexible with the details of implementation.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">9.<\/span> Call for the ball: make things happen<\/strong><\/h3>\n<p>In matters of strategy, thinking is important but it isn\u2019t everything: if you don\u2019t do anything with it, it\u2019s as if it doesn\u2019t exist. Like the great footballers, you have to call for the ball, not avoid it.<\/p>\n<h3 class=\"title-h2 title-h3\"><strong><span class=\"subrat\">10.<\/span> Look ahead: anticipate the future<\/strong><\/h3>\n<p>That may seem impossible at a moment of great uncertainty. But in times like these, envisioning the future will mean envisioning different scenarios. The companies that win are those that write the future.<\/p>\n<p>Discover the <strong><a href=\"https:\/\/www.iese.edu\/standout\/leading-success-leadership\/\">13 questions to find out if you are a good leader<\/a><\/strong><strong>.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.iese.edu\/search\/programs\/\"><strong>IESE\u2019s Masters and Executive Education programs <\/strong><\/a>which cover a wide range of formats and topics, will help you improve your strategic thinking. Also, the <a href=\"https:\/\/execedprograms.iese.edu\/strategic-management\/getting-things-done\/\"><strong>Getting Things Done<\/strong><\/a>\u00a0program is designed for business leaders and senior decision-makers from both private and public sectors responsible for <strong>driving strategic change initiatives<\/strong> across their organizations.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]COVID-19 has all of us thinking in the short-term, in what will happen over the next several months. And&#8230;<\/p>\n","protected":false},"author":4,"featured_media":1883,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,8],"tags":[38,57],"class_list":{"0":"post-1878","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general","8":"category-senior-executives","9":"tag-general-management","10":"tag-skills"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to improve your strategic thinking<\/title>\n<meta name=\"description\" content=\"Strategic thinking is essential for managers to write today what they want for their company tomorrow.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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