4.1 Quarterly & annually the leadership team meets offsite to evolve the strategy | Made to Thrive 23/34
Welcome to video 23, in this series of 34 two minute videos detailing the key components in my new book, “Made To Thrive”.
“Made To Thrive” outlines the five key roles that a leader must undertake in order to transition from being a good leader to being a great leader.
Those five roles are accountability, ambassador, culture, strategy and succession planning.
Today, we’re talking about strategy and in particular 4.1. “Quarterly and annually the leadership team “meets offsite to reflect, evolve the company strategy “and set priorities.”
According to Harvard Business School, 90% of strategies fail due to poor execution, or, as the great philosopher Mike Tyson said, “everyone has a plan until they get punched in the mouth.”
But is that failure rate really caused by execution or is it the result of the process?
A lot of people would think about that process and say the word strategic planning, but strategic planning is an incorrectly used word.
In fact, there are two key processes that are occurring here; strategic thinking and execution planning.
So in the background, there is the evolution of strategy.
It’s like building a deeper and wider moat around the castle that is your business, the moat obviously representing your strategy which the attainment of a unique and valuable position in the market.
Then you’ve got execution planning, which is the setting of 90 day priorities that align with that strategy, the moat, to ensure that in this series of 90 day sprints, you’re able to advance towards that broader cause of strategy.
Having the team build the strategy and build the plan together is fundamentally important because the team who build the plan don’t fight the plan, and an aligned team is the best way to execute on strategy.
If you’d like to learn more about “Made To Thrive”, you can watch all of these videos on YouTube or you can buy the book now on Amazon and I’ll put the links below for both of those.
Learn where to order Made to Thrive below