Lessons from one of the great success stories... and it's not tech (Part 1)
Whether a 40-something exec or a middle manager, you probably look for insights from big tech: Amazon, Facebook, Google; or the unicorns, Uber and Airbnb. But do you recognise the name Herb Kelleher?
Purpose: Why do you exist?
Why does your organisation exist? Because if you can’t articulate your purpose, then I’m not sure how you determine your strategy. That might seem a simple question, and yet if you asked your executive team I wonder how many different answers you would get?
Building the moat… the work of strategy
In my previous blog I explored the purpose of strategy: the creation of a sustainable competitive advantage. In Buffet’s terms, it is about building a moat wide enough and deep enough that marauding invaders cannot bridge the gap.
Strategy's purpose... on becoming a moat builder
The term strategy has acquired a certain ‘Humpty Dumpty’ quality: “it means just what I intend it to mean, nothing more, nothing less”. Before we explore what strategy is, we should be clear about the purpose of strategy.
Strategy's fundamentals ... better practice, not neater theory
Henry Mintzberg was right when he declared ‘we need better practice, not neater theories’. Three theoretical paradigms provide an overarching framework for strategic thinking. And these were part of the economics discourse 50 years ago. But any one of these by itself is insufficient.
Austerity is not a strategy
Three clients, three strategy workshops, 8 days: intense. Each client is at a different stage of the strategy life cycle. And each workshop highlighted a theme which reflected where that client sits on the strategy life cycle.
The more things change... strategic innovation
I am often struck by how today’s 'insights' reflect the writing of past decades. Here are a few recurring themes on strategic innovation. They are important levers in the pursuit of strategic innovation.
The Business Model Test - the narrative and the numbers
Fifteen years ago, Joan Magretta (HBR) observed that all business models must satisfy two tests: the narrative – does the story make sense – and the numbers – does the P&L stack up? This remains the standard today.
Want to grow – Deepen your position
Michael Porter famously remarked, “The pressure to grow is among the greatest threats to business”. And yet there are few executives who haven't felt that pressure. So what are the best growth options?