Good strategy is based on broad and diverse perspectives. Sometimes, when new ways of sharing a story are discovered, we like to bring those perspectives to our community.
Recently, Bain & Company, a global management consulting firm whose brand is known among top business leaders throughout the world, produced a piece heavy on insights, conviction, and persuasiveness. Bain Belief’s on Strategy is an easy, visual read based on successes of organizations using solid strategy to sustain growth. Check it out.
Chockful of facts and opinion, Bain explores what separates those who are successful at strategy and those who aren’t. Here is a summary of the perspectives, which resonate with the OnStrategy team the most:
- Leadership starts with a competitive advantage: Encourage team members to “invest to spike only a few critical capabilities.” We couldn’t agree more. Focus effort on your critical few capabilities. Which are truly unique to your organization and reflect capabilities that are meaningful to the people you serve?
- Be clear about your core business: It’s not surprising successful companies focus on their core to recognize enduring and sustainable growth. What is it you do best? What’s your appetite for entering adjacent markets? Have you defined and are willing to execute a repeatable model required to scale? How will you know you’ve ventured too far from your base?
- Adapt at speed: Truly successful organizations thrive on a culture of continuous learning. A natural curiosity and willingness to vigorously debate the alternatives becomes part of organizational culture. What will you do better or differently to ensure your organization is a breeding ground for continuous learning? How will you operationalize rapid feedback loops with simple metrics to learn, adapt, and evolve rapidly?
- You can’t win on the outside if you’re losing on the inside: Is the Founder’s Mentality pervasive throughout your organization? How does insurgency, front-line obsession, and the owner’s mindset create vitality from the inside out?
Success is predicated on experiences. What have you experienced that prevents sustainable growth within your organization? Why have you seen good strategy fail? We’d love to hear from you. Put your perspectives on the table and let us know on our Facebook page.