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Gary Hamel
Strategos |
Dakota tribal wisdom says that when
you're on a dead horse, the best
strategy is to dismount. Of course,
there are other strategies. You can
change riders. You can get a
committee to study the dead horse.
You can benchmark how other
companies ride dead horses. You can
declare that it's cheaper to feed a
dead horse. You can harness several
dead horses together. But after
you've tried all these things,
you're still going to have to
dismount. |
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Failing Companies
In a
constantly changing
business environment,
failing companies mistakenly assume that the
initial strategy is correct. Top managers never
question and never revise it. They try hard to
make the strategy a success until it becomes
obvious that the company is moving in a wrong
direction.
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Some companies make even a bigger mistake – they
outsource strategy development, a main source of
their
competitive advantage, to outside experts,
and have problems afterwards with
adjusting the strategy rapidly enough to a
constantly changing strategic landscape or
internal capabilities.
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Successful Companies
Highly profitable innovative firms understand
that they need to be innovative in how they
respond to the constantly changing strategic
landscape and ensure they could be readily
adapted to unforeseen challenges and emerging
high-potential
opportunities.
Successful
companies
reassess their past strategic
decisions periodically, ask
learning SWOT
questions, play strategic simulation games and
use the results of these exercises to adjust
corporate strategies to meet new realities.
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