Clearly, leaders need to be able to think strategically in order to lead effectively. But what does "strategic thinking" actually mean?
In our Expert Interview with Rich Horwath, he defines "a strategy" as a plan to allocate your limited resources, time, talent and budget to achieve your goals and objectives; and "strategic thinking" as the ability to generate new insights or ideas that achieve some kind of advantage.
For Horwath, this advantage can be gained by focusing on three disciplines:
In his new book, "Elevate", he explains how you can use these disciplines to your advantage, and he discusses the importance of ‘tradeoffs’ – choosing what not to do.
Listen to the full interview ¦ Install Flash Player.
Check out the rest of our Expert Interview (premium members only) for more of Rich's tips on strategic thinking.
Question: What’s your definition of strategic thinking – and how can we get better at it? And what do you prioritize when developing strategy? Join the discussion below!
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I agree with your points. Michael Porter summarises it brilliantly in this 2 minute clip, what is strategy? http://youtu.be/ibrxIP0H84M
...plans and actions that lead to competitive advantage, built around values.
Thanks for sharing. Working without strategy is like being swept around by strong winds or currents!
What values do you hold important in your business / career and how do they influence your strategy? Looking forward to hear from you.