I recently came across an interesting HBR Publication on devising strategy in a volatile environment where the past few years have seen unprecedented disruptions.
Here are my key takeaways and some additional insights to consider:
“Handled correctly”, ambiguity gives organisations a chance to grow beyond the confines of their current business, potentially in unexpected ways.
So how do we predict the unpredictable?
✔ Businesses must consider what individuals want to achieve in a specific circumstance. In his book 'The Innovator's Dilemma', Clayton Christensen presented a new theory of marketing and product development: defining the “job to be done.” The theory states that when people buy a product or service, they effectively hire it to do a job for them. Businesses must understand these “jobs to be done” and look at the real competitors from the customer’s point of view.
✔ Have a BHAG (Big, Hairy, Audacious Goal): What is that big question or goal that stretches your business to expand its value creation? Jim Collins and Jerry Porras talk about BHAG in their book ‘Built to Last’. Customer problems should be a source of inspiration.
✔ Big and bold ideas must be explored: Break down the big question and generate ideas from those sub-questions about various parts of the business process. If an idea is being dismissed, ask why, and find information that wasn’t previously considered. Constantly challenging the prevailing solutions has profound consequences for a company's strategy.
In conclusion, devising a business strategy in a volatile environment can be challenging, but by embracing uncertainty and being open to adapt, businesses can become more resilient and better equipped to navigate the ever-changing business landscape.
Naveen Maram
Driven to inspire the next-gen.
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