with The Strategy Guy
Some sobering facts about businesses are:
96% of firms fail within ten years [and that was before the pandemic].
79% say they have insufficient time to do strategic planning [that was also before the pandemic].
67% say they have insufficient strategy skills in-house.
Last night I had the pleasure of speaking to 30 grateful, heroic and youthful (and co-operative ;-) members of the Brisbane Rotaract in the Brisbane CBD.
Early in my talk, I polled the audience. Everyone in the room (100%) felt that strategy was important. Around 30% of my humble audience shared that they were good at strategy, but tragically only 5% felt their organisations did enough to train them to think strategically!
Does your firm or organisation do enough to teach its leaders and teams to think and operate strategically?
It is important to know that businesses grow through six stages.
Stage 1 - Existence
Stage 2 - Survival
Stage 3 - Success
Stage 4 - Take-Off
Stage 5 - Maturity
Stage 6 – Reinvention
In the early stages of business growth, a good strategy can be helpful. However, there are often few new decisions to make, and a business owner spends most of their time working in the business. As a firm enjoys more success, with the right strategy, it can eventually take off and become a mature business. As each business grows, the number of decisions required expands rapidly, and the business owner needs to work 'on the business' and not in it.
After speaking with business owners and leaders at the Hilton Cairns last month, it was clear that some mature tourist-related Cairns and Port Douglas businesses had slipped back into survival mode and had come along to learn the six-steps of the Strategic Mindset Process to help revive their business.
Last month I was delighted to provide a presentation to an Advance Queensland Forum on Financial Strategies for High Growth Enterprises. On this occasion I shared the stage with three other high-profile presenters including Dr Sarah Pearson, Innovation Lead and Deputy Director-General Innovation from the Department of State Development, Tourism and Innovation. The Q&A session that followed highlighted the diversity of Queensland’s innovation ecosystem and the positive outcomes that the Queensland Government’s Advance Queensland initiative is achieving for the State’s economic growth and future jobs.
In my talk, I shared strategic priorities and financial tactics for both scale-up and long-term success. During the life of a successful enterprise, there are periods when there is plenty of money around and periods when outside capital is needed. Great investments are those that increase the functionality of the team, help enhance a firm’s on-going...
My daughter Lauren, who illustrated my latest strategy book, dropped in today to practice dinosaur face painting. On me!
Today many businesses are realizing that their current strategy won’t last forever. The terrain keeps changing. One day, solid rock will become quicksand. Ask any former Kodak, Sears, Borders, or Blockbuster executive. Recently, paleontologists excavated a whole pack of carnivorous dinosaurs that chased some plant-eating dinosaurs into an area of quicksand, where they all sank.
The Strategy eBook will stop your firm from getting stuck in quicksand.
Many businesses thinking about tomorrow realise that they need a formula for success in the digital economy. New machines are not just coming up with answers. They are finding the questions. Supercomputers, big data, and machine learning are predicting many of life’s events before they happen. As the line between human and artificial intelligence merges, I see that businesses are becoming more digital or...