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I sat down with three business leaders last week to interview them about how they handle strategy. I started the session by asking, “Who owns your company’s strategy?” All three replied they did. My experience tells me that is not the best answer.
The CEO or leader can and should own the vision of the company’s present and future — where the company is going. But in my opinion, they are not the best one(s) to own how the company gets there — in other words, strategy. When it comes to strategy, companies benefit when the leader holds the reins loosely and lets it have a life of its own.
The leader’s role is to set the vision and direction of the company and really, no one can do that but the leader. In general, the leader, especially if an entrepreneur, is a dreamer by nature. This also means that, generally speaking, planning is not their strong suit.
Creating a bucket of actionable ideas
Ideally, the leader lays out a vision of the future through writing a detailed Painted Picture or Vivid Vision three to five years out (see books by Cameron Herold). When it comes to planning strategy, the CEO’s vision is then shared with all key team members and leadership at a time and place away from the grind of day-to-day work, what we refer to as an “offsite.”
The team then brainstorms what will have to happen to make that vision a reality. This is most successful with someone other than the leader facilitating, as they are impartial to the content.
Everyone’s ideas are written on individual Post-its which are put on the walls. The team then votes on the ideas that move the company closest to the vision with the least amount of effort and time involved. The ideas with the most votes become the goals, initiatives and action items for the company strategy for the next year, broken down into bite-size pieces.
For perspective, my company currently has six an… Read More
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