Part four of my Leadership on a tightrope (continued) series.
The U.S. elections this week have clearly shown just how fast the world is moving. Uncertainty and volatility are our new normal. Speed to results is imperative.
But speeding to where? What's the destination? Overcomplicating the answers to these questions in today's disrupted world is a mistake. Strategic planning, and its associated processes, can become a crutch of their own—an excuse for inaction. Assembling and adjusting strategy at speed is now an essential survival skill for business leaders. Long range strategic plans are dead.
That is not to suggest that CEOs should not be setting a strategic direction. A compelling strategic vision is what inspires and guides long-term innovation and success. Some of the world's leading executives obviously agree.
Jensen Huang, CEO of Nvidia, says of their approach: "We don't [have] a periodic planning system. The reason for that is because the world is a living, breathing thing. So, we just plan continuously; there is no five-year plan, there is no one-year plan, there is no plan — there is just what we are doing."
Nvidia is not alone. Google, Amazon, and Tesla all have a more flexible approach to strategic planning, prioritizing innovation, adaptability, and execution and allowing them to respond quickly to changes in the market.
I have always believed in a "do it nearly right but do it now" approach. Pace beats perfection every time.
In our annual AlixPartners Disruption Index, those companies that are growing both revenues and profits the fastest are those that move to action fast, never feeling a hostage of any previous decision.
Focus relentlessly on executing on those things that truly matter—nearly right but now. More on that (and big hairy audacious goals) in the next post.
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