The Times They Are A Changing and Firms Need Better Strategies to Cope

Markets are being disrupted by new technology and this is creating a new VUCA world – Volatile, Uncertain, Complex and Ambiguous. Some commentators believe we are just at the start of the fourth industrial revolution.

So, firms need strategies to help them navigate through this complexity, so they can focus on winning approaches.

But many firms don’t have proper strategies. They produce visions and goals that are frankly just wish lists or pie-in-the-sky:

  • Setting targets of 10% growth isn’t a strategy.
  • Looking for a merger isn’t a strategy.
  • Opening new offices isn’t a strategy.

Instead, firms need to analyse what the fundamental challenges are that need to be addressed. They need to focus on an approach with a set of consistent actions to address the challenges.

Only then can you be assured that you’ll have a sustainable and potentially winning strategy.

See https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-perils-of-bad-strategy

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