Common Strategic Challenges in 2024... … and how to address them.

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“The pace of change in the global economy is unprecedented. We need to be agile and ready to pivot at any moment.” – Mary Barra, GM

?? What to do:

First, apply a zoom out approach to define your longer term aspirations. Second, zoom back into the challenges you are facing today and focus on the ones you need to and can solve in the next 12-18 months. Don't waste time planning beyond that time horizon. That's how you stay agile.

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“Ensuring every part of the organization is aligned with our strategic goals is a constant challenge.” – Satya Nadella, Microsoft

??? What to do:

Focus on "living your strategy." Have strategic conversations constantly. Go beyond looking at KPIs. Ask about what works well, what is not, and whether people are still committed to the strategy. Make sure each department and team align their daily activities to the strategy and focus on the key challenges to solve to progress toward your ambitions (see above).

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“We are swimming in data, but the challenge is turning it into actionable insights.” – Ginni Rometty, IBM

??? What to do:

Instead of collecting all that data, focus on data that you need to validate or invalidate your strategic options. First, develop your strategy options, then outline the assumptions you have for each, and finally, collect data to validate or invalidate your assumptions.

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“Staying ahead of disruptive innovations requires not just anticipation, but a culture that embraces change.” – Jeff Bezos, Amazon

??? What to do:

Focus your innovation efforts on contributing to your strategy. Give your teams clear areas of innovation to look into. Focus on innovating your "where to play" and "how to win."

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“Attracting and retaining top talent is more critical than ever for strategy success.” – Tim Cook, Apple

??? What to do:

Take a stakeholder perspective to defining your strategic ambitions and value propositions. What value do you want to deliver to whom. Obviously, talent should be part.

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“Our strategies must now incorporate sustainability and social impact. It’s no longer optional.” – Larry Fink, BlackRock

??? What to do:

Evaluate your strategy and strategic options against your sustainability goals. Include relevant stakeholders for social impact (see above).

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“Integrating new technologies seamlessly into our existing processes is a major hurdle.” – Brian Moynihan, Bank of America

??? What to do:

Focus on the capabilities you need to make your strategy happen. Apply technology to enhancing these capabilities.

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“Navigating geopolitical tensions and regulatory environments across different regions is a complex challenge.” – Doug McMillon, Walmart

?? What to do:

Align local strategies to your overall strategy and adjust for local needs, without giving up the overall direction. Focus on 12-18 month challenges to making your strategy happen in each region.

Credit and thanks to Patrick Meidenbauer for collecting the challenges.

Hi ?? I’m Marc Sniukas. I equip ambitious CEOs and their teams with proven systems to make better strategy. Fast and pragmatic, without the BS of old-school approaches.

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