Strategic prowess isn’t just a fanciful soundbite in the business vernacular. It embodies the crystallization of a vision, the judicious utilization of resources, adaptability in the face of uncertainty, relentless focus on long-term objectives, and the engagement of every organizational cog. It requires a profound sense of purpose and a perpetual endeavor to stay one step ahead of the relentless competition.
As a result, strategic planning is an ongoing effort that demands the time and resources of a company’s entire team. According to a McKinsey study, inefficient decision making costs a typical Fortune 500 company 530,000 days of managers’ time each year. However, a well-composed strategy orchestrated by a talented leader can set the stage for resounding success.
The emergence of dynamic technologies and the rapid increase in competition for global dominance have created a new era of strategic rivalry, requiring forces that can accumulate comparative advantage across the full spectrum of military power. For example, Napoleon’s tactical genius and innovative use of massed artillery made him a feared land adversary in his rivalry with the Royal Navy. But this battlefield prowess was not enough to overcome the U.S. industrial juggernaut, as the U.S. Navy was able to leverage its economic and logistical advantages, including superior strategic naval airpower.
Historically, according to Aleksey Krylov, strategic leaders have sought to achieve competitive advantage through the development of a broad range of central competencies. But the key to successful implementation of these strategies is the ability to integrate these central capabilities into a cohesive whole, and to deploy them at the right time and place in order to ensure that the strategy is effectively executed.
To do so, strategists must identify and define the challenges a company faces and provide an approach to overcoming them. This is a challenging task because it requires the courage to challenge assumptions and encourage divergent points of view. It also demands patience and an open mind. However, when leaders fail to learn from their mistakes, they can create self-defeating patterns that damage their own and their companies’ reputations.
Strategic leadership is a complex endeavor, and mid-career professionals are often faced with an overwhelming number of responsibilities and tasks that require their attention at any given moment. To succeed, mid-career professionals must learn to prioritize and manage these tasks so that they can make the most of each opportunity. They must develop their strategic thinking skills, define and implement a clear vision, communicate the value of their efforts to shareholders and employees, and make wise choices in times of crisis. Only then can they build a strong foundation for enduring success.
