Strategy bridges the present reality to a future vision by answering the question of how a mission will be implemented. *
In this 10th month of our Intentional Leadership journey, we will focus on strategy. This is one topic I am particularly fond of, as it is my greatest strength (according to the StrengthFinders assessment)!
In my experience, once you have defined your objectives — what you’re striving to achieve — you need to outline the strategies you will use to move in that direction, and from the strategy, you will move into the tactical actions. One might consider it the leader’s blueprint or playbook. By following a well-thought-out strategy, you will arrive at a predetermined destination, rather than wandering aimlessly in uncertain directions.
Think back a few years ago, when Toyota was under siege because of the “auto-acceleration” issues with its cars. Prior to these events, Toyota had been known for high-quality; once its quality assurance processes came into question, Toyota had to shift gears, significantly. And, fortunately, it did. It went from focusing on quality to focusing on service. That’s when they changed their position to providing two years of free standard maintenance — oil changes, etc.
Had the car manufacturer attempted to emerge from that crisis still focused on quality, it would have been the laughing stock, and no one would have taken them seriously. Humbling themselves and focusing on serving their customers allowed the company to make a come-back.
Hyundai went through a similar experience. Think back to 1986 when Hyundai — a South Korean automaker — entered the US market. They started off with a bang, which quickly turned to a thud! Hyundai suffered from quality defects, as well, and soon was the target of great ridicule. It, too, had to come up with a new strategy to persuade customers to give the company another chance.
The result: An unheard of market plan (for the time, at least) promising customers a 10-year, 100,000 mile transmission and engine warranty. It worked; skeptical buyers gave the manufacturer another chance, and the strategy paid off, reviving Hyundai’s image in North America.
The strategy paid off, again, in 2008 during the beginning of the latest economic downturn. Hyundai assured buyers that if they bought a new car from them, and subsequently lost their jobs, they could return the car, essentially eliminating a source of financial stress and potential damage to one’s credit rating. With financial security of consumers’ minds, it was a brilliant strategy, that, again, paid off for the automaker.
As a leader, it will be incumbent on you to define the strategy for your teams and organization. As we prepare to dig deep into the role strategy plays in our leadership lives, spend some time today pondering these questions:
What are the benefits of having a sound strategy?
How do you recognize when your current strategy needs changing?
How do you respond when you come to that realization?
In what ways could you leverage your team and/or your organization’s assets more effectively?
How well are you executing your strategy?
I’ll “see” you tomorrow…and am looking forward to exploring this topic with you over the next four weeks.
*From the Intentional Leadership book by Giant Impact
