Further information on:
“How do I get a compelling growth strategy?”
#4 is Acceptable: Hire a VP of Strategy.
Hiring a VP of Strategy, is an acceptable option. He/She will hopefully create the internal processes needed to develop a fact based strategically focused growth plan. There are two ways to accomplish this. Approach #1 involves the new VP locking herself away to perform the research and conduct the analyses necessary to develop a plan. Unfortunately, once again, it is not the plan of the implementers, so we know the plan’s fate. Approach #2 involves the new VP attempting to engaging a broad range of resources across the company. However, resentment quickly develops as departments ask: “Why did we hire a VP of Strategy if my people are being “loaned” to the new high-priced executive?”
Moreover, when the strategy is complete, if it is worth anything, it should not be changing substantially every month. It should have some stability so that it can get implemented. So what do you do with the high-priced VP of Strategy for the 12 to 18 months after you have the strategy?
You have installed
a permanent solution to a temporary problem.