Top Problems in Business? Nothing New!
I recently collected input from 25 business owners and CEOs on the top problems that they are experiencing in their organizations. Now I understand we've all been impacted by the Covid response, but that aside it seems the more things change the more they stay the same.
Problems reported are all too familiar.
The two that I' d add are Strategy development and strategy execution. Both of these done correctly will address all of the above.
My experience working as a consultant for the past 16 years, and as a CEO for 15 years, most leaders, myself included in my past life, try to address these issues as separate items. They try to apply a patch, when's what's really needed is an overhaul.
I've heard all of the excuses for not developing a strategy. But people fail to recognize the value of strategic planning isn't in the document, it's in the planning process. Understanding your organization and all of its interfaces both internal and external is critical. Being challenged on your assumptions about what you discover, can be painful but provide significant value.
But even that value is of little help without execution. My practice started out with turnarounds and moved quickly to strategy development and execution to minimize the need for turnarounds.
I welcome your comments on the study and would be anxious to hear what I'm missing.