Strategy Insight

The process of determining the strategy to address your vision begins with understanding the changing patterns in the world.

In his book, “Know-How,” Ram Charan invites the reader to look at these patterns and investigate the impact these changes might have on the opportunities that surround us. There are seven questions that he invites his readers to answer:

1. What is happening in the world today? The most significant trends tend to cross borders (the global financial crisis, shifts in foreign investment, terrorism are example) and industries.
2. What part of my frame of reference has worked for me? What hasn’t worked for me? This is tantamount to asking what has surprised me and why was I surprised. By addressing these questions, one becomes more sensitive to looking at other possibilities and in other areas.
3. What does it mean for anyone? It is important to know how other industries will respond to emerging trends as they might allow for a unique capability within your own industry.
4. What does it mean for us? Answering this question enables you, as a business leader, to identify what new opportunities these changing patterns will create.
5. What would have to happen? Answering this question allows you to identify a necessary next step that would create a new opportunity.
6. What do we have to do to play a role? This tells us what we might have to communicate, organize, market, develop (including skills) etc.
7. What do we do next?

By answering these questions, one frequently sees opportunities that may be capitalized upon.

This entry was posted on October 5, 2008 at 3:27 am and is filed under Strategy. You can subscribe via RSS 2.0 feed to this post's comments.

Tags: Charan, Know-How, Ram Charan, Trends