We gathered with a group of top executives from leading Finnish companies to discuss navigating the perfect storm. We heard several inspiring stories on how to picture your dream and go after it!
Here are the key discussions and learnings, summarized by our three main themes:
“If you want to be alive in the long-term, you cannot be dead in the short-term” – how to maneuver in the perfect storm
In recent years, many companies have naturally focused on profitability, with a short-term mindset. Despite turbulent times, they've managed to reach or even exceed financial expectations, achieving robust profitability. Two key points were discussed:
- In this challenging business climate, maintaining a forward-looking perspective is crucial. It's essential to establish and drive a strong long-term vision, shifting focus from the current offerings to unlocking new growth potential and taking a broader approach to solving customers’ problems.
- Do we have the right mindset and a plan to bounce back for future growth while ensuring continued efficiency? Are we equipped with a resilient plan for resurgence?
Aligning our future vision with our customers' needs is essential for maneuvering the path ahead successfully.
“What got us here, won't get us there” - Picture your dream
Maintaining a broad vision serves as a guiding beacon, especially in times of uncertainty. By focusing on the horizon, we can navigate our own path rather than simply reacting to external factors.
Participants' experience indicates that a bold vision inspires confidence, brings clarity and inspiration, and should clearly communicate the benefits on a personal level. The key is to link the vision to measurable targets and results - that's the trick!
This vision comes alive through a strategic narrative; a compelling story told in simple, everyday language that resonates with everyone involved, both internally and externally.
- Communicate the narrative consistently, using language that resonates with stakeholders.
- Encourage not just external enthusiasm, but also internal commitment. As we put it: communicate until you vomit.
“I have never seen a bad vision” – bridging the gap from strategy to impact
The challenges faced by companies are often similar, especially when it comes to the need for strategic transformation capabilities and effective decision implementation. This tension was sarcastically summarized by saying: "I have never seen a bad vision."
To ensure the successful execution of the strategy, we discussed the following learnings:
- Keep it simple: Focus on three key areas. Three is enough.
- Translate strategic goals into manageable, day-to-day business operations.
- Organize around the strategy to avoid it existing only on paper.
- The true multiplier effect of performance lies in trusting facts presented by data. My data does not care about your opinion.
- Invest in individuals with a business-minded mindset.
Research shows that only 8% of business leaders excel in both strategy and execution. But it's at the very intersection of these capabilities that real impact is created.
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