strategic planning.
The Difference Between Strategic Thinking and Strategic Planning
By: Tom Cramer
Strategic Thinking and Strategic Planning are related concepts, but they have distinct differences. Let's explore each of them: 1. Strategic Thinking: Strategic thinking refers to the cognitive process of developing insights and envisioning the future direction of an organization. It involves the ability to analyze complex situations, understand the broader context, and identify patterns and trends. Strategic thinking requires a big-picture perspective and the capacity to think critically and creatively about the organization's goals, challenges, and opportunities. Key characteristics of strategic thinking include: a. Visionary outlook: Strategic thinking involves imagining and articulating a compelling …
Heading Into the Wind
By Tom Cramer
When the commander of an aircraft carrier gets the order to launch his planes, he immediately checks with his navigator to determine his heading. He then turns his ship so that he is fully heading into the wind so that his pilots will have the best chance for a successful launch. The View from the Cockpit In one of our earlier posts, we spoke of looking at your position as sitting in the cockpit. It is worth returning to that aviation metaphor to review the mindset of flying off into the wind. It …
Who’s in the Cockpit? (Part 3)
By: Tom Cramer
In our earlier discussions concerning the modern C-Suite, we discussed in Part One the evolution of the leadership roles of senior corporate executives. We looked at several of the key functional areas of leadership in Part Two. Adapting Your C-Suite to Reality We fully understand that many of you read those articles shaking your heads a bit, thinking how wonderful it would be to have a full team of professionals helping you fly your plane. It is a simple fact that for smaller and middle-sized businesses, the senior leadership is often …
Who’s in the Cockpit? (Part Two)
By Tom Cramer
As we discussed in Part One of this series, the role of and the makeup of the C-Suite is constantly evolving. The basic needs of leadership and technical specialties and skills are increasingly essential to survival and success. However, the ability to respond to a changing business and work environment is more vital than ever. One empirical proof of this aspect of the change in the C-Suite is the job descriptions provided to executive search firms for various C-level executives. The experience and skills are still listed. Increasingly, those will be almost …
Who’s in the Cockpit?
Part One In just over a century the field of aviation has evolved from near-reckless adventurers flying rickety single-seat planes by “the seat of their pants” to incredibly sophisticated behemoths flown by professional crews following rigorous procedures. This evolution has made flying one of the safest modes of transportation in history. Likewise, in just over a century the world of business has morphed from small businesses run by entrepreneurial individuals seeking to eke out a profit in their own little niches. Today we see the mega-corporations managed by professionally trained executives following disciplines that utilize …
Valuation: What is it? & Why is it Important?
By Tom Cramer
Sports serve as a frequent metaphor for business, and that concept is particularly relevant in one key aspect. In the final analysis, it is all about the points on the board. It is not about trying or effort or intention, it is about the balance sheet and the valuation your business will support. These are the concrete metrics that reflect the end results of all your efforts as a founder and as a manager. Providing a Baseline Most business owners and managers understand what a balance sheet is from a technical, accounting perspective. …
Your Exit Strategy: Accidental or Purposeful?
By Tom Cramer
Failure in business is a part of the free enterprise system, and it is often beyond one’s control. Changing economies, hyper-competitive, disruptive technologies, and other factors often bring about unanticipated challenges and difficulties. While effective planning and strategic oversight are just a few of the factors to help anticipate these threats, they are often not enough. Planning for Success or Failure However, the exit strategy you adopt and work towards should never be left to circumstances. Waiting for a heart attack or a disruptive market player is not choosing an effective exit strategy. One of …
Understanding Your Supply Chain: Why it Matters
By: Tom Cramer It was only less than a couple of years ago when almost no one had heard the term “social distancing” in the pre-covid world. Likewise, only a small fraction of owners of SMEs had heard the term Supply Chain other than in a passing reference to other issues. This description of global logistics was reserved for specialists in most cases. No Longer an Abstract Concept Professional military planners have long focused on supply and logistics as keys to their success in battle. However, most business people in small to mid-sized businesses in the …
