Strategic Myopia.. (Check and Avoid)

Management’s failure to recognize the importance of changing external conditions because they are blinded by their shared strongly held beliefs this can be termed as Strategic myopia. There are various ways by which we can prevent myopia in your personal life and in the corporate life. There are some of the few ways that have been explained below.

·         Ensure costs are understood and under control

Nothing can be achieved unless one understands the cost base so this has to be number one. Once it is analyzed the costs and dealt with any discrepancies, it is important to keep them under control. Also maintain reliable information on projected vs. actual costs and the benefits of any investments.

·         Focus on the customer

 Don’t just consider the company requirements but those that reflect the needs of customer, otherwise the company can become internally focused and the vision can be restricted by the walls of the company.

·         Create and follow a plan

One need to create a plan for the department so can have a direction. Strategic business and plans must be grounded in explicit high priority customer needs and must be aligned.

·         Engage the business

 One needs to obtain and maintain business buy-in and ongoing support. The business should have been working with on the previous steps so there are no surprises. It should be made sure to get board approval, communicate directional changes/issues and keep the board informed and find supporters and nurture them.

·         Cultivate partners and suppliers

 A good supplier strategy can deliver a win-win for both parties. Suppliers can be an asset and a major weapon in the armory. Treat them with respect and make sure they understand the challenges in the industry.

·         Think team

 A motivated, knowledgeable team is a great step to success. Communicate so everybody knows what is happening and what is expected of them. One will be surprised how people react to being treated as responsible individuals.

·         Train the team

 Ensure the right level of skills available to make things happen. Develop a skills matrix based on functional needs and match team’s individual skill levels to the matrix. Use this to highlight deficiencies and determine your training program. Developing people will pay off.

·         Shout about your success

 Let other people in the company and industry knows what is being done. Make sure communication is regular and use every opportunity to talk about the achievements in terms of business benefit.