Strategy, as a concept, comes in various formats and flavors, just like the culinary world offers a spectrum of dishes prepared with different techniques and time frames.
However, the way strategy is executed in a leisurely setting, such as a strategy engagement, is vastly different from how a CEO must make strategic decisions when faced with time constraints.
Let’s use the analogy of preparing different foods to explore the distinction between various approaches to strategy.
We'll also highlight the crucial role of quick decision-making in the fast-paced corporate world, emphasizing that while the ingredients and cooking technique may vary, the essence of strategy remains constant.
The Culinary Analogy
Consider the diversity in food preparation techniques.
Some dishes, like slow-cooked brisket or French cassoulet, require several hours or even days to attain perfection.
On the other hand, fast food options like New York hotdogs or tacos from a food truck are quickly assembled and served.
Despite their varying preparation times, they all serve the same purpose - to nourish and satisfy.
The lesson here is that different types of food can address the same fundamental need, even if they differ in taste, appearance, and preparation time. The same principle applies to strategy.
Diverse Approaches to Strategy
The world of strategy encompasses a broad spectrum.
Strategy consultants from renowned firms like McKinsey and BCG, with the luxury of time and manpower, can meticulously craft strategies that capitalize on their unique assets and capabilities.
Their approach to strategy resembles the slow-cooked brisket - methodical, thoughtful, and time-intensive.
In contrast, CEOs, often operating in high-pressure situations, need to make quick decisions, akin to grabbing a hotdog from a street vendor.
When a CEO finds themselves in a situation where immediate action is imperative, they can't afford the luxury of weeks or months to develop a strategy.
The CEO's approach, while still strategic, is characterized by rapid thinking and quick decision-making, tailored to the urgency of the moment.
Rapid Strategy in the Corporate World: Real-World Decision-Making
In the real world, strategy is not just about numbers; it's about getting things done and ensuring the survival of the organization.
In many high-stakes events, time is of the essence. There's no room for delaying the decision for weeks of analysis. The CEO must make decision promptly.
In times of crisis, slow responses from a CEO could even project an image of indecision and unpreparedness. Badly damaging!
Often, CEO needs to make a judgment call. Even if it’s not perfect, it is better than get paralyzed by analysis and do nothing.
This is why in the real world, CEOs must apply logical thinking and critical problem-solving skills without the luxury of extensive data and analysis.
But does this mean the prompt strategy made by the CEO is ineffective?
Not necessary.
Fortunately, this kind of rapid strategy can be effective too.
This is because CEOs often have a rough understanding of the numbers and trust their intuition to navigate complex situations.
You can afford to skip the detailed analysis because you know your numbers, your products, your customers, and your competitors.
When you know your business well, you can seize the moment and making effective strategic decisions in the heat of the battle, over a lunch or coffee meeting if necessary.
In conclusion, the analogy of food preparation highlights that strategy, like food, can take various forms, each tailored to the circumstances at hand.
The slow-cooked brisket approach of strategy consultants has its place, but so does the quick and decisive style of a CEO.
Strategy is adaptable, and the ability to make rapid, informed decisions is a hallmark of effective leadership in the ever-evolving and fast-paced corporate world.
In essence, strategy may have different flavors, but its ultimate purpose remains the same: to lead an organization towards success, regardless of the recipe and time constraints involved.
If you have any questions about Rapid Strategy, please feel free to reach me at Marvilano@Marvilano.com
If you have the luxury of 6-8 weeks to design your strategy, and want to develop it yourself without hiring a consultant, check out my Rapid Strategy Deployment course.
For more free resources on strategy, please visit my blog here.
Alternatively, I also offer the Smart Cost-Cutting course.