As a leader, you must undertake many roles to drive your team towards success.
You need to have the communication skills to keep everyone on the same page and the creative skills to come up with new ideas, but you also need to have a good range of strategic skills if you want your team to stay ahead.
Developing your strategic skills is an essential task for anyone who sees themselves managing teams in the future. Strategic planning helps you plan for the future, come up with attainable goals, and overcome challenges that your business encounters – and as a manager, you have to lead on all these things.
What is strategic thinking?
Strategic thinking is a term that encompasses all the skills a manager needs to solve problems and plan for the future.
It refers to the skills that will help you overcome obstacles, achieve your business objectives, and address any challenges that come your way.
There are four main parts to strategic thinking that all managers should consider:
Important strategy execution skills
If you want to take your business to the next level, you’ll need some of these critical strategy execution skills.
Every decision you make as a manager involves some risk, with some courses of action being higher risk than others.
But knowing which risks to take and which aren’t worth it is an integral part of your role as a manager, especially when it comes to strategy execution.
In any decision you make, there are three main types of risk that you must consider:
When making decisions and implementing your strategy, you must consider the likelihood of these risks causing an issue.
Any new strategy involves a lot of change, so having the foresight to know what kind of risks you may be coming up against is an essential consideration for all leaders.
2. The ability to delegate effectively
You cannot do everything yourself when you’re implementing a new strategy. It would help if you delegated some of the tasks to other employees.
As a manager of a team, you should already have a good understanding of your team’s strengths and weaknesses. You should understand who is best at what and assign people to rewarding tasks aligned with their roles.
Managers should aim to give their employees tasks that provide them with control, influence, and accountability – you should always be there to support them if necessary, however.
3. An understanding of the 4 P’s of strategy
When it comes to strategy, there are four P’s that demonstrate the primary purpose of design in a business, which are:
It would help if you outlined every strategy using the four P’s, as this will help you better communicate with employees and execute your strategy effectively across different channels.
4. Creating value beyond financial performance
Creating value for your business is not about improving sales and maximizing profit. It can be much more.
Intangible assets like brand loyalty, customer relationships, research capabilities, employee satisfaction, etc., are essential measures of value to which all companies can pay attention.
The most successful leaders can create strategies that balance profitability and non-financial value. It’s often the things that can’t be measured in financial terms that can make or break a company – such as public opinion, customer satisfaction, or employee motivation.
How can you improve your strategic thinking skills?
If you’re a manager that’s hoping to improve their strategic thinking skills, here are just a few things that you can do when it comes to generating and implementing your company’s next strategy:
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