Leaders always know where they’re going, right? Wrong.
A new survey from global management consulting firm Booz & Company highlights that many executives aren’t feeling that great about the direction of their organizations. With results from more than 3,500 global leaders, including 550 CEOs and 325 C-suite executives, the research shows that many organizations may need to take a step back to evaluate whether the right pieces are in place to pave the way toward success.
Here’s a look at three key findings from the research:
- 64 percent of leaders said the biggest frustration for managers is having too many conflicting priorities.
- 56 percent of respondents said that their company has no allocated resources to truly support their strategy.
- 54 percent of executives do not believe that their company’s strategy will lead to success.
Whether you’re going after new customers to buy your products or looking to attract new members to register for your meeting, senior-level leaders must be able to clearly articulate a vision and the steps that will lead to making that vision a reality. Still, that strategy doesn’t have to be an overwhelmingly big plan. In fact, a simplified strategy that aims to capitalize on what makes your organization unique may be the most effective route to chart the course forward.
“Leaders confirm that performance is best when strategy is built on a foundation of few key capabilities that differentiate their company and create value for customers,” Paul Leinwand, partner at Booz & Company, said in a statement.
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Ultimately, Booz & Company tells its clients that coherence is the key ingredient, and the company defines a coherent company as one that has a “clear set of capabilities that are in line with their strategy and that they use over and over again in their portfolio.”
It’s important to remember that it’s okay to offer that same product or that same course topic more than once. While the meetings industry focuses on innovation, that doesn’t mean that you have to introduce something entirely new year after year. Instead, you can learn what resonates with your audience while constantly adjusting your offerings to stay relevant rather than reinventing everything.
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Want to know how well your company is doing at outlining a strategy and giving employees the tools they need to support it? Click here to take the Booz & Company Coherence Profiler to determine whether you have an effective strategy and the essential resources to back it up.