29 September 2017 | By Karin Feteris |
Dr. Ron Meyer was invited by BDO Scope Magazine to share his perceptions on new ways to formulate strategy in turbulent times. Read below his thoughts and recommendations:
‘The accelerating pace of technological change has made it very difficult for companies to formulate a business strategy. The classic top-down approach is no longer adequate. More executives also realise they can no longer leave strategy development to external consultants but have to do the job themselves. Ideally it should now be a continuous process in which a leader should involve as many employees and managers as possible. If they’re given the opportunity to implement the business plans, they will be much more engaged and there will be a greater chance of success.
‘Due to the acceleration of new, disruptive technologies, the most you can do in formulating a strategy is indicate a direction rather than specify a concrete end point. Could this have a paralysing effect? You can avoid this effect by remaining agile while accepting that you can never predict which technology is going to “win” and that you may sometimes get it very wrong. In 1995, for example, Bill Gates said the internet would never be a success. Today’s business leaders need to let go of their mechanical approach to governance and strategy development.’
Prof. Ron Meyer
Director of the Center for Strategy & Leadership
Professor of Strategic Leadership at TIAS School for Business and Society.