It's common for businesses to have a robust and visionary strategic plan meticulously crafted by their internal teams. These strategies often capture the essence of a company's ambitions, mirroring the best version of its future.
But the critical question is, how do we bridge the gap between this strategic vision and the day-to-day operations? How does a strategy get distilled into actionable tactics?
That's where the need for an external perspective can become invaluable.
Fresh Eyes on Familiar Problems
When an organization has been pondering a challenge for a long, it can fall prey to tunnel vision. The advantage of a third-party professional is their ability to provide a fresh perspective, unclouded by organizational biases. They can pinpoint issues or inefficiencies that might have been overlooked by those too close to the situation.
For Example, consider Kodak, which once dominated the photography market. While they recognized the potential of digital photography, their internal biases towards film hindered their adaptation. A third-party viewpoint could have provided a more objective perspective on the rapid market changes.
Objective Accountability
An external resource is free of internal politics or the history of past decisions. Their primary goal is to offer solutions that align with the company's objectives. This objectivity can be an essential catalyst for making difficult yet necessary decisions.
According to a study by the Harvard Business Review, companies that sought external consultants for their strategic changes were 35% more likely to report successful implementations than those that relied solely on internal teams. External objectivity aids in bypassing internal politics and biases.
Bridging the Strategy-Tactic Divide
The most significant gap in any strategic plan is its translation into actionable tactics. This process requires a unique skill set – thinking strategically and operationally. Third-party professionals often bring this expertise under their varied experiences across industries and projects.
For Example, Netflix's pivot from DVD rentals to streaming was a significant strategic move. They consulted extensively with external tech experts and market analysts to translate this strategy into a scalable streaming platform, which now boasts over 200 million subscribers worldwide.
Knowledge & Best Practices
The world of business is continually evolving. Externals often have their fingers on the pulse of the latest trends, technologies, and best practices, enabling them to recommend state-of-the-art solutions that internal teams might still need to be aware of.
PwC's Global CEO Survey found that 56% of CEOs consider leveraging external partnerships crucial to gaining access to essential skills and competencies, a testament to the value of external knowledge in modern business.
Empowering Leadership
Sometimes, even seasoned leaders can feel overwhelmed when translating a lofty strategy into ground-level tactics. External experts can act as sounding boards, guiding leaders through this daunting process and empowering them with the confidence to lead their teams forward.
For Example, After the Deepwater Horizon oil spill in 2010, BP sought external assistance to revamp its image and operations. Third-party experts helped BP devise and implement rigorous safety protocols and a PR strategy to rebuild trust, eventually recovering their stock price by nearly 50% within a year.
While an organization's internal teams play a vital role in crafting its strategic vision, the subtle blend of this inner knowledge with external expertise can make a strategy come alive.
To those in leadership positions feeling the weight of turning vision into reality, remember that seeking help isn't a sign of weakness. It's a testament to your commitment to realizing your company's potential.
To professionals reading this on LinkedIn and elsewhere, whether you're a leader in your organization or someone striving to make an impact, remember that internal and external collaboration can be the key to unlocking profound success. If a strategy is a dream, then tactics are the steps that bring you closer to it. Be bold and take those steps with a guiding hand.
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