Newswire: How To Seize the Upside of the Downturn
FINANCIAL TIMES, April 16, 2009: Donald Sull, professor of management practice in strategic and international management, and faculty director of executive education at London Business School, has written a piece for the Financial Times on why some business leaders do better in troubled waters than others. Below you will find a few key points.
- How To Seize the Upside of the Downturn
by Donald Sull, Financial Times
• In a recession, companies can accelerate organizational change, take share from rivals, acquire resources cheaply and outmaneuver rivals.
• Explore anomalies to identify opportunities. Unexpected events signal a gap between strategy and competitive realities. By exploring anomalies, managers can spot opportunities others miss.
• Collect “Rush” data – information that is real-time, unfiltered, shared across the organization, and holistic enough to provide a multifaceted view of a complex situation – to spot threats and opportunities.
• Be agile. Rather than trying to predict an unknowable future, build an organization capable of seizing unexpected opportunities as they arise.
• Execute by commitments. At its heart, an organization is a dynamic network of commitments up and down the chain of command, across units, and to external stakeholders. Cultivate and coordinate commitments to execute in a systematic way.
• Use simple rules for a complex world. Rather than match market complexity with complicated strategy, apply a small number of heuristics to critical processes.
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Posted by Michael McKinney at 07:02 AM
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