Strategic Thinking

It all starts with an idea and the idea becomes a product and a start-up takes shape, everything  from scratch is built based on founder/founders ability to strategically think and make decisions. As we keep advising our start-up’s, they often need to define a purpose, set goals and change gears based on the scale they are trying to achieve. For some product-market fit is an overnight process and for others it is a month or year long experimentation, but the larger purpose will always remain intact. Window of opportunity is very limited &  when stakeholders, investors are at the table, and the race is truly is to scale up. In these times strategic thinking becomes primary and that’s when many founders often hit a wall. In order to overcome the wall founders often need to develop “Strategic Thinking”.

First, WHAT is STRATEGIC THINKING ?
Strategic thinking skill is a skills that enables you to use critical thinking to solve complex problems and plan for the future. These skills are essential to accomplish business objectives, overcome obstacles, and address challenges—particularly if they’re projected to take weeks, months, or even years to achieve.

• Analytical skills : To ideate a strategy that helps your organization reach its objectives, you must be capable of analysing a variety of inputs—from financial statements and KPIs, to market conditions, emerging business trends, and internal resource allocation. This initial analysis is crucial to creating a strategy that aligns with the current reality facing your organization.
   
• Communication skills : Putting a strategy into place for your company, regardless of its size, requires solid communication skills. The ability to communicate complex ideas, collaborate with internal and external stakeholders, build consensus, and ensure everyone is aligned and working toward shared goals are all central to strategic thinking.
   
• Problem-solving skills : Strategic planning is often used to solve problems or address challenges, such as missed financial targets, inefficient workflows, or an emerging competitor. Implementing a strategy that addresses the central challenge you face requires you to first understand the problem and its potential solutions. From there, you can craft a strategy that solves it.
   
• Planning and management skills : Strategy isn’t just about thinking of a solution—it involves implementation, too. Once data has been analysed, the problem is understood, and a solution has been identified, you need strong planning and management skills to bring everything together.

4 Step Guide to improve YOUR STRATEGIC THINKING SKILLS

1. Ask Strategic Questions : One of the simplest things you can do is ask more strategic questions. Doing so allows you to exercise your planning skills, become adept at spotting opportunities, and develop a more strategic mindset you can leverage throughout your career.
    
2. Observe and Reflect : When you observe and reflect on your current situation, ensuring any strategy you conceive is grounded in facts. Instead of blindly following an assumption, gather as much information as possible to use when crafting your strategy.
   
   Understanding why new customers are attracted to your product can enable you to tailor your marketing strategy and product development to better embrace their needs.
    
3. Consider Opposing Ideas : Once you’ve landed on a strategy that can help your organization reach its goals, question your assumptions, and put your hypothesis through rigorous testing. By doing so, you can ensure you’re not overlooking another possibility. Playing devil’s advocate with your ideas can allow you to pre- emptively identify weaknesses in your argument, and equip you to defend your strategy when others ask questions. It can also help you sharpen the logic skills you need to communicate and execute your strategy.
    
4. Embrace Formal Training : By practicing the methods described above, you can improve your strategic thinking skills at your own pace. However, there are other learning options you can pursue. If you need to quickly ramp up your strategy skills—to address a pressing need your organization is facing, position yourself for a new role, or finally launch your own business—formal training might be your best option.