Become More Strategic!

How to Master Strategic Thinking Skills

Soft skills – personal attributes, personality traits and communication skill – are highly sought in the workplace. They characterize how you go about your responsibility and interact with peers. For managers leading their team and organization to success, soft skills are mission-critical.
Soft skills can’t be taught in a class. They are honed through every-day interactions and experience in your personal and professional lives. That doesn’t mean you can’t learn soft skills; it just takes a little self-reflection and a commitment to go outside your comfort zone.
One of the most important soft skills life science leaders can master is strategic thinking – an ongoing, evolving process that defines the manner in which you come to conclusions and make decisions. It is the one’s ability to think outside the box, envisaging new solutions to age-old problems. It allows you to see opportunities that others miss. In a turbulent, competitive market, strategic thinking can give you an edge over the competitors.
In this insight, we explore how to master strategic thinking skills and apply them in business.

The importance of strategic thinking skills
Adopting a strategic mindset is indispensable for executives tasked with increasing profits, delighting customers and retaining talent. To remain competitive, organizations must chart a course in a business environment that is in a constant state of unrest, and be prepared to change direction at a moment’s notice. In addition to the marketplace, companies must be ready to respond to changes in:
• Technology
• Economy
• Consumer behavior

Strategic thinking, done right, encompasses ideation, strategic planning and operational planning to help you reach the most effective course of action for your given situation. It accounts for the “what”, “why”, “how” and “when”. In short, strategic thinking increases your probability of success.

The Benefits of strategic thinking in leadership
Aside from keeping your company on an even keel, mastering the art of strategic thinking maximizes your efficiency and strengths as a leader. It helps you think logically and take the most direct route towards achieving your purpose. Listed below are three additional benefits that result when strategic thinking guides and informs the decisions of you and your team:

1. Open-minded approach. People most often approach a problem with a preconceived solution in mind. This is because this approach worked in similar situations in the past. The life sciences sector is in a constant state of unrest, thanks in part to technological and regulatory change as well as inroads in research. What worked historically not necessarily guarantee success today.

2. Constantly Question. When you think strategically, nothing can be taken for granted. It is characterized by constant change; companies whose leaders have a rigid way of responding to new situations will have trouble staying significant. Seeing beyond the horizon and embracing change maximizes your chance of you and your organization to stay relevant.

3. Comprehension. Strategic thinking requires you to see a problem or situation from multiple perspectives, with the goal of taking the most logical approach that delivers the greatest outcome. The result is a deeper understanding of the problem, one which allows you to assess different solutions and the pros and cons of implementing each.

When you step outside of traditional ways of thinking and problem solving, the result could be rewards that were unachievable due to more limited way of doing things in the past.

Applying strategic thinking in time-sensitive scenarios
While the above steps help you apply strategic thinking to arrive at informed business decisions and strategy, it is not proposed for time-sensitive scenarios where rapid decisions are required. In these circumstances, you will likely have hours, even minutes, to come to a decision that could have far-reaching consequences for the organization.
One needs to focus on solutions, not ideas. Brainstorm as many potential solutions to the problem as you can, then use the PIES framework to prioritize the best. This not necessarily is a formal process. Just be sure to weigh up the probability, impact and ease when deciding which solution to follow. If possible, involve key stakeholders; have them rate each solution with PIES, too.
If the timeline to reach a decision is measured in hours or minutes, one won’t have time to conduct PEST or SWAT analysis. Its best to go with the PIES framework and continue to operational planning; crafting an action plan to deliver your solution in as short a time-frame possible. However, it is worth noting that, by conducting regular PEST and SWAT analysis, when you come to make business-critical decisions, you will already be equipped with the information to help you arrive at an informed decision. It’s best to conduct PEST and SWAY analysis on a quarterly basis.

How to improve strategic thinking skills
The very ability to think strategically is rapidly becoming the deciding factor in who becomes a leader and who remains a follower. The industry is so fast-paced that executives, managers, and entrepreneurs have to take a holistic approach to problem-solving and decision making on a day-to-day basis. Listed below are five ways you can apply strategic thinking:

1. Prioritize tasks – Go over your tasks, decide which ones can wait, and brainstorm ideas you can contribute to the success of your organization. Always action those task that will provide the greatest benefits today, and leave the other tasks for tomorrow

2. Be aware of bias – Everyone has biases but one needs to take charge of your mind by critically examining your thoughts and questioning them. Do you embrace them because they are logical or because they’ve served you well in the past? Admitting to some flawed thinking does not reduce your ability to do your job. On the contrary: it is called strategic thinking.

3. Improve listening skills – Once you accept that your beliefs may contain flaws and how to overcome them, the next step is to actually improve your listening skills. Talk to your co-workers, employees and broader network and let them teach you new ways of thinking. Maintain an open mind, be open to feedback, and evaluate everything you hear.

4. Hone questioning skills – Strategic thinking requires you to question everything you see, hear or are told. This is not the same as being pessimistic: you’re collecting and weighing facts, not dismissing ideas or traditions. Ask if an idea is balanced, with a credible source and any proof to support its value. Taking your time to question something and understand why it is being proposed.

5. Understand the consequences – All decisions have some consequences. After listening to ideas and point of view, consider the potential impact of each one carefully. What are the pros and cons? Which one is most likely to help the organization meet its objective? This step will help one make an informed decision, and over time, making the strategic choice will come naturally.

Mastering the art of strategic thinking will do more than just generating better ideas or improve your decision-making. When you encourage employees to think more critically, you build a framework that makes you a better leader, protects your business from future uncertainties, and gives you a most favorable chance of achieving long-term career success.

Are you a strategic thinker?
The following comparisons of attitudes and scenarios can help you determine your thinking style and identify areas that can be worked upon.
Strategic thinkers:
• Look towards and embrace the future, whatever it may be.
• One must be willing to work hard today to reap the benefits tomorrow.
• Don’t limit yourself to the ‘tried and true’ or ‘best practice’.
• Always assign greater importance to ideas with the greatest impact and return.
• Change the approach to a problem or situation according to circumstances.
• Lifelong learners are actively seeking knowledge and sharing it with others.
•‘Creative’ individuals are the ones who think outside the box.

Non-strategic thinkers:
• Tend to be more reactive: they wait for guidance and rarely present new ideas.
• Are introspective and take keen interest in anything beyond their immediate responsibilities.
• Prefer the status quo and don’t always take the time to think about their long-term goals.
• Usually approach all tasks the same way, without being affected by urgency or its impact.
• Are hesitant about changing their strategy even when doing so could yield way better results.
• Remain content with their current capabilities and are not motivated to learn and explore more.
• Are predictable individuals who choose to follow a set path.

4 Ways to Improve Your Strategic Thinking Skills
Know: Observe and Seek Trends
In order to be strategic, one needs a solid understanding of the industry context, trends, and business drivers. An intellectual appreciation of the importance of bringing in current data and seeking trends isn’t adequate. You also have to:
• Make it a routine exercise to explore and synthesize the internal trends in your everyday work. For example, pay attention to the issues that get raised over and over in your organization and amalgamate the common obstacles your colleagues face.
• Be proactive about connecting with peers both in your organization and in your industry to understand their observations and opinions of the marketplace. Then, share your findings across your own network.
• Understand the distinctive information and perspective that your function provides and define its impact on the corporate level strategy.
Think: Ask the Tough Questions

With a fresh understanding of trends and issues, one can practice using strategic thinking by asking yourself, “How do I broaden what I consider?” Questions are a language of strategy… By becoming more curious, and looking at information from different points of view, you are able to reduce the shortsightedness and see different possibilities, different approaches, and different potential outcomes.
Speak: Sound Strategic
Strategic thinkers know how to speak the language. They prioritize and sequence their thoughts well. They structure their verbal and written communication well that helps their audience focus on their core message. They challenge the status quo and get people talking about underlying theory. The skilled ones walk people through the process of identifying issues, shaping common understanding, and framing strategic choices.
If this sounds complex, but there are ways you can start honing these skills:
• It’s best to add more structure to your written and verbal communication. Group and logically order your main points, and keep things as concise as possible.
• Prime your audience by giving them a heads up on the overarching topics you want to address so they are prepared to engage in a higher level conversation, not just the premeditated details.
• Instead of building up to your main point , Practice giving the answer first

Act: Make Time for Thinking and Embrace Conflict
The quest to build your strategic skills can be quiet uncomfortable. Your vision will be blurred as you manage through the unsettling feelings that come with challenging your own assumptions and gaining comfort with conflict and the curiosity. Once the dust settles, however, and you’re able to contribute at a higher level, you’ll be glad about the fact that you took the risk.

References:

https://hbr.org/2016/12/4-ways-to-improve-your-strategic-thinking-skills