Are you a tactical or strategic thinker? Writing for the Harvard Business Review, Rich Horwath, founder and CEO of the Strategic Thinking Institute, uncovers three core behaviors of a strategic thinker.
1. Acumen
Acumen refers to a person's "ability to understand a situation, generate new ideas to move from the current to desired future state, and solve challenges to create new value," Horwath writes.
Acumen is comprised of three things:
In order to evaluate you level of acumen, Horwath recommends asking yourself three questions:
2. Allocation
According to Horwath, strategic thinkers will set goals, distribute their resources, recognize the potential risk of making certain decisions, and develop advantage by offering superior value. The primary driver of this effectiveness is where you invest your resources and requires three components:
To assess whether you're an effective allocator, Horwath recommends asking three questions:
3. Action
Preparing a strategy is just the first step, but how you implement that strategy is what determines your success. It requires the ability to collaborate with others, execute strategies, and optimize your own personal performance, Horwath writes.
Verbal, visual, and written communication skills are key to a successful collaboration, Horwath writes, as is the ability to listen without judgment because it allows to you have an open mind that's receptive to new and different ideas.
Executing strategies involves applying resources in a disciplined way in order to achieve your goals and requires focus as well as discipline to fight against interruptions or other distractions.
Optimizing your personal performance involves how you steward your time, energy, and mindset in pursuit of your goals, and requires flexibility to adapt to changing circumstances, as well as mental agility to overcome challenges.
In order to assess your action skills, Horwath recommends asking three questions:
"When we define strategic as possessing insight that leads to advantage, we can then begin to assess our own strategic fitness level," Horwath writes. "Acumen, allocation, and action — the ability to think, plan, and do — are what separate strategic thinkers from the rest, and they are behaviors that can be learned and applied to create superior value. While beauty may be in the eye of the beholder, strategic is in the behavior." (Horwath, Harvard Business Review, 11/8)
By Shay Pratt and Vidal Seegobin
In today's rapidly evolving healthcare industry, strategic thinking plays a vital role in driving success. HBR developed a framework of three core competencies that every strategist should have. While these core behaviors are evergreen, we have noticed that the best healthcare strategists all possess three distinct competencies critical to making sound strategic decisions in healthcare settings.
1. Understand your consumers
Understanding consumer needs and preferences is essential for healthcare organizations to improve their services, win new patients, and retain existing patients. Precise consumer insights separate moderately accretive strategy implementations from those that make a true impact to patient care.
Healthcare is a complex market, and our understanding of consumer choices and tradeoffs can be biased by our own expertise. One particularly helpful tactic is real patient journey mapping to see what "on the ground" choices and behaviors look like, then, evaluating how you want to influence that real-world experience.
We've identified six key drivers that are shaping consumer preferences and behaviors across the industry. Read our insights to help your organization think about the present and future of consumerism.
2. Conduct effective scenario planning
The healthcare industry is ever-changing — and stakeholders must be prepared to handle shifting dynamics and uncertainty in the market. Scenario planning enables organizations to anticipate outcomes and prepare strategic responses to a range of future scenarios.
Healthcare stakeholders like to minimize risk and uncertainty. We find that a two-step process with multiple rounds of "if x, then y" brainstorming, paired with the ideal response for each situation, gives leaders a wider range of scenarios to evaluate AND clearer insights into which responses are most useful.
By considering a range of possible outcomes and their potential impact, strategists can converge on the most probable future and ensure that they are designing strategies based on what the market will look like tomorrow — not what it looks like today.
Is your organization equipped to make strategic, forward-thinking decisions? Our scenario planning workshop guide walks through an exercise to help teams brainstorm responses and prepare proactive and responsive strategies to market changes.
3. Practice thoughtful decision leadership
Even the strongest, most compelling strategic decisions will fail if stakeholders aren't aligned on purpose.
Strategists often face the daunting task of convincing individuals across diverse job functions of the soundness of decisions and securing their active participation in implementation. To reach a desired outcome, strategists must practice effective decision leadership, which involves several skills:
Healthcare can be very consensus driven — and hard choices require tradeoffs and loss. To help address those concerns head-on, all decision walkthroughs should be clearly oriented around the impacts and implications for each stakeholder you address.
Use our guide at your next strategic planning retreat to help foster these critical conversations and leverage the collective expertise of all participants.
Create your free account to access 1 resource, including the latest research and webinars.
You have 1 free members-only resource remaining this month.
1 free members-only resources remaining
1 free members-only resources remaining
You've reached your limit of free insights
Never miss out on the latest innovative health care content tailored to you.
You've reached your limit of free insights
Never miss out on the latest innovative health care content tailored to you.
This content is available through your Curated Research partnership with Advisory Board. Click on ‘view this resource’ to read the full piece
Email ask@advisory.com to learn more
Never miss out on the latest innovative health care content tailored to you.