The Business Trendsetter Podcast

How Innovators Plan to Succeed

Episode Summary

Exploring how effective innovators like Nvidea integrate strategic planning into daily decision-making.

Episode Notes

Most people think of strategic planning as a periodic exercise, typically done annually (or every 3 years) and reviewed possibly quarterly (or semi-annually.)  It’s almost an activity that is undertaken “just because” but which has minimal impact on daily decision making. 

But successful innovators do strategic planning very differently. They don’t even think of it as an exercise, but a continual process that guides decisions – and investments – in the right direction.  Strategic planning becomes part of the decision-making process, not a relegated activity. 

This podcast not only explains how good innovators use strategic planning, but profiles Nvidea as a best practice, and electric grid developers who are breaking through the regulatory logjam to bring online sustainable energy.  Also we profile how Walmart and Walgreens made bad decisions leading to failed healthcare businesses, and how Elon Musk is making “off the hip” decisions at great peril for Tesla.

Thinking Points:

• Do you have a good future scenario built on trends acting as your strategic guidelight?
• Are you monitoring environmental changes to adust your future scenario and improve decision-making?
• Are you inculcating your strategy deep enough into your management that you can flatten the organizational structure to improve adaptability to market shifts?
• Are you avoiding the role of “chief decision maker” by making sure your management team knows how to make good decisions that will lead to good outcomes – rather than leaning on your “micro-management?”