The practise of strategic thinking is not new, and it plays a significant role in the economic world. The Arthashastra, written by Chanakya in the second century BCE, is among the oldest known treatises on political, economic, and military strategy. It’s incredible how many ideas that were established so long ago are still applicable now. If your workday is anything like mine, you most likely have to make decisions that range in complexity.
The process of making decisions can be facilitated by strategic thinking. At its most basic, strategic thinking in the workplace is developing a business strategy that allows us to achieve our objectives, even if they are lofty ones, while taking into account all pertinent variables that might have an influence on advancement.
Successful business executives today and military strategists of the past may both teach us a lot about thinking strategically to challenge the status quo. The Greek term “strategos,” which meaning “general,” or one who leads an army, is the source of the English word “strategy,” which has its roots in military and war-related planning. Like a general preparing for combat, we should also establish a plan of action that takes into account several possible outcomes. This will increase our chances of victory by addressing a variety of scenarios that may arise.
Setting a goal, which is frequently aspirational, that we want to strive towards based on a long-term future vision is the first stage in the process of strategic thinking. It’s important to remember that strategic thinking differs from tactical thinking and to avoid the temptation of focusing just on the present. We can be sure that every effort is directed towards achieving the final objective when it is well defined. We’ll stay one step ahead of the competition thanks to this.
Walmart has demonstrated how to accomplish it. Their aspirational objective is to provide the best pricing wherever, at any time. They carved out a position for themselves in the very competitive retail sector by strategically combining cheap prices with excellent customer service, all the while maintaining relatively modest net earnings. They were successful in establishing a devoted following of clients who knew they would always provide the finest deals together with top-notch service.
The creation of an action plan is the following stage. Every activity in each of the plan’s several phases should be in line with the main objective. With the enormous advancements in technology, we have a wide range of strategies at our disposal that we may use. We must closely monitor every aspect and ensure that every move in our strategy is in line with our objective. This will allow us to keep moving forward in the right path and, in the end, accomplish our objectives.
Steve Jobs demonstrated that Sun Tzu’s advice from “The Art of War” applies to the business world just as much as it did in the original setting when he declined to engage in a price war with the competitors. Apple had the technology to compete as smartphones gained popularity. Steve Jobs, however, deliberately devised a course of action that required them to carry on advancing the technology. Jobs ensured that Apple products prioritised the needs of the user, maintaining a sleek yet sophisticated design to build a devoted following over time.
Seldom does life turn out the way you plan. Despite your best efforts, a number of factors—many of which you cannot control—inevitably effect the results. The corporate world is much the same. Anticipating potential obstacles and being ready with suitable solutions to tackle them is a crucial component of strategic thinking. Additionally, we now have access to technologies that may help us make sense of the enormous amounts of pertinent data that are readily available. This can provide us a benefit that improves our capacity to recognise possible problems and help us make more intelligent judgements. Making strategic decisions has changed the trajectory of numerous businesses.
Starbucks is one business that took on unanticipated obstacles head-on. They overcame a significant setback they experienced a few years ago by applying strategic thinking. When they entered the entertainment sector, they attempted to diversify at the time by putting less emphasis on the “coffee” element of their business. The leadership turned to the principles of strategic thinking as sales declined and their share values crashed. After that, they went back to their original plan and spent time and energy educating their employees to put their renewed emphasis on “coffee” in front of clients.
Everyone can clearly see how strategic thinking has a good influence. Companies like Apple, Starbucks, and Walmart are a few that have effectively employed strategic thinking to accomplish their objectives. It is undeniable that strategic thinking has amazing power. You too may reap the rewards of strategic thinking by making well-informed decisions that advance your objectives. I hope you have even more strength to follow in Chanakya’s footsteps of prudent decision-making, to aim high and enjoy the fruits of strategic thinking.