As I mentioned in our first blog of 2019, The Business Issues People are Thinking About, I spent some
time researching and determining some of the key issues business professionals should be focused on as the new year begins. The first topic is on “The Bigger Picture.” For many years, so-called experts have been focused on making sure leaders and employees within business organizations were focusing on the big picture which is great. After conducting the research, I now believe these same leaders need to go one step beyond that and start focusing on a “much bigger picture.”
What is the Bigger Picture?
Some of the most successful business leaders in the world have been able to create a culture and organizational skill set that help leaders move beyond the details of everyday business to what we call “understanding the system of business.” Understanding the system of business is a process where the interrelationships of the business such as how Marketing drives Sales which drives Operations is known to all and everyone makes the best business decisions to drive success. These skill sets have been primarily driven by enhancing organizational Business Acumen and the trend to keep investing in skills is getting stronger every year which is fantastic.
One of the most interesting things I observed last year while conducting hundreds of Business Acumen learning sessions is that “The Bigger Picture” is all about how organizations efficiently deliver their complete value proposition to their customers. Simply understanding how their company works from a systemic perspective is nice, but’s it’s a fraction of the bigger picture. And because leaders may not be focusing on bigger picture questions about executing the value proposition, many leaders end up feeling frustrated and disconnected; trying to figure out how to deliver without any real strategy to guide decisions in either the short run or the long run. As a result, customers suffer, as do employees. Too often, the “bigger picture” questions are dismissed as being important, but not necessarily urgent. Having a clear understanding of what your value proposition is and who your customers are might be the most important thing you can do to be successful because it helps creates alignment throughout the organization.
The Bigger Picture Takes a Lot of Time and Resources
The easy excuse for many business professionals is to ignore the bigger picture because we lack the time to do it. Clearly defining your value propositions to the right customer segments takes resources and significant time commitments. It’s too easy to just make a product, slap some Marketing on it, and help for the best. But as we know, hope is not a strategy. Building a big picture mentality requires more effort and can be exhausting because you are managing both today and tomorrow.
One of the biggest impediments to seeing the bigger picture is the fact that business professionals don’t know how to prioritize the most important things that drive the business results that support your strategy and shareholder expectations. If you take a look at your “To-do List” right now, I bet you think everything on that list has equal weighting in terms of getting things done and how you are going to spend your time. They don’t! Probably 20% of that list is actually driving 80% of your long-term results.
As a business leader, you need to decode how you are leading and how you are creating an environment for people to do their jobs. The secret is to help everyone see the bigger picture. Here are a few macro questions to think about when getting to the bigger picture:
- If your most important customers were asked to create a “Tweet” about who you are and why your organization exists, what do you think they would write?
- What does your organization deliver to your key customers?
- Why does what you are delivering to your key customers hold meaning in their hearts, minds, and pocketbooks?
- How are your people bringing this value to your customers?
These are all difficult questions and probably can’t be answered easily. Based on our research, interviews and observations of participants learning about Business Acumen, here are some of the answers that will empower your organization to execute your strategy:
Establish Clear and Defined Strategic Limits
Defining what you are is one thing. Defining what you are not is even more difficult. What do you strive not to do such as discount so often? What do you not want to deliver such as customizing every solution to every customer? How do you not behave such as only rewarding innovation in R&D and not in other areas of the business? Establishing clear and defined strategic limits helps gain clarity around who you are to customers and why you matter to them. Establishing clear and defined limits also forces leaders to think through the opportunities and challenges of the choices taken when executing the strategy. This focused, bigger picture clarity can drive the business forward and focus everyone on the important things.
Thinking Strategically through Business Intelligence
Focusing on the bigger picture means thinking strategically with business intelligence. Value propositions, brand strategies, and business strategies are all about seeing the bigger picture and doing the right things to drive performance. In 2019 and beyond, we all know that doing things in the silos of Marketing, Sales, R&D, Manufacturing, HR, Finance, and Operations never creates an impactful and successful long-term value proposition and strategy. Silos are the birthplace of tactical thinking and tactical, small-minded thinking tanks companies and destroys morale. Of course, it is important to pay attention to the details but be careful that you are not confusing details and small thinking.
Listen Early and Often
Many times, seeing the bigger picture requires gaining perspectives that you may not have or even have access to. And it’s clearly not always about what executive and senior leaders have to say and want. Everyone in the business ecosystem of developing and delivering solutions to customers should have a voice. The key to this process is listening. Good alignment demands good listening. Try to create a culture where everyone feels like they have a voice and try to include outside perspectives including existing and potential customers as part of your process. The conversation you think you are going to hear is often not the conversation you actually hear. And that’s a good thing!
It's about the Future, Not About the Past or Present
One of the first things students of business acumen learn is that a stock price is typically not reflective of the past or current, but rather the future. At the end of the day, every leader is responsible for driving their business into the future and that future is dependent upon everyone understanding the bigger picture. A clear vision of the future vision can dramatically increase productivity, results, and shareholder value. And being clear about the bigger picture can also drive innovation and empower the people we are executing the strategy and making your products and services. Getting caught up in the small stuff that doesn’t really matter and getting stuck there is one of the worst things you can do as a leader. Great leaders look back and forward at the bigger picture simultaneously and that capability drives strong results.
