Companies tend to respond to intensifying competitive pressures and challenges by asking more and more of their often already overworked employees. However, with alarming frequency, all these well-intentioned initiatives don’t appear to add up to corporate success.
Leaders can address this problem by simplifying strategy—that is, selecting fewer initiatives with greater impact. This value-based strategy gives executives a holistic view of the many activities taking place within their organizations. A strategic initiative is worthwhile only if it does one or more of the following: creates value for customers by raising their willingness to pay, creates value for employees by making work more attractive, or creates value for suppliers by reducing their operating cost.
Read more from the source Harvard Business Review: Eliminate Strategic Overload
Selecting fewer initiatives but driving larger impact – it’s an interesting approach.