Biggest challenges facing CEO During this COVID-19 period

I recently led a weapon aren’t strategy and innovation for chief executive magazine and 300 CEOs throughout the program I use polling questions to gauge their perspectives on 3 strategy topics and wanted to share the results with you question one how often do you and your team meet to update your strategies an overwhelming majority of the CEOs 83.6 percent said they meet 0 to 4 times a year to update their strategies with nearly half 42.3 percent meeting only once or not at all research by McKinsey is showing that the number one driver revenue growth is the reallocation of resources throughout the year from underperforming initiatives to ones with greater success the reallocation of resources that is critical to success simply won’t happen if leaders are meeting on a periodic basis to make these types of decisions I work with dozens of companies to implement strategy tune up sessions to provide the leadership teams with a concise yet comprehensive forum to review goals objectives strategies tactics and metrics how often is your leadership team meeting to discuss strategy separately from budget operations and tactics. Question 2 what’s the top strategy challenge your company faces. The number one challenge see cited is being reactive and tactical at 33.9 percent. She always placed a high value on those managers that don’t react like a bumper car to everything that comes their way. Instead of vaulting into action with each new factor strategic managers are more likely to say let’s stop and think about that a freeze is simple as this triggers people to avoid reactive behavior and consider their options before acting. The second strategy challenge identified by CEOs is discipline to commit time at 22.6 percent with the increasing pace of business it’s difficult to jump off the activity treadmill and spend quality time thinking about the business in my experience as a strategic advisor to senior leaders I found that unless leaders willing to carve out both group and individual think time on their calendar it won’t happen the average she only spends about 11 percent of their time alone thinking about the business the cultural trap is that of the CEO and other senior leaders don’t invest time thinking no one else will the third strategy challenges a lack of alignment on strategies 18.3 percent in companies of all sizes silos are established inhibiting the flow of communication in insights across various functional groups and levels one of the primary roles of leaders today is to bring people together on a regular basis to discuss business issues and understand how they can support one another a key element of this task is to become aware of others priorities and share your priorities in order to find common ground for strategy alignment. Question 3 what is the percentage of managers in your company that are strong and strategic thinking. A whopping 81.4 percent of CEOs indicated that less than half of their managers are strong strategic thinking when you consider that the number one cause of business failure is bad strategy having a vast majority of managers that are not strategic put your company at a much higher risk of becoming obsolete it’s no coincidence that CIOS said their number one strategy challenge is being reactive and tactical when so many of the people that report to them are not strategic thinkers. And leading strategic thinking workshops around the world I see managers increase their strategic thinking capabilities more than 30 percent by learning the fundamentals of strategy and how to apply to their daily work. CEOs realize its strategy is a key component of their company’s long term success what is these results show not all CEOs are committed to our disciplined approach to transforming strategy from an annual dog and pony show into daily activities behaviors and habits. These are the CEOs who will have the word former inserted at the front of their title sooner rather than later to explore more than 200 resources to develop your strategic thinking and planning capabilities visit strategy skills.com.

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