Publicly traded companies are required by law to publish financial reports – the Income Statement, Balance Sheet and Cash Flow Statement. They must be provided to the public on a quarterly and annual basis. This requirement enables shareholders and prospective investors to monitor companies and assess their investment-worthiness. While the information provided in publicly available financial reports contains details that might intimidate a novice reader, they are, in fact, a summary of a company’s performance. To truly monitor financial performance, a company will maintain a second set of reports – with much greater detail – that are used internally to truly understand how it’s doing.
The transition to virtual work in 2020 was a grand and, for many companies, a successful working experiment. Now we are about to engage in another grand experiment: the transition to hybrid work.
What is Strategy Execution? We’ve all heard the term strategy execution many times. It’s bandied about by management consultants and leadership gurus, but what exactly is meant by it? Let’s begin with a definition and then consider the skills and behaviors required to do it well.
Over the past fifteen years, I’ve led dozens of simulation-based workshops focused on executing strategy. I’ve learned much from the hundreds of leaders I’ve had the pleasure of teaching. But if there’s one thing I’ve learned – and one universal truth – that is common among the many companies with whom I’ve worked, it’s that there are “more good ideas than resources available to pursue them."
We are living and working in extraordinary times. It’s safe to say that business leaders at all levels and across all industries have been tested – and will continue to be tested – unlike any other time in their careers. Navigating through the turbulence created by the Coronavirus pandemic requires two important leadership traits: competence and courage.
If there was ever a time a company and its leaders need deep financial acumen it is now. Many of us have experienced periods of financial turbulence in our lifetimes. Black Monday on October 17, 1987, the aftermath of September 11, and the Global Financial Crisis of 2007 and 2008 are some of the more memorable. But these events, as extreme as they were, pale in comparison to the current Coronavirus pandemic.