LCP LCP LCP
Skip to content

Thinking Strategically Markets and customers are rapidly evolving in the financial services industry. With a business imperative to stay relevant and competitive, leaders are challenged to make day-to-day decisions that will align with the strategy and drive business results. A clear strategy doesn’t mean an inflexible one. Quite the opposite. Clarity enhances flexibility – a concept that is counter-intuitive and yet easily understood after experience and reflection.

Recent global participants from a Fortune 100 financial services company shared their insights about strategic thinking in their roles after completion of an Insight Experience simulation:

Understand the whole business system. Understanding the systemic cause and effect relationship in the business helps leaders anticipate the multiple, consistent decisions necessary to support a strategic move. For example, failure to align operating decisions with sales forecasts can result in disappointed customers or unexpected capital requirements. Coordination and consistency across the business is necessary and supported by a clear strategy.

A clear strategy enables decision making across a diverse team. As time to market becomes increasingly important, the ability to make thoughtful decisions in a short period of time becomes a competitive advantage. Faster decisions create more flexibility to pivot with market changes.

Make small bets. In a rapidly changing environment, what worked yesterday won’t necessarily succeed tomorrow. Some leaders avoid making decisions or “bets” - it feels too risky. However, by making small bets, organizations can remain flexible and gather much-needed data on how the market is responding and changing.

Create a feedback loop. Decide how to frame the strategy early on, then monitor the critical metrics that will help refine the strategy. Business results are feedback from the marketplace. Feedback helps teams manage biases and assumptions. Flexibility is possible when an organization can “see” what’s happening in the market. Choose signposts intentionally. Which indicators will signal a change in the market?

Communicate, communicate, communicate! Communicating with stakeholders creates accountability. It also drives consistency and efficiency in execution. Listening to customers and employees helps leaders keep a pulse on the business. Communication is often an afterthought but is consistently cited as one of the critical components of driving results.

 

Pamela Roller is Director of Client Operations at Insight Experience, a Boston-based firm delivering contextually rich, immersive business simulations and learning experiences to accelerate and integrate leadership, business acumen and strategy execution.

Subscribe to Our Blog

Let's Talk

We'd love to hear about your leadership development goals.

Leave Comment

Recent Posts

Leveraging Decision Data for Organizational Excellence-featured-image
Leveraging Decision Data for Organizational Excellence
Click to view Leveraging Decision Data for Organizational Excellence

How does your organization quantify leadership effectiveness beyond subjective self-assessment reports and...

Category:-  Featured , Business Simulation , Leadership

Learn More Click to view blog post
Leadership Illuminated: A Q&A with Women Shaping the Future-featured-image
Leadership Illuminated: A Q&A with Women Shaping the Future
Click to view Leadership Illuminated: A Q&A with Women Shaping the Future

Four years ago, just before heading back to work after the birth of my second child, I spoke to my close...

Category:-  Featured , Leadership

Learn More Click to view blog post
Digital Handshakes: Embracing Virtual Networking-featured-image
Digital Handshakes: Embracing Virtual Networking
Click to view Digital Handshakes: Embracing Virtual Networking

In today's evolving professional landscape, virtual networking has become vital for corporate leaders looking...

Category:-  Featured , Leadership

Learn More Click to view blog post
Your Guide to Bringing Strategic Leadership to Life, Part 2-featured-image
Your Guide to Bringing Strategic Leadership to Life, Part 2
Click to view Your Guide to Bringing Strategic Leadership to Life, Part 2

Back in September, in a blog post titled "Your Guide to Bringing Strategic Leadership to Life," I explored...

Category:-  Featured , Business Simulation

Learn More Click to view blog post
New Offerings to Help Your Leaders Succeed-featured-image
New Offerings to Help Your Leaders Succeed
Click to view New Offerings to Help Your Leaders Succeed

At Insight Experience, we believe in the constant evolution of our offerings to meet our clients'...

Category:-  Featured , Leadership

Learn More Click to view blog post
Lead from Your Feet: The Leadership Benefits of Taking a Walk-featured-image
Lead from Your Feet: The Leadership Benefits of Taking a Walk
Click to view Lead from Your Feet: The Leadership Benefits of Taking a Walk

Recently, a member of my team asked if they could sign off a bit early to go for a bike ride, “now that it...

Category:-  Featured , Leadership

Learn More Click to view blog post
Insightful Ideas: 2023 Flashes of Understanding-featured-image
Insightful Ideas: 2023 Flashes of Understanding
Click to view Insightful Ideas: 2023 Flashes of Understanding

A few weeks ago, a colleague sent me this (delightfully) cryptic message via Slack: "Today's NYT crossword...

Category:-  Featured , Leadership

Learn More Click to view blog post
Winter Wisdom: Reframing Leadership in the Quiet of the Season-featured-image
Winter Wisdom: Reframing Leadership in the Quiet of the Season
Click to view Winter Wisdom: Reframing Leadership in the Quiet of the Season

Note: This is the second blog post in our Season of Leadership series. Look for one about summer here, and...

Category:-  Featured , Leadership

Learn More Click to view blog post
Why Giving Tuesday Matters-featured-image
Why Giving Tuesday Matters
Click to view Why Giving Tuesday Matters

Today marks the National Day of Giving, more commonly known as Giving Tuesday, which was initiated in 2012 by...

Category:-  Featured , Leadership

Learn More Click to view blog post
Leadership Express Sims: Interactive Learning in a 2-4 Hour Format-featured-image
Leadership Express Sims: Interactive Learning in a 2-4 Hour Format
Click to view Leadership Express Sims: Interactive Learning in a 2-4 Hour Format

Business simulations bring complex ideas to life. Simulations enable adult learning because they engage...

Category:-  Featured , Business Simulation , Leadership

Learn More Click to view blog post