Modern companies are operating in an increasingly competitive market with a range of different factors that need to be taken into account. Many of these will be looked after by senior managers when they formulate company policy. However, others can easily be overlooked.
For companies looking to get the most out of their operations, this can represent a real issue. At the very least, overlooking certain areas of your company strategy can mean missing out on more profitable alternatives.
At the more extreme end, your company may have a developed a serious strategic blind spot – an area which you have no knowledge of, but which your competitors are rapidly moving on. Addressing these blind spots is essential for building better corporate strategies.
While this might seem obvious, it is often easier to say than to do. After all, if companies were easily able to identify blind spots before it was too late, then strategic planning would be much easier.
One way to address these potential blind spots is to embrace a model of management that maximises employee input into the strategy process. Spreading the responsibility for spotting these blind spots before they impact your core business is essential for any company looking to manage these risks.
By using a transparent system like StrategyBlocks, individuals within a company can easily see the different ways that the company is developing, increasing the scope to pick up these blind spots.
The benefits for companies that can manage these processes are considerable. Minimising the effects of strategic blind spots will not only reduce the risks your company faces, they also offer an opportunity to further set your company apart from the competition.
This comparative advantage is going to be essential for companies looking to turn their strategic processes into a point of difference in a high-stakes market.