A vision statement can sound nice, but it's just a pipe dream if it's not backed by a thoughtful strategy. How are you going to delight your customers? How are you going to beat the competition? How are you going to drive higher sales or revenue or profit margins?
Knowing the answers to those questions, communicating them throughout the organization, ensuring employees understand the role they play in executing on the strategy and inspiring and motivating them to do their part is critical to success. If any one of the links in that chain is broken, results will be sub-par over the long term.
When designing a business strategy, the world's most successful leaders know listening to the voice of customers is a good place to start. Richard Branson, founder of Virgin Group, explained the Group's strategy in an interview with Forbes in 2014: "Our strategy has been to screw business as usual. To look at what it is our customer wants, and what it is the industry needs, and to go in and exceed their expectations. And we’ve been successful not by wasting time scrutinising our competitors but by looking at ourselves from the point of view of our customers do and seeking feedback through listening."1
Great leaders enlist the help of trusted advisors to design the strategy and execute on it. "I try to surround myself with people who really know what they’re doing and give them the freedom to do it,"2 explained Oprah Winfrey. Walmart CEO Doug McMillon's approach: "Act like a student and surround yourself with people who 'get it.' Digital natives need to be part of your management team as well as your board."3
Branson's philosophy is similar: "The best bit of advice I think I can give to any manager of a company is find somebody better than yourself to do the day-to-day running, and then free yourself up to think about the bigger picture. By freeing myself up, I've been able to dream big and move Virgin forward into lots of different areas. And it's made for a fascinating life."4
It's equally critical to invest in programs that equip, enable and motivate employees to support the vision and strategy -- for example, learning and development programs to help employees build and hone skills needed for the future, career management and coaching to help them achieve their potential, and incentive programs that give them skin in the game and the opportunity to share the rewards of success. As McMillon put it, "To attract the right kind of talent, we need to make some investments. And that will result in better stores."5
1. Richard Branson's Three Most Important Leadership Principles by Dan Schwabel, Forbes, September 23, 2014.
2. The Key to Oprah Winfrey's Success: Radical Focus by J.J. McCorvey, Fast Company, October 15, 2015.
4. Why Richard Branson is So Successful by Richard Feloni, Business Insider, February 11, 2015.
3, 5. The HBR Interview: We Need People to Lean Into the Future by Adri Ignatius, Harvard Business Review, March-April 2017.