Luiz Zorzella shares key points that can help leaders evaluate and address their approach to change to ensure better outcomes.
Strategy & Value
For the past 10 years, financial services firms have publicly acknowledged that they needed to change. Chances are, your organization was one of those.
Commoditization meant a systematic erosion of margins for banks; reduction in interest rates has been challenging both interest and non-interest income sources of banks and investment firms as well as the economics of insurance; and technology has posed a constant threat of disintermediation and radical value-adding substitutes.
However, just like the proverbial frog in the heating water, most business leaders have responded incrementally – aiming at matching the pace of change they observed in the market and improving their results within the parameters of their existing business model.
The problem is that change has arrived and it does not look like we expected. While COVID-19 ravages lives, economies and markets, clients and stakeholders alike are looking at financial service firms and asking that they help them weather the storm. They are calling you to change with them.
Points covered in this article include:
- Find you calling
- Evolve and decommodotize
- Reforge your ways of working
- Take the technology plunge
Read the full article, Is this Crisis Your Strategy Crucible, on the Amquant website.
Gaelle Lamotte was recently interviewed for the Telegraph’s Business Reporter on bridging the gap between business strategy and achieving the best results.
Strategies often fail because there is a lack of a robust, compelling strategic story that hangs off them, there’s a failure of coordination between units and functions, often misalignment, and at the end of the day, there’s a lack of leadership agreement around a common shared purpose, around a common agenda. So as a result, you’ll find there’s a real gap in interpretation between a strategic plan and then ultimately what we get at the end, which is numbers and results.
Points discussed include:
- Goal alignment
- Snapshots of performance
- Reaction to results
- Discipline in execution
Listen to the full interview on Business Reporter, the Human Capital Series.
Geoff Wilson gets straight to the point with some tough love in this article by asking if you to make sure your strategy inspires.
The possibilities are endless. Some might say that the sole purpose is to ‘enhance shareholder value.’ I’d argue that this old trope is no longer the gold standard. Some adhere to the stakeholder model…which might be closer. Regardless of the ‘concept,’ a given business strategy has to appeal to a lot of people.
Strategy, inasmuch as it deals with things that are less certain and immediate, is an argument. It’s an argument formed from assumptions that are (or should be) formed from knowable facts and less knowable (but educated) estimates.
But, something tends to happen on the way to building business strategies that derails one of the most important imperatives. We lose the power of inspiration. Usually, we lose it when the hardcore management nerds get ahold of the strategic planning and implementation ‘ecosystem’ and start over whelming the organization with jargon, tools, and really smart pablum.
Read the full article, Are your people uninspired? Maybe it’s time to hang the DJ., on the Wilson Growth Partners website.