Paid to Think

1. Enterprise Thinking: A holistic approach to leadership

Enterprise Thinking integrates these skills and gives you the tools and instruction to act on them.

Universal leadership framework. Enterprise Thinking is a comprehensive approach to leadership that integrates four key categories: Strategizing, Learning, Performing, and Forecasting. This framework provides leaders with a universal set of tools and activities applicable across industries, sectors, and management levels. By adopting Enterprise Thinking, leaders can:

• Break down silos within organizations
• Improve decision-making processes
• Enhance communication among team members
• Accelerate personal and organizational achievement

The approach emphasizes the importance of maintaining a 50,000-foot perspective, allowing leaders to see the interconnectedness of various organizational elements and make more informed decisions.

2. The Economics of Thinking: Invest in strategy before action

The better able a leader is to think through an idea before committing to action, the greater the chances an organization has to achieve higher returns, all while mitigating risk and expense.

Prioritize strategic thinking. The Economics of Thinking emphasizes the value of investing time and resources in strategic planning before taking action. This approach yields several benefits:

• Reduced risk of costly mistakes
• Improved decision-making quality
• Higher return on investment
• Increased likelihood of achieving desired outcomes

Leaders should resist the urge to jump into action prematurely and instead allocate sufficient time for thorough analysis and planning. This upfront investment in thinking pays dividends throughout the project lifecycle, as it helps identify potential pitfalls and optimize resource allocation.

3. Rethinking leadership: Challenge conventional wisdom

You are paid to think.

Question assumptions. Leaders must constantly challenge their own assumptions and conventional wisdom to drive innovation and improvement. Key areas to rethink include:

• The distinction between leadership and management
• The true value of leaders to their organizations
• The nature of change and how people respond to it
• The concept of doing more with less
• The role of technology in organizational success

By critically examining these and other assumptions, leaders can uncover new opportunities, overcome challenges, and adapt more effectively to changing circumstances. This mindset of continuous questioning and reevaluation is essential for staying competitive in today's rapidly evolving business landscape.

4. Developing plans: Create, execute, and manage priorities

You will get much, much, much more value out of your priority-management system if you plan your days the nights before.

Strategic planning process. Effective plan development involves three key components:

1. Creating strategy using the Cyclonic Strategic Thinking (CST) Model
2. Transforming with projects
3. Managing priorities

The CST Model guides leaders through five phases:

• Determine Desired Outcome
• Develop Strategy
• Select Macro Tactics
• Finalize Tactics
• Address Execution

Project management should adhere to the Two-Project Rule, limiting individuals to managing two projects simultaneously for optimal results. Priority management involves:

• Planning 60% of your day
• Focusing on high-value activities
• Using a structured system to track and manage tasks

By integrating these components, leaders can create more effective plans, execute them efficiently, and maintain focus on the most important priorities.

5. New product development: A structured approach to innovation

The ET Development Funnel is a modified version of the Phase-Gate Process, a tool traditionally used within new product development circles for creating products that will be sold to customers.

Systematic innovation process. The Enterprise Thinking (ET) Development Funnel provides a structured approach to new product and service development, consisting of three main activities:

1. Ideation: Generating and capturing a large number of ideas
2. Elimination: Filtering ideas through three screens to identify the best option
3. Development: Converting the selected idea into a finished product or service

Key principles for successful product development include:

• Starting with a large pool of ideas (100 > 7 > 3 > 1)
• Using predetermined criteria for screening ideas
• Involving cross-functional teams throughout the process
• Conducting thorough testing and evaluation before launch

By following this systematic approach, organizations can increase their chances of developing successful products and services while minimizing risk and resource waste.

6. Establishing alliances: Leverage partnerships for growth

Alliances are those people or organizations that can help you reach your Desired Outcomes faster and better than you or your organization can do on your/its own.

Strategic partnership development. Establishing effective alliances can significantly enhance an organization's capabilities and reach. Key considerations for building successful alliances include:

• Understanding the six forms of alliances: ad hoc, consortium, project joint venture, joint venture, merger, and acquisition
• Aligning alliances with organizational strategy and desired outcomes
• Using tools like the Alliance Pillars Checklist and the Modified ET Development Funnel to select and develop alliances
• Being aware of potential alliance killers, such as uncertainty, apathy, and incompatibility

Leaders should approach alliance-building strategically, considering both short-term and long-term benefits. By leveraging the strengths of partners, organizations can achieve goals more quickly and efficiently than they could on their own.

7. Leveraging technology: Maximize potential and adapt to change

Technology is anything you use to maximize potential.

Strategic technology adoption. Leaders must approach technology as a tool for maximizing organizational potential and adapting to change. Key principles for leveraging technology effectively include:

• Expanding the definition of technology beyond electronic devices
• Selecting technology cross-functionally and with the big picture in mind
• Implementing technology with a clear purpose and desired level of automation
• Addressing the human side of technology adoption, including potential resistance to change

Five steps for successful technology implementation:

1. State your Desired Outcome
2. Develop your Strategy
3. Select Macro Tactics
4. List Tactics and fill in details
5. Guide and support execution

By viewing technology as a strategic tool and following a structured implementation process, leaders can harness its power to drive organizational growth and adaptation in an ever-changing business landscape.

Last updated: October 26, 2024