
How to be remembered for the right reasons #2: Get into their world
In the second of a five-part series on effective communication for leaders, Robert Vilkelis sets out a four-step framework for translating your expertise into audience impact. ...
by Howard H. Yu Published May 2, 2024 in Brain Circuits • 3 min read
In a world of constant disruption, the difference between companies that thrive and those that are left behind is their ability to leap. That is to say, successful companies are capable of jumping from one core competency to another. Here are four main principles to follow:
Organizations need to embrace all kinds of industry logics. If you are looking only at your current direct competition, it will be very difficult to see the next level of core competencies you need to be striving to achieve. You must be externally curious, looking at what players outside your industry are doing and how you might leverage that for your business.
To reinvent yourself, you must try things out. Allocate resources to experimentation. Some things will work out and some won’t, but you must figure out which things have the most potential for success.
In this phase, move away from experimentation to something much more tangible – exploiting new capabilities. Many companies undergoing change get trapped by historic metrics. Organizations that can successfully leap change their KPIs along the way.
Another trap you want to avoid is keeping too many options open for too long and not moving past the exploratory stage. Companies that make this error get left behind.
To put these four principles to work, the top management team must have a shared viewpoint about the future. Top teams should delegate the experimentation phase, but at some point they need to recognize which bets are gaining traction and allocate more resources in that direction to scale up.
LEGO® Chair Professor of Management and Innovation at IMD
Howard Yu, hailing from Hong Kong, holds the title of LEGO® Professor of Management and Innovation at IMD. He leads the Center for Future Readiness, founded in 2020 with support from the LEGO Brand Group, to guide companies through strategic transformation. Recognized globally for his expertise, he was honored in 2023 with the Thinkers50 Strategy Award, recognizing his substantial contributions to management strategy and future readiness. At IMD, Howard directs the Strategy for Future Readiness program.
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