EP84. Steve Garchow: Strategy In Preventing Bad Business Decisions
Steve Garchow is obsessed with making a difference the way companies form strategic decisions and believes that any company can significantly improve performance through a proprietary process he developed called the Lead Strategic Decision Model. The president at Foresight Business Consulting, a Chicago-based strategy and marketing firm, he is a professional speaker and best selling […]
Steve Garchow - Strategy In Preventing Bad Business Decisions
Steve Garchow, the president of Foresight Business Consulting in Chicago, started off at a Fortune 300 company, which got him intimately involved in strategy formation. In working with one of the company’s half a billion dollar franchise, he recognized the need for a new decision approach.
This lead him to develop a process to overcome problems of incomplete issue framing, inadequate decision criteria identification, endless data collection and detrimental group dynamics. From this, the Lead Strategic Decision Model was successfully borne and successfully implemented for many companies.
He is the author of the international bestseller, “Stratification: How strategic decision processes will create sustainable competitive advantage.”
Steve shows us how to use strategy to prevent those business-suffocating decisions, on this episode of Revenue Chat.
- 03:34 How it all started for Steve Garchow, the president of Foresight Business Consulting in Chicago at stevegarchow.com.
- 04:19 Although we executives are logical creatures we often fail when faced with strategic challenges.
- 04:34 Steve says these factors can completely derail logical thought processes.
- 05:07 Insightful quote by Bill Gates,“over confidence in a company or in your own capabilities opens the company to complacency and …”
- 05:28 Steve Garchow’s company tries to circumvent that tendency and find a way to make better strategic decisions.
- 05:41 Insightful quote by Prof. Sydney Finkelstein who provides clarity in how logical strategic decision making is impeded.
- 06:37 Discussion on the importance of a clear-cut, clean, concise, well-drafted, well-thought-out strategy and why.
- 07:30 What kind of decisions suffocate your business?
- 08:10 Steve defines strategy as a planned set of structured activities that leverage company competencies into a better business outcome.
- 09:13 The goal of strategy is to proactively manage a company’s evolving environment.
- 09:50 Strategy provides a framework for decision making, prioritizes & aligns the operational activity, and defines accountabilities for the results for the company.
- 10:14 Startling results by Price Waterhouse Coopers strategy survey of over 2800 senior execs.
- 11:13 McKinsey Global Institute research on strategy. Of 2400 execs only 150 rated their strategic approach as effective and could prove it!
- 11:37 Only 7% of US companies today can demonstrate that they are formulating and implementing a good strategy!
- 12:10 Research indicates companies are at greatest risk of making strategic blunders when they are confronted with 4 types of business situations.
- 13:32 From Steve’s former professor: Over 50% of executives’ strategic decisions fail!
- 14:24 The small company has to be more concerned about strategy than the bigger companies because you may go broke!
- 14:59 Discussion someone on an earlier show mentioned greater than 90% of startups and entrepreneurs fail!
- 15:21 Some great examples of bad strategic decisions, starting with Motorola. Take notes everyone!
- 24:40 Why do companies make these bad business-suffocating decisions?
- 26:06 The four (4) barriers Executives have in making a strategic decisions.
- 27:45 The five (5) group dynamics that can create barriers to good strategic decision making.
- 30:52 OMG If you ever had a Schwinn bike! Check out the bad strategic mistake they made (and learn).
- 32:59 How Steve helps companies avoid these kind of strategic mistakes.
- 34:16 About the Lean Strategic Decision Model (LSDM) process that helps executives make better strategic decisions.
- 35:31 Steve Garchow’s purpose and vision; what motivates and drives him?
- 37:30 As per Price Waterhouse Cooper earlier data, most companies suffer from these strategic limiting afflictions, which can also mean the same for your primary competitor.
- 38:24 If you believe having the right strategy can have a positive impact on your company, then a strategic decision competency can help you competitively.
- 38:51 Get a Strategic Decision Assessment Survey. (Scroll down a little bit.) No email needed. Totally Free. How well does your company make strategic decisions? stevegarchow.com
- 39:53 Get a Free 30-minute Strategy Session. Scroll down to bottom and schedule the call. This is Priceless and it’s Free! Do this now! stevegarchow.com
Steve Garchow provides research and survey data clearly showing how Good Strategy is lacking in most companies. There is so much data and insight packed into this interview, you’ll want to listen to it again and again. Takes notes and remember to get the free Strategic Decision Assessment Survey at stevegarchow.com—no email needed! Just take the survey and see where your company is at! And then get the free 30-minute strategy session with Steve while it’s still available! Chat with one of the best and get this free help now also at stevegarchow.com!—Amazing stuff here to help your company no matter what size it is.
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