From the course: Assessing and Improving Strategic Plans
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Pursuing the wrong initiatives
From the course: Assessing and Improving Strategic Plans
Pursuing the wrong initiatives
- Even if you have a great understanding of the market, you might pursue the wrong initiatives. Not all ideas are good ideas. You might think a new product or service will be a winner, only to find out it doesn't perform as expected. You might pursue initiatives because they're pet projects, or because of internal politics, and somebody thinks, hey, this is on strategy when it's really not. I've seen this a lot of times. I worked with one organization where the CEO wanted to do an acquisition. He wanted to buy this company so badly for a long time. The team was always resistant to the idea, but the CEO spent a lot of team time assessing this acquisition and figuring out how they could buy it. Eventually, they went through a rigorous strategic planning process. The CEO saw that the acquisition wasn't right for their strategy. To his credit, he killed the deal right then. I worked with another organization where the CEO wanted to go out, and again, do another acquisition. He had this…
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