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Innovate? Invest in your managers first

Why is it sometimes difficult for multinationals to develop and execute innovative strategies? The Board of Directors recognizes the need. Business unit managers also emphasize the importance of an innovative long-term strategy. It is even the reason why they chose their profession: to create an inspiring vision for the organization and to give it daily meaning. However, the reality is that they are under constant pressure: their responsibilities are numerous. There is always a crisis to manage. Every quarter, a revenue increase is needed. The speed at which they make their decisions is reflected in the course they follow. Usually, this means full speed ahead.

The pitfall of short-term focus

Due to short-term focus that managers are forced to develop, they sometimes only look at the store until the next career step presents itself. Meanwhile, the strategic goals they set each year during budget rounds often do not go beyond the hard facts and figures: a higher revenue target, higher customer satisfaction, and lower margins. Especially when a number of departments plans are combined, a so-called strategic plan is created, but often this provides little real direction. It is a plan that no one really feels responsible for.

Invest in your own people

How can multinationals escape this vicious circle? How can they innovate? The key lies in their own people. Everything that is needed is hidden within them. Their organization can greatly benefit from investing in leadership development, coaching managers in strategy execution, and supporting them in this. This creates a strategy that really matters, that has a positive impact, that gives a lot of energy. That is why management development forms the best basis for strategy development.

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