Less than half the firms responding to a recent Forum poll would speak highly of their firm's strategy to an external audience. The pendulum may be shifting but few firms are prioritising strategy over operations. Areas of weakness when developing strategy are seen to be management systems, capabilities and KPIs.
Strategy is owned by the Board and updated fairly often. More firms are conducting environmental scans rather than relying on informal monitoring. Briefings & alerts, books and conferences remain key routes to stay up-to-date. Identifying challenges and clarifying core markets are viewed as the most important activities in developing a coherent strategy. Areas of weakness are management systems, capabilities and KPIs. Less than half would speak highly of their firm's strategy.