A great leader is like a three-legged stool, where each leg represents vision, strategy, and execution. All three legs must be strong for the stool to be stable.
The Three-Legged Stool can be applied to business transformation as follows:
- Vision: The first leg of the stool represents the vision for the business transformation. This includes the long-term goals and aspirations of the company and the desired outcomes of the transformation. Where do you want the business to be? As the saying goes, without a vision, people perish. As a leader, you must prioritize defining the vision of the business to create a common understanding of the future state.
- Strategy: The second leg represents the strategy for achieving the vision. What are the things you will do and those you will not achieve your vision? Remember, strategy is about making choices on how to win with the customers against the competition. Once you define the strategy, break it down into specific steps, plans and tactics that will be used to achieve the desired outcome. You need to also identify resources. And this leads us to the third leg.
- Execution: Effective execution of the strategy is as critical as articulating the vision and defining the strategy. Strategy execution includes the implementation of the plans, the allocation of resources and the management of the change process.
For the stool to be stable, all three legs must be strong and in balance; else the stool will not hold.
If one leg is weak, the stool will tip over, and the transformation will not be successful. Therefore, leaders must focus on all three legs of the stool to ensure a successful business transformation. As a leader, you must have a clear vision, a well-thought-out strategy and a solid execution plan. By balancing these three legs, leaders can create a solid foundation for their business transformation and help ensure its success.
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