SPOS #959 – Rebecca Homkes On Growth Strategies In Volatile Times
Nov 24, 2024
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Rebecca Homkes, a high-growth strategy specialist and advisor to top firms, shares her expertise on navigating business uncertainties. She discusses her framework, 'Survive, Reset, Thrive', which helps organizations adopt effective midterm strategies. Highlighting the distinction between traditional and agile companies, she emphasizes the need for adaptive growth tactics and continuous learning. Homkes also examines how AI is shifting workplace dynamics and the importance of resilience in the face of challenges, using personal stories as powerful illustrations.
Rebecca Homkes introduces her framework Survive, Reset, Thrive as a strategy for organizations to navigate economic uncertainty effectively.
The importance of midterm strategies is highlighted, revealing a gap where leaders often neglect critical planning between short and long-term goals.
Humkes discusses the dual impact of AI on knowledge work, emphasizing the need for organizations to adapt and leverage technology for growth.
Deep dives
Introducing Thinkers One
Organizations can now access personalized thought leadership video experiences through a new venture called Thinkers One. This platform offers reasonably priced, bite-sized video content from some of the world's best thinkers, providing at least 15 minutes of valuable insights. Users can book thought leaders for live appearances at meetings or events, catering to specific team needs and enhancing corporate gatherings. The lineup includes renowned figures such as Tom Peters and Rita McGrath, making it an appealing resource for business leaders looking to enrich their meetings with expert knowledge.
The Role of Leadership in Strategy
Rebecca Humkes emphasizes the evolving role of leadership in strategy development, focusing on how she collaborates with CEOs to foster growth. Her approach integrates elements of consulting and coaching, stimulating teams to actively engage in shaping their strategies rather than relying on traditional consulting methods that often result in rigid reports. The conversation about the current state of the economy reveals a dual perspective among executives, one acknowledging the potential for growth amid uncertainty and the other foreseeing imminent challenges. This highlights the importance of strong leadership in navigating complexities and maintaining a proactive stance toward growth.
Navigating Uncertainty in Business
In an environment marked by geopolitical and technological uncertainty, executives face unique challenges in formulating midterm strategies. Humkes identifies a tendency among leaders to focus excessively on short-term gains or overly optimistic long-term plans, often sidelining the critical midterm strategies. This situation creates a leadership paradox where companies become reactive rather than adaptive, limiting their ability to innovate and prioritize effectively. By shifting the mindset toward embracing uncertainty and actively engaging with it, leaders can build organizational resilience and foster long-term growth.
The Importance of Internal Alignment
A strong emphasis is placed on internal predictability within organizations, which hinges on empowering employees to understand their objectives and collaborative functions. Humkes highlights four key questions that every team member should be able to answer affirmatively, which center around clarity of goals and reliability among colleagues. A striking statistic reveals that only 5% of surveyed leaders felt they could rely on colleagues across different functions, emphasizing a significant gap in internal communication and effectiveness. Addressing these issues is critical for organizations aiming to thrive amidst external pressures and enhance overall productivity.
AI’s Impact on Knowledge Work
The podcast discusses the dual nature of AI's influence on knowledge work, where it poses both opportunities and challenges in the workforce. Humkes posits that while AI can automate repetitive tasks, it is essential for organizations to focus on how workers can repurpose their time creatively and strategically. The potential existential threats posed by AI in terms of job displacement raise concerns about the future of work and require a proactive approach to upskilling the workforce. Ultimately, individuals and organizations must not only adapt to AI but also learn to leverage it to foster innovation and growth.
Welcome to episode #959 of Six Pixels of Separation - The ThinkersOne Podcast.
Dr. Rebecca Homkes is a high-growth strategy specialist who has dedicated her career to helping CEOs and executive teams navigate growth and uncertainty. As the founder of her own boutique consultancy firm, she advises some of the world's leading organizations on how to thrive in challenging economic landscapes. Rebecca is a Lecturer at the London Business School's Department of Strategy and Entrepreneurship, faculty at Duke Corporate Executive Education, and an advisor and faculty member at Boston Consulting Group University. Her rich academic background includes directing the joint McKinsey & Co and LSE Centre for Economic Performance Global Management Project, and her writings have been featured in publications like the Harvard Business Review, Businessweek, Fortune, and Forbes. In this conversation, Rebecca delves into the intricacies of formulating effective growth strategies amidst economic uncertainty. She emphasizes that true entrepreneurs can find growth opportunities in any market situation. While organizations often excel at short-term and long-term planning, Rebecca points out that many struggle with midterm strategies - a critical gap that needs addressing. She introduces her framework, Survive, Reset, Thrive (also the name of her recently published book), which serves as a roadmap for organizations to navigate uncertainty and build a sustainable right to win. Rebecca highlights the importance of internal predictability, suggesting that organizations with stable internal processes are better equipped to adapt swiftly to external changes. She also discusses how speed, when aligned with clear direction, can serve as a competitive advantage in today's fast-paced business environment. We debate the future of work, where Rebecca anticipates a potential renaissance in trades as industries evolve. She underscores the necessity of continuous learning and capability-building, urging organizations to invest in their people's development alongside their strategic initiatives. Rebecca's insights offer valuable guidance for leaders seeking to navigate growth amid uncertainty and provides thoughtful approaches to thriving in today's complex business landscape. Enjoy the conversation...
This week's music: David Usher 'St. Lawrence River'.
Chapters:
(00:00) - Introduction to Growth Strategies. (03:00) - Navigating Economic Uncertainty. (06:01) - The Role of CEO Tenure in Strategy. (09:01) - Midterm Growth Strategies. (12:02) - Understanding the Right to Win. (14:51) - Building Loyalty Lock-In. (18:06) - Survive, Reset, Thrive Framework. (21:01) - The Impact of AI on Business. (23:58) - The Challenge of Acting to Shape. (27:07) - The Future of Work and Skills. (29:50) - The Importance of Internal Predictability. (33:06) - Speed vs. Direction in Strategy. (36:13) - Personal Reflections and Lessons Learned.
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