By Joe W. Forehand
Outlook Journal, July 2001
It is a challenge these days to keep track of everything a company must do to keep pace with the marketplace and be responsive to clients and customers. The rules of business are changing—fast and frequently. Each day seems to bring a new technology, a new ally or competitor, or a new way of working.
The business environment of the 21st century demands that organizations compress the time between ideas and innovation, between execution and results. Strategic planning and execution must be done in parallel. Leaders must be decisive. They must ensure their strategies are directionally correct, then promptly put them into action, rather than striving for perfection or precise analysis. They need to mobilize quickly and with the flexibility to evolve their strategies over time.
Leaders also need to be right a lot more often than they are wrong, as there is very little room for error in a market that is increasingly competitive—and often brutal and unforgiving. After all, two-thirds of the names on the Fortune Global 50 changed in the past 25 years . . . and most of that change has come since 1991.
Yet what remains constant, despite the many factors that are rapidly changing the way we work, is the importance of mastering the basics. In this issue of Outlook, we explore some of the principles that have been vital to business for years and will remain relevant in the new marketplace. For example, successful companies recognize the power of creating a strong and market-relevant brand. They establish alliances that expand their organizations' capabilities. And they manage those relationships effectively, to ensure they are getting the most value possible.
Good companies also know how to attract and develop great people. Their CEOs and senior executives establish strong and diverse leadership teams with clearly defined roles and a commitment to common goals. They build cultures that inspire and motivate, and they provide the tools and learning to help their people succeed.
Without question, speed, agility and innovation are essential for the new marketplace. But only those companies with a firm grasp of the fundamentals and the drive to embrace the new rules of business will position themselves to thrive. As you read the articles in this issue of Outlook, I encourage you to reflect on these basic business truths and on how you can best leverage them in creating your organization's future.
Joe W. Forehand
Managing Partner & CEO
Accenture
Back to Contents
To Top