The purpose is "the why." Some call it strategy, but the purpose is way more fitting because it is interactive; it must constantly be reevaluated. Ninety days is an excellent time to start.
PURPOSE CAN’T BE TOP-DOWN People on the board don't see the whole picture; the people on the ground do.
We ask:
- What is the environment saying to us?
- What are our core competencies (something we are extremely good at compared to everyone else)?
- How do we use this to create value? We don't recommend having a five-year plan—it should be a maximum of one year.
The rate of change is increasing faster than ever.
In 2020 Assaf Rappaport Ami Luttwak, Yinon Costica and Roy Reznik founded a cybersecurity firm Wiz that pursued artificial intelligence, cloud computing, and generative AI.
On Sunday, 14 July Google offered US $23 billion for the company. Alphabet’s largest acquisition (if it proceeds) ever.
This is why we challenge five year strategic plans.
Purpose is more interactive and agile.
In this week’s episode, we start by discussing the Perth Wildcats’ turnaround, recounting its thinking and actions, as the results are quite obvious now.
Situation: In 2009, people in Perth were not attending basketball games. The average attendance was 2000 to 3000, with about 1000 to 1500 members. The club was financially very unsafe.
Episode 1, Season 2: Perth Wildcats, A Turnaround Story