Not everyone uses a map to get to their destination
The Pearson Strategy Group, LLC offers a free online assessment tool that provides an anonymous 5-minute method for assessing your company’s risk for falling behind in the marketplace.
The assessment has been available for almost a year and it’s time to reveal the key findings.
Every user completing the survey receives a summary listing the questions and individual answers. They also get a map of innovation-strategy results.
For example, one anonymous survey taker’s report said “Your business is at risk for losing market share and going out of business” and included this chart placing them near the worst case outcome:
While this result was harsh, there were others with an even poorer showing.
But that’s okay when the whole idea of an assessment is to identify problems and fix them before they balloon into even bigger problems.
Our high-level review found a number of interesting results among the participants but the most concerning is that three quarters of companies are using a strategy that extends no more than four years.
A meager five percent have a strategy that extends ten years or more.
While not surprising, these companies are not planning far enough into the future for changes that could already be in motion and recognizable.
• Employees at companies with fewer than 50 employees are twice as likely to think big/dramatic changes are occurring within their industry.
• Employees at companies with fewer than 50 employees are six times as likely to think their company is introducing products with novel features.
• Employees at companies with more than 50 employees are four times as likely to think their company is a market leader.
• Executives are less likely to think their industry is stable/mature than non-executives.
• Non-executives are twice as likely as executives to believe that they’re introducing novel features or considered as the market leader.
• The most common response to the question “How dynamic is your industry?” was that big changes were happening regularly.
• Most responders said that they were neither a leader nor a follower in their industry.
• Half of the participants said that each person in their organization spends less than five days every year developing or maintaining company strategy.
• >Half of the participants said that their company’s planning cycle begins six or fewer weeks before the year begins, some stating their planning cycle begins after the year has already started.
• Only half the number of companies that consider patenting as part of their strategy also discuss licensing opportunities.
Did you take the assessment? How do these results match your expectations?