Brokers: Are you thinking strategically?

Many brokers are so caught up in their day-to-day business crisis that they are not taking the time to think clearly and with purpose. Here are 6 tips for helping brokers to think strategically.

Every leader's temptation is to deal with what's directly in front, because it always seems more urgent and concrete. 

“Unfortunately, if you do that, you put your company at risk,” according to author Paul J. H. Schoemaker. “While you concentrate on steering around potholes, you'll miss windfall opportunities, not to mention any signals that the road you're on is leading off a cliff.”
 
Adaptive strategic leaders in brokerages will do the following six things well, Schoemaker writes for Inc.:
 
 
 
 
Anticipate 
  • They look for game-changing information at the periphery of their industry.
  • Build wide external networks to help them scan the horizon better.
 
Think Critically
“Conventional wisdom” opens brokers to fewer raised eyebrows and second guessing. “But if you swallow every management fad, herdlike belief and safe opinion at face value, your company loses all competitive advantage,” Schoemacher advises. 
 
Critical thinkers will:
  • Reframe problems to get to the bottom of things, in terms of root causes.
  • Challenge current beliefs and mindsets, including their own.
  • Uncover hypocrisy, manipulation, and bias in organizational decisions.
 
Interpret 
To get good at this, brokers have to: (continued...)

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  • Seek patterns in multiple sources of data.
  • Encourage others to do the same.
  • Question prevailing assumptions and test multiple hypotheses simultaneously.
 
Decide
Many leaders fall prey to “analysis paralysis,” Schoemaker says. “You have to develop processes and enforce them, so that you arrive at a ‘good enough’ position.” 
 
To do that well, you have to:
  • Carefully frame the decision to get to the crux of the matter.
  • Balance speed, rigor, quality and agility. Leave perfection to higher powers.
  • Take a stand even with incomplete information and amid diverse views.
 
Align
A strategic leader must foster open dialogue, build trust and engage key stakeholders, especially when views diverge. To pull that off, brokers must:
  • Understand what drives other people's agendas, including what remains hidden.
  • Bring tough issues to the surface, even when it's uncomfortable.
  • Assess risk tolerance and follow through to build the necessary support.
 
Learn
  • Encourage and exemplify honest, rigorous debriefs to extract lessons.
  • Shift course quickly if you realize you're off track.
  • Celebrate both success and (well-intentioned) failures that provide insight.
 
 

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