Nearly thirty years ago the Thomsons sold out of print newspapers, selling The Times and The Sunday Times to Murdoch. In 2007 they sold their college textbooks arm for a $2bn premium, making an offer for Reuters with the proceeds in the same month Murdoch increased its newspapers exposure with its bid for Dow Jones.
The FT’s article (30/12/09, Andrew Edgecliffe-Johnson) exploring family businesses and long-term strategic decision-making also highlights the importance of paranoia and values in business leadership.
Without long-term planning and the projection of risk exposures, a company cannot look to add value over time. Past this management speak though, a healthy self-awareness and translation of leadership team stress, paranoia and questioning into strategy evaluation and revision/ actions is fundamental.
Allan Leighton (sits on several boards, inc. Selfridges and BSkyB) is quoted in another FT article (6/1/10, Judgment Call – What is the right attitude for leaders to take this year?):
‘Stay close to the detail of your business, worry frequently, don’t be complacent, and look after your people. Survive and thrive.’
‘Business needs to adapt to the new realities and get on with driving momentum, being proactive and looking for ways to keep edging forward, remembering that flat is often the new up’
Strong leadership is not a one person game. The leader – in position because of knowing what those who would be led need to be led – drives both the momentum and the action, but should also drive the questioning. Historic decisions of even the last month should be re-challenged in light of all current data and experience.
The fulfilment of the mission and big hairy audacious goals should provide the direction and framework; this should equate with the company’s best ability to deliver total stakeholder return over time (defined in both monetary and non-monetary terms).
What happens day to day, week to week and month to month should be guided by a clear bridling of your stress and paranoia as a leadership team in pursuit of the right strategic decision-making/ revision-making.
Continually switching strategies or strategic procastination/ incontinence are both unacceptable. Continually questioning yourself and whether you are doing the right things now – based on your business values – to achieve your long-term mission, is a necessity.