In today’s podcast we asked Rita McGrath of Columbia Business School about the essential steps towards “making strategy work”. This is quite a hot topic for private banks and wealth managers, since many of them are in the process of implementing strategic management processes to better connect strategic vision, strategy implementation and measuring strategy.

In the podcast Rita stresses that it is important to define a process that engages people who will be involved in strategy implementation early on. She also outlines that is essential to tie strategy to specific operational priorities and outlines how this can be done with internal teams. To our question about the importance of communicating strategy internally, Rita emphasizes that many organizations use overly complicated messages in their strategy communication and often forget to tie their measure and reward system to their strategic messages. Finally, at the end of the interview we quickly addressed the issue of how to establish an entrepreneurial mindset in established organizations.

Enjoy the podcast:

Rita McGrath is professor at Columbia Business School and works extensively with leadership teams in Global 500 companies. In her consulting she focuses on developing innovation programs for growth, designing and leading strategy retreats, managing workshops, keynote speeches and working with executive teams. Her clients include Nokia, Microsoft, 3M, The Kerry Group, Kone Corporation, Swiss Reinsurance, Air Products and Chemicals, Inc., the Japan Bank for International Cooperation and many others, worldwide. Rita’s latest book is called “Marketbusters: 40 Strategic Moves That Drive Exceptional Business Growth“, which she wrote together with Ian MacMillan of Wharton, who we interviewed on this blog previously.

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