By Dr. Wilson Chew and Jaslene Pang
2023 marks a projected second year of sharply slowing global growth.
The global economy is only expected to brighten from 2024F.
A good strategy confers a sustainable competitive advantage.
This is essential during such challenging times.
However, in order for a stable strategy to be executed well,
both the board and management need to play an active role.
Abstract
As global economic growth slows in 2023—marked by inflation, geopolitical tensions, and monetary tightening—businesses must navigate an increasingly uncertain landscape. While Southeast Asia is a bright spot, sustained business success demands a well-structured and stable strategy.
This article underscores the importance of strategy as a differentiator. A robust strategy is built on clear evidence, validated assumptions, and alignment with corporate aspirations. Companies that develop and continuously refine their strategic direction gain competitive advantages, enabling them to optimise resources, enhance decision-making, and achieve long-term resilience. However, studies reveal that many organizations struggle with strategic clarity.
Execution is equally vital. Strategic plans must be integrative, actionable, and reinforced by well-defined success metrics, resource allocation, and risk management. Both the board and management are crucial to a firm’s strategy. They must actively engage in strategy development, ensure strategic alignment, and monitor progress through structured governance mechanisms.
Ultimately, strategy is a continuous process of refinement and adaptation. Businesses that commit to a disciplined strategic approach position themselves for sustainable growth and long-term success.
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