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Strategy: More Than a Board Game

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. 

A LETHARGIC GLOBAL ECONOMY

2022 was another difficult year in USA.

Higher vaccination rates and less lethal strains of COVID-19 allowed pandemicweary populations to start their transition to normalcy. However, supply chain disruptions and the ongoing Ukraine war –amid others –caused inflation to surge to its highest (8.5% in 2022) since 1982. The Federal Reserve’s aggressive monetary tightening policies and perceptions of a divided government led some analysts predicting a recession in 2023, but sustainable growth in the longer term12.
Higher vaccination rates and less lethal strains of COVID-19 allowed pandemicweary populations to start their transition to normalcy. However, supply chain disruptions and the ongoing Ukraine war –amid others –caused inflation to surge to its highest (8.5% in 2022) since 1982. The Federal Reserve’s aggressive monetary tightening policies and perceptions of a divided government led some analysts predicting a recession in 2023, but sustainable growth in the longer term12.

STRATEGY: DIFFERENTIATION

What is strategy? In our view, the essence of strategy is a structured process for deciding the key decisions that the organisation must get right in order to thrive competitively in a sustainable way.
Higher vaccination rates and less lethal strains of COVID-19 allowed pandemicweary populations to start their transition to normalcy. However, supply chain disruptions and the ongoing Ukraine war –amid others –caused inflation to surge to its highest (8.5% in 2022) since 1982. The Federal Reserve’s aggressive monetary tightening policies and perceptions of a divided government led some analysts predicting a recession in 2023, but sustainable growth in the longer term12.

ROLE OF THE BOARD IN STRATEGY

Strategy is critical to a company, and both the board and management need to play an active role.   The role of operationalisation and execution typically lies with the management; the board on the other hand, reviews and approves the company’s strategic plan.
Higher vaccination rates and less lethal strains of COVID-19 allowed pandemicweary populations to start their transition to normalcy. However, supply chain disruptions and the ongoing Ukraine war –amid others –caused inflation to surge to its highest (8.5% in 2022) since 1982. The Federal Reserve’s aggressive monetary tightening policies and perceptions of a divided government led some analysts predicting a recession in 2023, but sustainable growth in the longer term12.

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