In The Sixth Level ('The Strategic Thinking Shift,' p. 159), Mehan Juday shares a powerful case study in ingenuity and mutuality.
Background: Meghan Juday faced a significant challenge when she took the helm of her family’s business during the COVID-19 pandemic. The company, like many others, was grappling with uncertainty. Meghan realized that she needed to strengthen the organization’s "bench" by enhancing the board’s capabilities.
Challenge: The board of directors, while experienced, lacked diversity in thought and perspective, which limited the company’s ability to innovate and respond to the rapidly shifting business environment. Meghan identified that to drive the company forward, she needed to restructure the board to encourage more strategic discussions and integrate diverse viewpoints that would enhance the company’s problem-solving abilities.
Strategy: Meghan employed her ingenuity to address these challenges. She initiated a restructuring of the board, focusing on increasing diversity not just in terms of demographics, but also in skills, experience, and perspectives. Meghan introduced new members who brought fresh ideas and different approaches to problem-solving, which were crucial for navigating the complex issues the company was facing during the pandemic.
To build a strong bench, Meghan also emphasized the importance of creating more strategic discussions at the board level. She implemented practices encouraging open dialogue, critical thinking, and a forward-looking approach. This shift helped the board to move beyond traditional decision-making processes and embrace a more dynamic, innovative mindset.
Outcomes: The restructuring and strategic focus paid off. The board became more cohesive and better equipped to tackle the challenges posed by the pandemic. The diversity of thought and experience led to more innovative solutions, which helped the company not only survive but thrive in a difficult market. Trust within the leadership team improved significantly, and the company saw an increase in shareholder value as a result of the stronger, more effective board.
There are many other examples from all sorts of industries where companies face intense competition and internal inefficiencies.
In these types of situations, the playbook is the same:
Cross-Functional Innovation Teams: Encourage diverse teams focused on the development of customer-centric solutions.
Leadership Development Programs: Invest in training and mentoring that emphasize honest self-analysis, team reflections, and fairness.
Open Communication Channels: Facilitate meaningful conversation using various communication channels.
MUTUALITY is that connection!