Sirajuddin Aziz
Strategy is undertaken by all segments of society, covering politics and economics as well. The process involves determining which area would receive the most focus for the achievement of goals and objectives. It is all about being successful, whether it is one milestone or several milestones on the path of growth and development.
For a strategy to be meaningful and successful, it is significant to have in place some form of metrics to measure performance against the strategy. This exercise must be carried out on a periodic and pre-arranged basis.
The factors upon which strategy must be created ought to be devoid of personal attachment to the issues of the market. Where this purpose collides, a dispassionate and detached response is the need. I recall there was a foreign exchange currency dealer in the Treasury division of a Japanese financial institution who was truly a man driven by his passion that his country’s currency could never be weak against other currencies. So, when the yen was taking a beating in the exchange markets globally, he went against the market and took ‘positions’—full of impending peril.
Just as we all either make or contribute towards the development of an institution’s strategy, similarly there is an imperative need to have in place a ‘strategy’ for personal growth and development.
Careers are built by individuals themselves. They are rarely given on a platter. The exceptions are politicians, who are handed down leadership positions as part of ‘family silver’, with no skills, training and, in most cases, no competence. Barring the field of politics, where there is blatant nepotism, all other sectors of the economy and society are challenging when it comes to finding pathways to personal development.
The first steps in developing a personal strategy for growth and progress will require the individual to develop, with precision and clarity, what they wish to extract from life and existence. At younger ages, our cornerstones of strategy would be different from, say, age fifty and onwards. This movement on the scale of economic well-being—from basic necessities to achieved comfort—would require a re-visitation of the strategy document. It therefore implies that ‘strategic positioning’, whether by an entity or an individual, would require the ability to shift gears with speed to navigate changing market dynamics and self-improvement techniques.
For the purpose of this article, I shall ignore personal demands and the improvements required to meet them. Here, the focus will be on a strategy for professional development. Being an entrepreneur or a job seeker will invoke different responses; therefore, it is important to develop clarity about which segment, industry, or branch of society one wishes to build a career in.
The preference for taking up positions in any entity must be evaluated based on whether the sector has the potential to grow. If it is a declining or dying industry, aligning with it will amount to writing one’s own death sentence. The industry must have growth potential; only then will the constituent units benefit. If the entity grows, workers in such units will experience growth, more or less automatically, to cater to expanding market requirements.
Strategy must stir passion within. In my conversations with young professionals, I emphasise to them that if one cannot aspire to become numero uno, such an entity should not be considered. If, by virtue of design or lack of growth, one cannot become the CEO or MD of an organisation, it is best to look for greener pastures. This drive in personal strategy must come from growing up both vertically and horizontally on the hierarchical ladder. Aiming for anything less is to submit one’s abilities to the vagaries of time and environment.
The ability to withstand pressure, internal and external, must remain a significant part of the strategy. Inbuilt into a growth strategy must be the ability to defend, sustain, and hold anchor in turbulent times.
An important component of a strategic document should include an enumeration of steps to be taken to improve one’s abilities, skills, talents, knowledge, and expertise. For this purpose, again, it is important to jot down, on the basis of priority, the skills and knowledge that need to be acquired or sharpened through sustained effort—through continuous reading, persistent dialogue with others (especially mentors), and by meeting performance deadlines handed down by supervisors.
If the personal strategy index is not in conformity with the strategic intent of the institution, it is best to leave and find pastures more palatable to one’s own inclinations and passions. This is important. Suffering in an assignment should not be an option to live with.
As part of a personal growth strategy, the inclusion of reading books and materials relating largely to the preferred profession or position must rank high on the list of priorities. I always advise my younger colleagues that the best use of knowledge lies in retaining what one has read so that these learned principles can be applied in everyday work. The question is how to achieve retention of what one reads. The answer is very simple, and I practise it the most: ‘retention by narration’. Whenever you read something new or interesting, narrate it to someone.
Strategies are built upon trust. A strong sense of what is right and what is not must prevail while documenting a strategy for an entity or an individual. Ambitions and goals housed in ‘ignobility’ cannot yield successful outcomes. While reviewing strategy, it is also important to write down various interruptions and impediments, including their causes. This will help in re-strategising.
Strategy is susceptible and prone to error. It can be hit by accidents. The quicker these are recognised, the better. A strategy document that admits no modification is, in itself, a bad strategy document. Strategy is about the future. The present moment is the past of a future moment. It is recommended that a ‘strategy document or statement’ be adequately hedged with this understanding, as a prefix or suffix, with the words ‘God willing’.
The writer is a Senior Banker & Freelance Columnist.
