Have you ever wondered which kinds of thinking strategies successful businessmen follow?
According to Stanley Ridgley, a professor in the department of management at Drexel University, the answer to what makes one person stand out from the rest is strategic thinking. When I interviewed Professor Ridgley on The Goldstein on Gelt Show, he told me that the ingredients of strategic thinking are “vision, focus, action, and analysis.” All of these elements are necessary to create effective strategic thinking.
Many famous people, including Bill Gates, Steve Jobs, Madonna, and Albert Schwarzenegger, use strategic thinking to reach the top of their fields. Creating a future vision and moving towards that goal with a strategic plan is what can help you to succeed. As Professor Ridgley pointed out, “Strategy means doing things differently and you have to come up with the plan to get from here to there. You have to actually create the math. I can’t give it to you.”
The biggest rule of strategic thinking is that there isn’t any one rule
In other words, there are few hard and fast rules within strategic thinking because every situation is unique. But if you have a dream and a goal that you want to attain, you need to find the formulas and methods that will achieve your objectives in the most positive and effective ways. The best way to do this is to find the method that stands out from the rest. For example, if your way is cheaper, more original, more efficient, or more user friendly, you are more likely to reach the top than any of your competitors.
As a financial planner, part of my job is to help my clients formulate their goals, whether it’s saving for retirement or making sure that they could take their dream vacation. Then we work together to find the most effective and efficient ways to realize that dream. Just wanting to retire in style won’t necessarily make it happen. Planning, strategic thinking, and hard work all join together to help you (and any businessman) reach your goal.
If you want to build up your own system of strategic thinking for your personal finances or business, download the podcast of the interview, and then, if you need help in creating a strategy for your financial plan, contact your financial adviser today.
(The opinions expressed on the Goldstein on Gelt show are those of the guest, and not necessarily my opinion or the opinion of Portfolio Resources Groups, Inc.)
Douglas Goldstein, CFP®, is the Director of Profile Investment Service, Ltd., which specializes in helping people who live in Israel with their US dollar assets and American investment and retirement accounts. He helps olim meet their financial goals through asset allocation, financial planning, and using money managers.
Published March 18, 2015.