McKinsey often has clever insights in China. Although not everyone can afford to hire them, they do sometimes share their thoughts with the world. In a recent article, Gordon Orr of their Shanghai office looks at the importance of fast action in developing successful business strategy in China
The article notes that traditional, data-intensive approaches are hard in China, where information may be inaccurate, and quickly outdated, and where decision-making and implementation need to be flexible over time. Orr says:
- “For multinationals in China, strategy development needs to be fluid and adaptive. Companies need to identify when sudden industry “tipping points” will occur and, based on that understanding, stake out quickly a position ahead of the trend in order to maximise market share.”
Orr is also quoted on the same issue in “China CEO”, as saying:
- “The pace of change is so fast [in China]…that, unless it is well articulated as an evolution, the corporate headquarters often find it hard to understand why the company had strategy A in China and now has strategy B”
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