Forget Strategy

As a new CEO, Lou Gerstner once said that the "last thing IBM needs right now is a vision." What it needed was to bring a sense of urgency and focus on execution to an organization that had become stuck in its ways and teetered on the edge of bankruptcy. He is widely credited with reversing the fortunes of this giant of industry.

In the 20 years since Gerstner's retirement, the pace of change has only accelerated.

When things are moving so quickly—exponential technological progress, a fracturing world order, extreme weather events, or the next pandemic—the best-laid, five-year strategy will never beat focused and rapid execution.

Careful planning has a place, but it cannot become a crutch or an excuse for a failure to act.