Beyond Strategic Planning, Strategy is creating value, with Prof. Brent McKnight
Release Date: 02/20/2020
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In this episode, Lynn interviews Dr. Brent McKnight, Associate Professor in Strategic Management at McMaster University's DeGroote School of Business.
Brent characterizes strategy as being about creating value, whether at a for profit (business) or nonprofit organization.
Having recently developed an undergraduate course in organizational strategy, Brent shares some early findings of applying business models, such as Five Forces, to nonprofits in developing their strategy.
He underscores the importance for nonprofits to think broadly about strategy to create value and make a significant social or environmental impact, and capturing this in a Theory of Change. This is much different than simply creating a plan of action for the next 3-5 years, as may be the case in typical strategic planning. Tune in to hear more about identifying and maximizing the value your organization creates.
- Dr. Brent McKnight: https://www.degroote.mcmaster.ca/profiles/brent-mcknight/
- McMaster's Integrated Business and Humanities Program: https://ug.degroote.mcmaster.ca/academic-programs/integrated-business-humanities/
- HBR 2 minute video explaining Porter's Five Forces Model: https://hbr.org/video/3590615226001/the-explainer-porters-five-forces
- Forbes article - Business Strategy For The Social Sector: In Praise Of Economist Sharon Oster's 6 Forces Model: https://www.forbes.com/sites/meehanjonker/2018/08/13/business-strategy-for-the-social-sector-in-praise-of-sharon-osters-6-forces-model/#1c7f7069297b
- Theory of Change – HBR article Delivering on the Promise of Nonprofits: https://hbr.org/2008/12/delivering-on-the-promise-of-nonprofits
- Lucky Iron Fish: https://ca.luckyironfish.com
- Henry Mintzberg's Intended, Emergent and Realized Strategies: https://opentextbc.ca/strategicmanagement/chapter/intended-emergent-and-realized-strategies/
Find out more about our work at Social Impact Advisors: https://socialimpactadvisors.ca