TMG recently added “strategic development” as an area of competency for Executive MSPs. While strategic development isn’t often discussed in Medical Staff Services, it’s worth exploring.
Broadly speaking, competency in strategic development refers to the set of knowledge, skills, and abilities required to effectively formulate, implement, and evaluate strategic initiatives within an organization. It encompasses the ability to think strategically, analyze complex situations, make informed decisions, and guide the organization towards its long-term goals and objectives. Here are key elements that define competency in strategic development:
- Strategic Thinking: Competent individuals possess the capacity to think critically and creatively, considering both internal and external factors that influence the organization. They can identify emerging trends, anticipate future challenges, and envision opportunities to gain a competitive advantage.
- Analytical Skills: Competency in strategic development involves the ability to gather, interpret, and analyze data and information relevant to strategic decision-making. This includes assessing industry dynamics, evaluating organizational strengths and weaknesses, and understanding financial implications.
- Business Acumen: Those with competency in strategic development have a deep understanding of the industry in which the organization operates. They possess knowledge of key drivers, market dynamics, stakeholder behavior, and operational aspects, allowing them to make informed decisions aligned with the organization’s goals.
- Leadership and Influence: Strategic development requires the ability to inspire, motivate, and influence others towards a common strategic vision. Competent individuals demonstrate strong leadership skills, effective communication, and the ability to build and manage cross-functional teams.
- Change Management: Strategic initiatives often involve implementing significant changes within an organization. Competency in strategic development includes the ability to manage and navigate change effectively, addressing resistance and fostering a culture that embraces innovation and adaptation.
- Decision-making: Those with competency in strategic development can make sound decisions based on a combination of data, analysis, and intuition. They are comfortable with uncertainty and can weigh multiple factors to arrive at optimal choices aligned with the organization’s strategic direction.
- Results Orientation: Competency in strategic development is marked by a focus on achieving measurable outcomes and results. Individuals with this competency set clear goals, monitor progress, and adapt strategies as needed to drive performance and deliver desired outcomes.
- Collaboration and Relationship Building: Effective strategic development requires collaboration across various levels and functions within the organization. Competent individuals excel at building relationships, fostering teamwork, and leveraging diverse perspectives to drive consensus and alignment.
- Continuous Learning: Those with competency in strategic development possess a growth mindset and a commitment to ongoing learning. They stay updated with industry trends, emerging technologies, and best practices in strategic development, enabling them to adapt and evolve their strategies accordingly.
Overall, competency in strategic development combines a range of skills, knowledge, and qualities that enable individuals to navigate complex environments, identify opportunities, and drive the organization towards its long-term success.
Find TMG’s EMSP Competency Model and Formula here.