How leading companies are stretching their strategy

Purpose This paper aims to identify how leading companies are improving their strategy‐development processes to keep up with the transformations in the global competitive environment. The value of any reliable strategic foresight executives can wring from their planning systems can be priceless. Design/methodology/approach BCG recently studied the strategy‐development processes of leading companies by interviewing more than 100 executives in 20 firms. Findings The study found that leading firms are “stretching” their strategy process – along three mutually reinforcing dimensions: stretching time horizons, stretching their thinking, and stretching the engagement process Practical implications Numerous examples of innovative best practices are given, for example: turn issues upside down. Instead of asking how to grow the business, ask how to kill it. Instead of feuding over how to increase resources (a typical budgetary debate), ask how to operate with significantly fewer resources, or even without them. Originality/value The paper offers many practical ways to foster reliable strategic foresight, innovative thinking and enhanced strategic creativity.