For many finance executives, the formulation of strategy isn’t part of their job description. The top executives at Lane Crawford, participated in a unique program that takes strategy out of the chairman or CEO’s office and places it squarely with those responsible for its implementation.

That program came from international consultancy Strategic Thinking Group (STG) in Hong Kong . 20 Lane Crawford top executives including the President that participated over a span of two years in developing a picture of the retailer’s future. In fact, Lane Crawford took a proactive approach when it hired STG. “It wasn’t like a patient going to see the doctor,” says one of the Executives. In other words, there was nothing wrong with their modus operandi. Lane Crawford’s president, Balbina Wong, just wanted to see if they could do things even better.
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In fact, the benefits have stretched beyond just having a view of the future. “The feedback has been very positive,” says one of the Executives. “Everybody thinks it is a good idea to have the chance to participate, to have the chance to sit down and formulate strategy. They are being regarded as one of the members to steer the ship.” “To be honest, we involved quite a number of senior staff, not just four or five vice-presidents and the president. Therefore, I think the communication of the strategy (to the rest of the employees) is good, because by bringing [so many managers] into the formulation process, they should know the strategy well.”

The process has helped with attracting and retaining staff. Participating in the process “encourages a sense of belonging to the company,”. The company “does not just give them instructions like, ‘Just do it, like it or not.’ These are instructions from senior management. They have the chance to make their comments on the direction of the company.”