Revolutionizing Business Planning: How Strategic Stories are Reshaping 3M’s Approach
In today’s business world, traditional business planning methods often fall short, leaving companies struggling to navigate a fast-paced and ever-changing market. That’s why 3M, a multinational innovative technology company, is embracing a new approach to business planning – one that revolves around strategic storytelling.
What is Strategic Storytelling?
Strategic storytelling is about using stories to communicate business strategy. It’s not just about anecdotes or case studies, but a comprehensive narrative that helps people understand the company’s vision, mission, values, and objectives. By crafting a compelling and emotionally charged narrative, business leaders can inspire and motivate their team, customers, and stakeholders towards a shared goal.
At 3M, CEO Mike Roman’s “15% Culture” is a great example of strategic storytelling in action. The story goes that in 1948, 3M employee Art Fry had a revolutionary idea – what if he could create a bookmark that would stick to paper without falling off? This idea failed multiple times before finally becoming the iconic Post-it note. Today, the “15% Culture” is all about encouraging employees to spend 15% of their work time on their own innovation projects, just like Fry did with the Post-it note.
This narrative not only communicates 3M’s commitment to innovation but also inspires employees to think outside the box and chase their own ideas, all while contributing to the company’s bottom line.
How 3M Is Reshaping Its Approach To Business Planning
Traditionally, business planning has been an analytical process, focusing on data, metrics, and projections. But strategic storytelling takes a more human-centric approach. It recognizes that people are emotional beings, and to truly engage and motivate them, companies need to appeal to their emotions, not just their intellect.
At 3M, strategic storytelling is integrated into the entire planning process. Instead of presenting a dry, data-driven plan, 3M executives now craft narratives that help employees understand how their work fits into the company’s larger strategy. For example, instead of simply stating that the company wants to increase revenue, executives might paint a picture of how achieving that goal can help solve a real-world problem or positively impact people’s lives. This approach not only helps the team feel more connected to their work but also helps other stakeholders understand the company’s mission and vision.
Key Takeaways
Strategic storytelling is becoming an increasingly important tool for businesses looking to revolutionize their approach to planning. By crafting a compelling narrative that aligns with the company’s vision, mission, and values, businesses can inspire and motivate employees and stakeholders towards a shared goal.
3M’s “15% Culture” is a great example of strategic storytelling in action, showing how a simple story can inspire innovation and drive business success. By integrating strategic storytelling into its planning process, 3M is reshaping the way businesses think about business planning and inspiring others to do the same.
