Strategic Management has been for a very long dominated by the wish for ration, objective, analytic thinking. Although psychologists and psychoanalysts know since ages that the human being is not as rational as wanted, this insight had not been integrated by strategic management. With the upcoming of Behavioral Finance and Behavioral Economics also strategists became slowly aware of the fact that their thinking is distorted by cognitive biases and that even them are influenced by emotions. Neurosciences have helped enormously to make this an acceptable, yet for some a bit of an unapleasable fact.
By Behavioral Strategy we mean a new approach in the field of strategic management using a psychologically informed perspective. It thrives to integrates emotional aspects into strategic management and sees the necessity in deep and shared reflections on your own thinking and your thinking of the future of the corporation.
In integrating these psychological factors success factors can be derived which not only improve the quality of the strategic decisions, but also the implementation will work faster and cause less resistance.
It is worth a try, I promise! And also interesting and fascinating …