Think Big: Develop Strategic Thinking and Mindset

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Author

Lisa Stevens
Director of Executive Development
LIMRA and LOMA

May 2025

Leaders often receive feedback that they need to be more “strategic.” For some, this means developing goals, strategic plans and executing tactical outcomes. But is there more to being strategic? As the industry navigates through multiple disruptors in 2025 — high interest rates, market volatility, regulatory climate, demographic shifts, new technologies, talent strategies and changing customer expectations — having a strategic mindset becomes critically important as a strategic leader.

This is especially important considering the speed with which executives are being asked to make informed strategic decisions that impact the future of their organizations. Quick and informed strategic decisions should be made through broader analysis and by having a strategic mindset.

Strategic Thinking Versus Strategic Mindset

Being a strategic thinker and demonstrating a strategic mindset are complementary capabilities. Within a dynamic industry, strategic thinking is a critical capability focused on building plans and deliverables to achieve future goals. Some leaders refer to strategic thinking as a process, approaching the world through a goal-centered lens and growth mindset.

At its core, strategic thinking is about examining the bigger picture and making informed decisions about the future in concert with day-to-day organizational vision, strategy and values. It is practicing an ongoing strategic mindset that sets the foundation for leaders as strong strategic thinkers.

“Having a strategic mindset is critical to making future decisions and is a skill essential to being a strategic thinker. It is a capability learned throughout a leader’s career,” says Kelly Abeles, vice president of Affinity, and Association Strategy, Underwriting and Distribution at Prudential Financial.

“Having a strategic mindset means thinking about the bigger picture, continuously looking at the business, how we move ahead and adjust along the way. Having a strategic mindset never stops and includes seeing the world differently,” Abeles adds.

Strategic Mindset in Action

Modeling and developing a strategic mindset are often viewed as a discipline that requires time and commitment to continuous learning and curiosity. This commitment includes gaining an outside perspective and translating those views internally to consider future organizational possibilities. “Modeling a strategic mindset is all about looking broader — developing an outside perspective — and what that means,” says Abeles. “It’s about taking those insights and thinking about application to the business, and applying those learnings for a stronger enterprise. It’s really about doing things differently.” The following chart serves as a helpful guide for leaders working to develop a strategic mindset.

	Developing a Strategic Mindset
	OUTSIDE Perspective	INSIDE View	FUTURE Possibilities
Question to answer	What insights can be gained from the external world?	How will external insights impact our organization now and in the future?	Based on external insights and our inside view, what informed decisions can be made about our future? How can we best envision the possibilities?
Aspects to Examine	Current, new and emerging industry/market trends: Local/global headwinds; in and outside the industry Consumers New products/services Regulatory Talent/people Technology	Current internal operations (e.g., processes, procedures, systems, business models, organization structure, etc.)	Impacts, dependencies and unintended consequences of external insights to organizational opportunities
	Growth Drivers	Growth opportunities and capability gaps	Existing internal data
	Competitive differentiation (including "failures" and key learnings)	Customer value proposition	Feedback and thinking from internal functional areas
Leadership Actions	Be curious; ask questions What if . . . ? What would this mean for us if . . . ? What if the industry were to embrace this approach . . . ? What happens if we don’t pay attention to external trends?	Assess external trends in comparison to organization vision/strategy/values	Be adaptable in trying something new
	Become comfortable with the "unknown" or "uncomfortable" trends	Challenge the status quo: What stops us from implementing X? Why have we not considered X? Is there an opportunity to do things differently?	Lead with optimism, focused on what's possible
	Build "time to think" routines	Test and learn	Rally the organization to be the future and execute the future
	Anticipate future impacts	Balance proactive and reactive thinking	Take responsible risks that benefit the organization holistically
Tools	Build external connections/networks (including within and external to the industry)	Scenario planning: Be prepared for 3-5 possible scenarios to respond to external trends	Future roadmap, milestones and success metrics
	Subscribe to industry and nonindustry newsletters, podcasts and research, etc.	Enterprise SWOT analysis	Continuous improvement processes
	Seek out mentors and discussion partners	Innovation challenges	Customer and stakeholder feedback

Strategic Mindset Challenges

With leaders called to make quicker decisions, at times it is important to step back to gain a broader view. “As a leader, it’s okay to pause, regroup and be transparent about what is needed to make the best decision,” says Abeles. “Be clear on what a decision today versus tomorrow would look like with the right perspective.” It is in these moments of truth that having a strategic mindset can enable leaders to make impactful decisions to unleash new organizational possibilities.

In modeling a strategic mindset and making informed organizational decisions, leaders may feel stretched to be proactive and reactive simultaneously, which for some may seem near impossible. “Being proactive as a leader means examining the external world and analyzing trends with an eye on the business’s growth objectives, which takes time. The reactive is normal and will always be there, especially as technology and automation continue to evolve within the industry. It’s a balancing act,” says Abeles.

Other challenges leaders may face when developing a strategic mindset include:

Scheduling adequate time to reflect on the outside world’s business impacts
Growing strategic mindset muscles through practice and opportunities
Managing organizations that value strategic thinking over mindset, instead of both
Building confidence in synthesizing external trends

Developing a Strategic Mindset

There is not a formal career path to developing a strategic mindset; it takes time to master, and the capability cannot truly be taught from a model, course or book. It’s about deliberately thinking beyond day-to-day tactical execution to understanding what’s on the horizon. Growing a strategic mindset is also about thinking beyond ourselves as leaders to focus on outside-in perspectives to predict the future and better understand the organization, while also anticipating challenges and possibilities.

Below are practical approaches to developing a strategic mindset:

Let the outside world in

Optimize industry/market research, podcasts and other periodicals to gain insights
Look at other industries’ trends, tailwinds and headwinds to also gain insights

Schedule weekly “surfing time”

Step back from tactical work and view the business and future possibilities through a new lens

Build connections

Discuss external perspectives with other cross-functional leaders
Identify mentors who are strategic mindset masters; gain insights into how they developed this career-long capability

Identify a strategic mindset copilot

Engage a partner on your next strategic initiative to push thinking every step on the journey

Modeling a Strategic Mindset for Followers

Followers observe how strategic leaders think, act and communicate. Below are actions leaders can take to shepherd others as they grow a strategic mindset:

Evolve language

Shift from statements that stifle strategic mindsets (e.g., “we tried this before and it failed” or “this idea is far-fetched”). Two questions that inspire possibilities: For example, “What if . . . ?” or “What external learnings can we consider?” or “What missed opportunities do we have as an organization?”
Ask future-focused questions, such as, “Five years from now, what do we want the industry to say about us?”

Guide teams to learn

Share favorite external sources of information and value gained
Inspire teams to self-investigate outside-in perspectives to define opportunities; test and learn

Create a “strategic mindset” culture

Instill confidence that followers can influence and own something “big”
Recognize those modeling and strengthening strategic mindset muscles

Being a strategic thinker and demonstrating a strategic mindset are complementary capabilities, both critical to leadership success. Through success, having a strategic mindset is important to understanding the external world and translating those perspectives into internal growth opportunities — where the organization is going and the steps to get there.

LIMRA and LOMA is committed to advancing the industry by providing the education and resources necessary to support leaders in navigating the ever-changing landscape.

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