So, what is strategy?
Strategy is the process of making decisions about your future direction when the stakes are high and resources are limited.
Everyone it seems, has a strategy these days. From the local footy team to the fast-food chain on the corner. But what do we mean by ‘strategy’? And if we actually put the time and effort into setting a strategy, how can we ensure, and gauge, its success?
If we look back at 6th Century Chinese war philosopher Sun Tzu, he was remarkably ahead of his time when he said:
‘Strategy without tactics is the slowest path to victory, but tactics without strategy is the noise before defeat.’
Understanding the difference between ‘strategy’ and ‘tactics’ in this analogy is integral to delivering a successful strategy.
There’s no point in talking tactics before your strategy is crystallised, but on the other hand if you put all your efforts into ‘imagining’ your strategy and no time or effort into agreeing a plan to how you will make it happen, strategic success becomes just an unattainable pipe dream.
The first step in any endeavour is believing you can win and setting your ‘strategy’ for success. You must work through a set of strategic questions to help get clear on what your winning aspiration is, to work out were you will (and won’t) compete, and to strategise how to win within this chosen competitive space.
Only once this thinking has taken place, and your strategy is both crystallised and agreed, can you focus on the ‘tactics’ of planning and mapping the processes and systems required to make your strategy a reality.
‘How do we know it’s worth it?’ we hear you ask. Is the juice really worth the squeeze? And will our hard work really reap rewards?
We know strategy takes effort. And we know that execution is even harder. But it’s an emphatic yes from us.
Strategy is the process of making decisions about your future direction when resources are limited and the stakes are high. It’s now more important than ever that executive teams and boards take the time to define, establish, practice, and get good at delivering on a great strategy process.
Knowing that your strategy is clear and that you have the tactical moves mapped out to achieve it allows your organisation to Think Big, Dream Big and move forward with confidence.
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