Strategy is “doing the right thing” (Peter Drucker). It is the “pattern in a stream of decisions” (Henry Mintzberg).
In my opinion the word „strategy“ is applied far to often to initiatives, projects or other stuff. Some more thoughts on strategy:
- The strategy must apply to the entire company.
- The strategy defines the long-term goal of the company and the framework on how to act on the way towards this goal.
- The „how to act“ constitutes the business model and the value proposition of the company for its customers.
- Strategy takes into account the external influences on the company (e.g., the markets, customers, and competitors) but also builds on the company’s unique strengths and capabilities.
Sounds trite? I don´t think so. Many strategies just consist of a phrase, others describe deterministically what should happen in the future. While the first one is not guiding the organisation the latter is inappropriate especially in todays volatile world.
How many strategies you know meet the above criteria?
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