Strategy is a framework within which you make the decisions that determine the nature and direction of your business (Source: Tregoe and Zimmerman, Top Management Strategy).
“Hope” is not a strategy.
Many believe that the five-year strategic plan…or even 3-year…is a thing of the past. They are subject to rapid displacement, disruptions, and destruction. Organizations do not have the luxury of time to test and roll out new initiatives. Also, predictability has decreased in regards to how far into the future and how accurately you can confidently forecast demand. In addition, the competitive dynamics make strategy more malleable (Source: BCG).
Thus, your strategy should have different time perspectives:
- The short term: evaluate progress, challenge your current strategy, explore options to accelerate execution, assess assumptions, analyze business landscape
- The medium term: actionable business plans, governance for accountability, clear market/offering, prioritize innovations, evaluate business model
As you create your roadmap, remember to be open-minded and inquisitive. Peter Drucker said, “The most common source of mistakes in management decisions is the emphasis on finding the right answer rather than the right question.”
Does your strategy have multiple perspectives?
