How exactly you define ‘strategy’ could have an important influence on your success. That is the surprising result of extensive cross-industry research. Here we will explore your personal definition of strategy and why exactly it matters.
Let’s begin by writing out the 3 words that come to your mind when you think of strategy. Simply write them on a piece of paper – no deliberation needed!
Why not make a note of the words that you associate with strategy. Then compare them with managers generally suggest.
These are some of the associations people have with the word ‘strategy’. But what does it mean? Well one observation from the list is that strategy means different things to different people.
With each personal definition of strategy are different interpretations of its scope, importance and role in business success, as well as different views as to what it should contain, how it should be created and who should create it.
Your personal definition of strategy shapes the approach to strategy setting and execution – the Who, How & Why of Strategy Setting.
Most important of all it shapes the likelihood of success. Not least of all your definition of strategy may be either positive or negative. That is to say – either helpful to your business, or not.
That is why changing the effectiveness of strategy requires changing how you think about it. That is why we say it is time to re-think strategy. So the question is:
Forget everything you know or have heard about strategy – temporarily at least. To put it aside and to re-think strategy.