Unlocking the What and How of Strategy
Strategy is a word that gets thrown around a lot in conversations about business, growth, and success. But how often do we pause to ask, what is strategy and how do we implement it effectively? More importantly, is your organisation clear on what strategy truly entails, or are you getting lost in the jargon?
This guide lays the foundation for understanding strategy, offering actionable insights for building and communicating one that works. Whether you're launching a startup, managing an established business, or charting through business complexity a strong strategy is the compass that keeps you on course.
Foundation and Principles of Strategy
At its core, strategy is the overarching plan or direction you set to achieve a specific goal. It’s not the day-to-day actions or tasks, but the big-picture vision that guides your decisions. Without a strategy, you risk funnelling time, resources, and energy into actions that don’t align with your end objectives. Making money or staying afloat is an outcome, not a strategy.
Key principles include:
- A clear focus on the desired outcome.
- Alignment of your team, resources, and priorities.
- Demonstrating adaptability to unforeseen changes, without losing sight of the goal.
- Measurement and evaluation to ensure progress is steady and impactful.
Think of strategy as the "what," and the supporting tactics as the "how."
Beyond the what and how, even the most brilliant strategies can fall apart if they’re poorly communicated. A common issue is a strategy that feels abstract or detached, making it hard for the team to connect or engage.
Can You Be Successful Without a Clear Strategy?
While short-term wins are possible without a clear strategy, long-term success is highly unlikely. A lack of strategy often results in:
- Scattered efforts with no sense of direction.
- Confusion among team members on priorities.
- Wasted time and money on initiatives that don’t pay off.
Ultimately, strategy acts as your north star. Without it, you might move, but you won’t consistently move toward what matters most.
How Long Should Your Strategy Be Set For?
There’s no one-size-fits-all answer, but your strategy should align with your industry and organisational dynamics. For instance:
- Rapidly evolving industries: 6-month to 1-year strategy with regular reviews.
- Stable industries: 3- to 5-year plan works best.
The key is maintaining flexibility in your tactics, the implementation or action might evolve as the market demands, while your strategy can remain relevant.
Can AI Develop Your Strategy?
AI has changed the game in countless ways, and strategy development is no exception. With tools like machine learning and predictive analytics, AI can:
- Analyse market trends and customer data to identify opportunities.
- Optimise resource allocation.
- Offer insights that shape your strategic direction.
However, AI cannot replace the human touch. Developing a strategy still requires emotional intelligence, cultural insight, vision, and creativity. Think of AI as your assistant, not your CEO.
Strategy isn’t just for the boardroom.
If you want to refine or develop a strategy, start by asking the tough questions above, work collaboratively, and join us on the 23rd July for our session ‘Unlocking the What and How of Strategy’.
To secure your spot, click here.