What is a strategy? Fundamentals of successful strategic planning

Website design By BotEap.comHave you ever noticed how the question “What is a strategy?” rarely arises in the context of strategic planning? The word strategy is often used with the assumption that anyone involved in strategy development knows exactly what a strategy is. It has been my experience that such an assumption is often incorrect. Too often, those charged with the task of strategic planning in their organization do not know or understand the definition of strategy. The result is that what they end up calling a strategy is not really a strategy. With this consequence in mind, I will begin by discussing what a strategy is not.

Website design By BotEap.comBefore we begin, please note that the point of this discussion is not to get bogged down in semantics. The goal is for you and your planning team to have a unified foundation for evaluating ideas so you can begin the process of deliberately turning ideas into actionable strategies.

Website design By BotEap.comStrategy versus Tactics

Website design By BotEap.comAs an expert in strategic planning for over fifteen years, most of the time I am given a series of tactics when I ask a potential client what their current strategy is to achieve their goal. Most people think they have a strategy when all they really have are tactics. This confusion is common and can undermine the entire strategic planning process. It will be helpful to your strategic planning efforts to understand and be able to distinguish strategy versus tactics.

Website design By BotEap.comTactics are specific actions that promote the achievement of a strategy. The hierarchical order is like this:

Website design By BotEap.comA tactic supports the achievement of a strategy.
A strategy supports the achievement of a goal.
An objective supports the achievement of a mission.
A mission supports the achievement of a vision.
The achievement of a vision fulfills the purpose.

Website design By BotEap.comJust having tactics without integrated, actionable strategies is the main reason so many business owners and executives get frustrated and just spin around. In other words, they are busier than ever and are investing significant resources, but are not experiencing significant progress on their goals or anything close to the expected return on their investment.

Website design By BotEap.comPlease don’t think for a moment that tactics play a less valuable role in the success of an objective. The correct tactics are just as important as the correct strategy. Ineffective tactical support can render an otherwise effective strategy useless (and sometimes destructive) in achieving an objective.

Website design By BotEap.comWhat is a strategy?

Website design By BotEap.comIn its simplest form, a strategy is a clear decision and statement about a chosen course of action to achieve a specific goal or result. While this definition is succinct and sufficient for general discussion, this definition and others like it are of no practical value for organizational strategic planning efforts. Why? It does not provide any basis for evaluating whether a strategy is feasible. Actionable strategies are the only ones that matter in business.

Website design By BotEap.comWhat is an actionable strategy?

Website design By BotEap.comFrom the perspective of successful strategic planning, there are two types of strategies: actionable strategies and all other strategies. My definition of an actionable strategy says:

Website design By BotEap.com An actionable strategy is a carefully considered decision about the most effective and efficient use of specific resources to
systematically increase competitive advantage and profits over a specified period of time.

Website design By BotEap.com Side note: If increasing competitive advantage and profits over a specific time period is not the goal of your current strategic planning efforts, simply substitute your goal in this definition to make it specific to your needs.

Website design By BotEap.comActionable strategies are a critical part of the Actionable Strategic Planning® process, supporting business growth in multiple ways and improving your chances of success if the right minds are engaged in constantly monitoring, evaluating and integrating new information and adapting strategy. as necessary.