Often senior executives define strategy in a limited and narrow way. They focus on a vision or a direction, or sometimes even clear, measurable objectives. But to be effective, a strategy needs to encompass all of these.
A solid strategy has to answer the questions:
- Where are we headed?
- What are we building?
- How will we know when we get there?
- What are we going to focus on to drive our success?
- What are the key steps to take to address those areas of focus?
Many of the strategies we see in our consulting practice are vague rather than clear. For example:
‘We want to be world-class’ vs. ‘We want to be leaders in our industry as measured by X’.
The other common flaw we encounter is that many strategic plans exist in a binder on a shelf, but fail to be lived out in the everyday way people work. Is your strategy alive in your leaders’, management’s and staff’s day-to-day actions? Most aren’t.
A truly bold and compelling strategy is ultimately one where staff can see the part they play in its accomplishment and participate daily in its fulfillment.
Is your strategy vague or bold and compelling? I would love to hear your comments.