Define what you mean by Strategy
Define what you mean by Strategy: Before you start your next strategy cycle, create some shared language about what you mean by the word strategy. It can mean different things to different people, which can cause confusion and people working at cross-purposes. Despite a variety of interpretations, certain common elements appear consistently from the works on strategy across the ages that I think most prominent strategy authors would agree with:
- Future orientation: Strategy is inherently forward-looking, concerned with shaping what is to come rather than simply reacting to present circumstances.
- Goal-directedness: Strategy is purposeful, aimed at achieving specific objectives that give meaning and direction to actions.
- Environmental consideration: Strategy accounts for context, recognising that decisions must be made within and in response to specific situations and external factors.
- Resource allocation: Strategy determines how limited resources – whether time, money, attention, or capabilities – are deployed to maximum effect.
- Choice and trade-offs: Strategy involves selecting some options over others, acknowledging that not everything can be pursued simultaneously or with equal emphasis.
- Pattern of decisions: Strategy represents a coherent set of choices that together form a unified approach rather than isolated actions.
If your definition of strategy and your strategy process can encompass these elements, you’re already off to a great start!
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