Strategy Is NOT A Four Letter Word: 5 Reasons To Stop Fighting, And Start Embracing, Strategy
Strategy is undoubtedly one of the most important contributions you can make to your business. If the word “strategy” offends you, makes your eyes roll back into your head, or causes a visceral reaction, simply call it something else. The truth is, strategy is purely a roadmap, a game plan, a checklist for sanity (yours and those around you). Without it, the future of your business is just a guess and your success will never really be clear.
In today’s hyper-competitive marketplace, it seems as if we’re all moving at the speed of light…or at least, we feel as if we’re expected to. There’s never enough time to deal with major issues right in front of us, let alone time to plan or strategize the next business move. “Strategy” is treated like a dirty word, a distraction to the business of doing business, and often put on the back burner.
Worth the InvestmentIf your plan is to run a successful business, you need to understand what’s happening inside your walls as well as outside, across the competitive environment. Working that information into your business strategy isn’t black magic, it’s just common sense. Isn’t it worth the relatively small investment now to ensure you have a plan that will protect and grow your business in the long run? It doesn’t matter if your strategy is in a fancy keynote presentation, chiseled into stone tablets, or scribbled on a napkin – take the time to outline where you want your business to go and the activities and funds needed to get you there.
The conversation I always have with my clients, whether small start-ups or major corporations, is that organizations need to be willing and prepared to deal with the challenges coming at them every day. Why not stack the odds in their favor? Here are five benefits of having a strategic plan in place to help businesses navigate these challenges more effectively:
1. A Clear Path
While creative vision and grit will get you so far, it’s also important to have a “North Star” guiding the best route for your business to travel, now and in the years ahead. No business will succeed by simply stumbling across the finish line. Give yourself permission to set a goal and you will be pleasantly surprised by the clarity and motivation it brings to your entire organization.
2. Stronger Teams
Strategy isn’t just lip service for the “higher-ups” – it gives everyone involved in your business a sense of purpose. With a clear mission to work towards, a strategic plan focuses the energy, resources and time of everyone in the same direction. Everyone plays together and on the same side.
3. “Work Smarter, Not Harder”
If your business is like others, you probably have a few really talented, hard-working folks putting their best efforts into areas that give little return back to the company. Their “busy” activities aren’t necessarily aligned with the priorities of the business. A strategic plan encourages everyone to think about how his or her efforts impact the business.
4. It’s Okay To Say “No”
Many organizations have trouble walking away from ideas and initiatives that pop up as new possibilities for growth. While everyone wants to be celebrated as nimble and opportunistic, saying “no” is sometimes necessary for the greater good. Strategy not only helps to prioritize the activities, but also the spending attached to those activities and no one has to be perceived as the bad guy.
5. A Reality Check
I’ve known leaders who walk around for months, sometimes years, with a virtual strategy locked in their heads – they feel they know where their organization needs to be and the key activities to get them there. Unfortunately, when that strategy isn’t published, shared or communicated, no one acts on it. This lack of action inevitably results in finger-pointing and fur flying. Do yourself a favor and don’t be that leader. The reality is: if no one knows, no one can be held accountable. When your entire organization knows where you’re going, the best ideas and more opportunities open up to help you get there.
Strategy Is Meant To Adapt To Business ConditionsI am a believer in strategy and my clients often tell me it is one service I offer where they quickly see tangible results. However, no strategy is meant to be finite. It is less about absolute decision-making and more about the long-term health of your business.
Companies often shy away from strategy based on the belief that a strategic plan is weighted down in concrete. Today’s environment is fluid, innovative and challenging and almost requires a Ph.D. in multi-tasking. The whole point of strategy is having the confidence to react when and if the plan changes.
My advice: work with the best intelligence and capabilities you have now and know that new information in the future will make the case to revise your strategy and revamp your planning process. Most importantly, it’s never too late to embrace strategy or put a plan in place. What are you waiting for?