We have all been there.
You’re heading to a new location only to have complete panic set in when your GPS system fails while you’re trying to reach your destination. You feel lost, hopeless, and fearful that you might take a wrong turn. Nothing is worse, especially when you need to be somewhere and you're running late.
GPS or Global Positioning System is an amazing tool that we all use and heavily rely on to get us places we want to go, but haven’t been before. It pinpoints your location with accuracy and calculates your speed, direction of movement, and estimated time of arrival.
It provides you with step-by-step directions to get from point A to point B in real time.
Running a business can often feel like you’re taking a trip without knowing how to get to your destination. This is fine if you’re out for a Sunday drive, but if you’re like most companies, you have a limited tank of gas and getting to your destination is imperative.
This is where strategy comes in.
If success is your destination then strategy is the GPS coordinating and calculating the trip.
It determines what routes to take and what pit stops are worth making.
Strategy is the process of allocating resources, setting a direction, and systemizing activities in order to achieve a desired future state.
And like a GPS unit, strategy is not a one-time event.
Strategy is an ongoing process that is constantly looked at and optimized—finding the fastest routes to take while avoiding hazards and avoiding delays.
What strategy is not:
Strategy is not about its outputs (plans, analyses, projections). Strategy is a process towards making smart choices.
Every business is essentially limited to three resources: time, money, and energy.
Time is the ability to invest and prioritize what matters; money is the expression of power in the world (love it or hate it); and energy is the willingness to perform the work needed to achieve a goal.
Without a clear strategy these resources start to be pulled out of balance which puts a huge strain on your business. Like a tripod that starts to topple when one leg weakens.
5 lingering symptoms of a company without a strategy:
On the other hand, a great strategy can help your company imagine what might be in the future, and then set into motion making it happen.
5 benefits of having great strategy:
Given the proper attention, the right strategy can get your business in the HOV lane–destination Success City.
Strategy can be broken down into 6 different components.
Like our GPS unit strategy provides us with step-by-step directions to get from point A to point B in real time.
Strategy is not like printing out a couple pages of MapQuest on your way out of town and calling it good. Strategy is a process. A process with guidelines and checkpoints that build upon one another. One that is constantly catered to and re-optimized.
Here are 6 questions to ask when constructing a strategy:
After you have answered these questions you can begin to lay out plans and tactics towards executing your strategy.
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If you are looking to learn more about strategy here is a list of strategy resources.
Videos on Strategy:
Books on strategy:
What Is Strategy? by Michael E. Porter
Thinking in Systems: A Primer by Jules Pretty
Playing to Win: How Strategy Really Works by Roger L. Martin
Good Strategy Bad Strategy: The Difference and Why It Matters by Richard Rumelt
Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
Good to Great: Why Some Companies Make the Leap and Others Don't by Jim Collins
Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael E. Porter
The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail by Clayton M. Christensen
The Brand Flip: Why customers now run companies and how to profit from it by Marty Neumeier
