Here are some brief quotes about strategy I came across yesterday. There is more truth about the nature of strategy in these few lines, than in some lengthy articles.
Read, enjoy, and take some wisdom with you:
â€œâ€¦if you are entirely comfortable with your strategy, thereâ€™s a strong chance it isnâ€™t very good.â€
â€œTrue strategy is about placing bets and making hard choices. The objective is not to eliminate risk but to increase the odds of success.â€
Good strategy is â€œâ€¦ the result of a simple and quite rough-and-ready process of thinking through what it would take to achieve what you want and then assessing whether itâ€™s realistic to try.â€
From: The Big Lie of Strategic Planning by Roger L. Martin, in the Januaryâ€“February 2014 Issue of Harvard Business Review.
I strongly recommend this article.
Roger L. Martin states that strategy should always be outside the comfort zone. He also lists 3 comfort traps and gives advice on how to escape these traps:
- Comfort Trap 1: Strategic Planning
many businesses have an elaborate strategic planning process with a strong focus on planning â€“ â€œThis exercise arguably makes for more thoughtful and thorough budgets. However, it must not be confused with strategy.â€
- Comfort Trap 2: Cost-Based Thinking
â€œâ€¦the predictability of costs is fundamentally different from the predictability of revenue. Planning canâ€™t and wonâ€™t make revenue magically appear, and the effort you spend creating revenue plans is a distraction from the strategistâ€™s much harder job: finding ways to acquire and keep customers.â€
- Comfort Trap 3: Self-Referential Strategy Frameworks
This is my favorite: â€œIn identifying and articulating a strategy, most executives adopt one of a number of standard frameworks. Unfortunately, two of the most popular ones can lead the unwary user to design a strategy entirely around what the company can control.â€
Books by Roger L. Martin:
- Playing to Win: How Strategy Really Works
- Opposable Mind: Winning Through Integrative Thinking
- The Design of Business: Why Design Thinking is the Next Competitive Advantage