What is the difference between a plan and a strategy?
This week, the Alltech Crop Science leadership team gathered in Murcia, Spain, for a strategic planning session—and I was lucky enough to join them for some of the sessions.
Weeks before, Andy Thomas, CEO of Alltech Crop Science, had already set the tone by sharing a powerful video from Harvard Business Review featuring Roger Martin. (https://lnkd.in/gQh9hVXX)
Here’s the catch:
Often, we get wrapped up in what we need to do—the actions, the projects—and miss the bigger picture of how we’ll win. You can tick off every item on your plan, but still miss the mark in building a successful business. True strategy requires understanding where you want to play, how you’ll win, and what resources you need to get there. It takes time, discussion, and debate—and sometimes we rush into action without taking those vital steps.
Roger Martin shared the importance of strategy to our #AlltechONE Ideas Conference in 2020, as seen in this clip, alongside Professor Damien McLoughlin.
🎯 So what’s the difference?
According to Roger Martin:
• A strategy is an integrative set of choices that positions you to win. It’s about why you’re choosing a specific market and how you’ll outperform competitors.
• Planning is more comfortable because it focuses on what you can control — such as costs. But strategy? That’s riskier. It’s about outcomes you can’t control, like whether customers will choose your product.
⚠️ Avoid the planning trap:
• Strategy takes courage. It’s about making bets without guarantees.
• It’s normal to feel nervous because strategy isn’t about checking boxes — it’s about winning.
As Roger Martin says, “If you plan, you guarantee losing. But if you do strategy, you give yourself the best chance of winning.”
Which are you focusing on? Strategy or planning?
♻️ If this resonates with you, feel free to share it with your network. Let’s rethink how we approach strategy in 2024!
