The Strategic Side: Strategy
Rich Horwath
NY Times & WSJ bestselling author of the new book STRATEGIC; Strategy workshop facilitator and coach helping executive teams develop their strategic capabilities
How do you define strategy? If you asked five people on your team for their definition of strategy, would they all be the same? Probably not. Strategy is one of the most common business terms and at the same time, one of the most commonly misunderstood. Research has shown that for the past 50 years, there have been more than 90 different definitions used.
Before you can effectively lead strategic thinking and strategic planning exercises with your team, it’s important to share a common language for strategy. Without a common language and understanding of strategy, people will waste a great deal of time trying to get on the proverbial “same page.”
I’ve developed the following infographic as a concise way for you to share the definition of strategy with your team to begin the conversation. I’ve also included the GOST Framework, which has helped tens of thousands of managers use a clear and simple framework to clarify what strategy is and how it’s different from goals, objectives, and tactics.
I’d love to hear how your team approaches strategy. Do you have a common language and understanding of strategy? If not, please share what you believe are the key issues to be addressed. And if you do have a common language for strategy, we’d benefit from hearing your definition and tips.
To explore more than 200 resources to develop your team’s strategic thinking and planning capabilities, visit www.StrategySkills.com
#strategy #strategicthinking #strategicplanning
Data-Driven Strategy/Business Analysis/ Business Intelligence
2yAlong with all the different definitions of strategy that I think are right in their place, strategy for me means the ability to say "NO" and focus on the path that has already been chosen correctly.
Director, Strategic Programs at S&P Global Market Intelligence
2yA smart infographic can go a long way to remind us of the simplicity required for effective goal setting and strategic planning. Thank you
Implement training and coaching initiatives to improve performance, attain growth goals, and achieve commercial excellence for B2B organizations. | 180 Enablement LLC | Perpetos
2yStrategy is how you will go about achieving a goal. I believe a strategy describes the path you will pursue to achieve desired outcomes for the business. The challenge with evaluating whether a strategy will be successful is whether the internal and external factors are accurately assessed. In my experience strategies are often aspirational and not rooted in objective thinking about the factors that could impact the organization’s ability to achieve the desired outcomes.
I think every company, and at the very least every group, has to say, "Our definition of strategy is ___ ." That way the people working on strategy can at least mean the same thing. My definition is, "A strategy defines the business we are in, the 2-3 desired outcomes we want to achieve, and the 2-3 things we will do to achieve each of those outcomes." I think a strategy sets a direction for the group or the organization and it needs to be clear and focused and realistic, and that is why I define it that way.
NY Times & WSJ bestselling author of the new book STRATEGIC; Strategy workshop facilitator and coach helping executive teams develop their strategic capabilities
2yBradley Hartmann would benefit from your take on the challenges you see to developing effective strategy and how the leaders you work with overcome them