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Send to KindleDefining your strategy = making choices. You will choose some option, and not choose others. This is not the same as “forgetting to account for some choices.” While the text book will imply this is a methodical and thoughtful approach (or should be), in reality, it is organic and messy. Because of time pressure and lack of information, you will not have the complete set of choices in front of you when you pick. You’ll have to do the best you can and hope you will get a chance to refine your choices.
If the stakes are high, you will have to fund/find time and effort to list and review your choices. Thus, the larger the company, the more convoluted and arduous the annual strategy planning process. The smaller the company, the more nimble, but also the more “shoot first, ask questions later” the approach.
The second point about strategy (the first being “choice”) is that it must be game changing. You must strive to make a choice that is different, is remarkable, and gives you a competitive advantage. If your choice is not game changing, then your strategy has limited business value. “Coping” and “hoping” is not a strategy.
The third point about strategy is that it can be at various levels. At the highest level, there are strategic choices to make about the company identity, its customers, and business practices. At a more “mundane” level, strategic choices have to be made about operations, but these must align to higher level strategic choices.
Some choices are easy to change, but other choices may confuse your customer. So choose wisely. The books make it sound easy, and it should be, if you truly understand your customers. If you are struggling, you need to get out there and talk to your customers. It is rare if you are able to say, “I know what the customer wants” and succeed without checking with them.