what is strategy?
DESCRIPTION
Strategy is one of the most misused terms in business. I have applied a simple framework to help make sense of strategy and some other commonly misused business terms. I hope you find this framework helpful.TRANSCRIPT
Strategy
Is the Most
Misused Term
in Business
MISSION VISION
VALUES
GOALS
TACTICS
COMPETITION
While
You
Think
MISSION VISION VALUES GOALS TACTICS
HOW TO MAKE SENSE OF IT ALL?
MISSION VISION VALUES GOALS TACTICS
Don’t Become
a Road Kill!
Get Organized!
It’s Easy!
Start Right Now!
Today Future
Start with an assessment of where you are
today. What are your organization’s strengths
and weaknesses? Then decide where you
want to be in the future. What are the
opportunities and threats in the market place?
Today Future
VIS
IO
N
Set a vision describing what you expect the
world to be like in the future. In other words,
where you expect your chosen market to
move. The vision describes the external
environment and where your company fits in.
Today Future
GO
AL
S
VIS
IO
N
Based on your vision of the future, set goals for
your organization. While the vision can be
somewhat vague make sure your goals are
specific and measurable. What do you want
your organization to achieve in the future?
STRATEGY
Today Future
GO
AL
S
VIS
IO
N
Strategy is what gets you from today to your
goals in the future. Your strategic choices need
to support your organization’s attainment of the
goals that have been set. Strategy isn’t a
single ”thing”, it’s more like a roadmap.
STRATEGY
Today Future
GO
AL
S
VIS
IO
N
As strategy is a long term endeavor it cannot
be actioned by itself. You implement a strategy
by making tactical movements that align with
the strategy. If strategy time span is five years,
tactics are to be implemented in a year.
STRATEGY
Today Future
GO
AL
S
ACTION
ACTION
ACTION
ACTION
VIS
IO
N
Once you have mapped out the tactics that
support the strategy roadmap, you can start to
plan concrete actions that implement the
tactics and the strategy. Don’t be too rigid, if
the world changes, your strategy must change.
STRATEGY
Today Future
GO
AL
S
ACTION
ACTION
ACTION
ACTION
VIS
IO
N
MISSION
Your organization’s mission defines its reason
for existence. Vision, goals and mission must
align, otherwise everyone will be confused.
Why are you in this business? Why is it
important to reach the goals that were set?
STRATEGY
Today Future
GO
AL
S
ACTION
ACTION
ACTION
ACTION
VIS
IO
N
MISSION
VALUES
Values define the principles by which your
organization goes about doing its business.
Values must arch from today to the future, so
that your organization can reach its goals. What
are the values that your mission requires?
STRATEGY
Today Future
GO
AL
S
ACTION
ACTION
ACTION
ACTION
VIS
IO
N
MISSION
VALUES
TIME
Defining these concepts and communicating
them widely in your organization will make it
easier to implement the strategy and reach the
goals over time. Make sure to re-evaluate, re-
align and re-focus periodically. Good luck!