Strategy is a subject that everyone and no one is an expert on.
If you search the word “strategy” in the people search in LinkedIn, you get about 1.2M results. That's 1.2M people who define themselves as a strategist.
Having worked in the amorphous, ambiguous strategy field for over 30 years, I have my take on what strategy is and is not. Below are some of the best resources on strategy, curated by yours truly. My recommendations begin with the most tactical and practical for those new to strategy - to a 30,000 foot, global thought leader point of view.
I’m strategic! Wait, what is that, anyway?
Can those of us among the 1.2M LinkedIn strategists agree on what strategy is and is not? To build my working definition, I looked at the work of Roger Martin (for the design thinking meets strategy angle), Michael Porter (as the godfather of strategy), and Gino Wickman (for a dose of small business in the mix - since we don't all work for huge companies).
1,000-foot view: Strategy in one word? Choice
I work with teams that are just getting started building their first strategy. Often the challenges they face are primarily internal. Their most significant hurdles to success exist within their own four walls: lack of clarity, alignment, and accountability. For those just starting out:
Strategy: A Working Definition
A strategy is the set of choices you will make now, in the face of uncertainty, that describes how you will achieve your aspiration.
Now that we have a common definition:
Does yours need a refresh? Answer these questions to stress test the strength of your strategy. Hint: the correct answer is 'yes’.
We have a clear mission, vision, and aspiration in writing that is regularly and adequately communicated.
We have 3-5 strategic choices in writing that clarify the tradeoffs we are making to achieve our aspiration.
We have a unique positioning and value proposition for our organization in writing.
We know who our core consumers are, where we play, what we deliver and how we operate. We have this written down.
We meet regularly and use our written strategy as a lens to make tough decisions and to keep ourselves and our teammates accountable.
Can you see a common theme in the questions above? The phrases “written” or “in writing” are in Every. Single. One.
How did you do? If you can’t answer ‘yes’ to the above, that’s okay. The best way to get started is to get writing!
5,000-foot view: Strategy in four words: Context, Company, Competition, and Customer.
No business or organization exists in a vacuum, so now it's time to pull the camera back and look at the broader picture. The job of level two strategy is to build "sustainable advantage and superior value relative to the competition." I recommend the book Play to Win. Roger Martin's framework is highly accessible.
Martin's approach is a practical step-by-step approach to build a winning strategy called the strategy cascade. Check out his book for more.
30,000-foot view: Strategy in five forces: Suppliers, Substitutes, Buyers, New Entrants, and Competition.
Check out the godfather of strategy, Michael Porter, and especially the very accessible book by Joan Magretta, Understanding Michael Porter. I love some academics, and I also live in the real world where most people want the "USA Today" version. Sorry, Mr. Porter! I lean on Magretta’s book to help simplify Porter’s frameworks.
If you’re just starting out with strategy as a small business or entrepreneur, begin by answering the five questions above and check out Gino Wickman’s book Traction. As your business grows and evolves, you’ll find Roger Martin’s cascade framework helpful to carefully think through options and choose a winning path.
Strategy is a journey that plays out over months and years. Be patient! Investing in and following through on strategy can bring true competitive advantage in a culture so focused on the short term. Strategy is about making choices. Choose to build something that will endure.
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