Attention all business leaders: A plan is not a strategy.
But why should you care?
Because if you want to win in the cutthroat world of business, you need a winning strategy.
Developing one can give you a competitive edge, help you stay ahead of the game, and position you for success.
Unfortunately, too many people don’t know the difference. Here’s why.
People confuse having a plan with having a strategies
Have you ever wondered why some companies with seemingly good plans fail miserably, while others with no clear plan succeed beyond their wildest dreams?
While a plan is a useful tool for organizing your activities, it’s not the same thing as a strategy.
The answer lies in the difference between a plan and a strategy.
- A plan is focused on what you can control — A strategy is focused on what you can’t control: your customers, your competition, your environment.
- A plan is a checklist of things to do — A strategy is a theory of how to win.
- A plan is concerned with being efficient — A strategy is concerned with being effective.
And perhaps most importantly…
- A plan is a one-time thing — A strategy is an ongoing process that requires continuous adaptation and improvement.
So what is a strategy, then?
It’s an integrative set of choices that positions you on a playing field of your choice in a way that you win.
It’s a theory of how to be better than anyone else at serving your customers.
And it’s something you can learn how to do, step by step.
Here’s how:
Step 1: Start with a clear objective
🏆 Clarity helps focus
Define what you want to achieve and why it matters.
This will help you choose a playing field where you can win and focus your efforts on serving your customers in the best way possible.
Step 2: Develop a coherent theory
🏆 A theory gives direction
Identify the key drivers of your success and create a theory of how you will win in your chosen playing field.
Your theory should be based on a deep understanding of your customers, your competition, and your own capabilities.
Step 3: Translate theory into action
🏆 Action is key to success
Once you have a coherent theory of how you will win, translate it into a set of concrete actions.
This will help you bring your strategy to life and ensure that everyone in your organization is aligned and working towards the same goal.
So, what'll be your strategy?
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