Ineffective Strategies Hinder Growth
Too many leaders settle for strategic growth plans that won’t work. Why? Because they don’t understand the difference between good and bad strategies, their strategic plans are flawed from the beginning. And the anticipated results from an inspiring strategy retreat do not materialize.
Strategies that lack an understanding of the key challenges that need to be overcome, have an insufficient focus, or that take an unrealistic approach are just wishful thinking. The best leaders know not to settle or be fooled by a bad strategy — one that does not represent the hard work it takes to design and implement a good strategy.
3 Signs of a Bad Corporate Strategy
A bad strategy is likely to be loaded with slogans and wishful thinking. In addition to making basic mistakes like confusing a strategic plan with a strategic intent like “to be more customer centric,” or thinking your ambition to “grow 22% year over year” is a strategy, a bad strategy:
If you are not having the “hard conversations” with all key stakeholders about what it will take to get you where you want to go, your strategy is probably not up to the challenges that you face.
If you are trying to make more than two or three big bets, you are probably spreading yourself too thin.
Make sure that you align your culture and your people with what matters most.
A Good Corporate Strategy
A strategy that can be effectively followed and that can guide an organization toward a successful future has three fundamental elements. A good strategy:
The Bottom Line
Strategic planning is hard work. Make sure that your efforts to craft a strategy are worthwhile. Effective strategies address the difficulties ahead, focus on the few moves that will make a difference, and set up the aligned actions required to succeed.
To learn more about good and bad strategies, download 7 Ways to Stress Test Your Strategy Now
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