Beyond Buzzwords: The True Definition of Strategy
Many business owners and entrepreneurs get scared when it comes to creating a business strategy due to an endless supply of strategy…
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Many business owners and entrepreneurs get scared when creating a business strategy due to the endless supply of strategy definitions and confusing frameworks.
I have read many books on strategy and studied the subject in my University studies. The source of my confusion and disillusionment is that many authors on the subject start by listing the characteristics of strategy instead of defining it.
Not only that, but I have read more definitions of strategy than I care for, but it is rarely more than a list of characteristics of strategy and not a definition of strategy.
When you use your dictionary to look up a word's definition, it is seldom a 500-word paragraph defining it. As for strategy definitions, you will find many listicles and long paragraphs “defining” strategy.
It is no wonder business owners steer clear of in-depth strategy sessions, which are much needed in business.
So, how will I define strategy?
A strategy is a clever plan to get you from where you are currently to where you want to be when competition is present.
A clever plan to get you from your current position to a position where you have reached your set goal in the presence of competition.
Why do I add “…when competition is present”?When you walk to the shop to buy bread, you might need a plan to get there, but you do not have to be strategic about it.
As you know from the past, bread will be in the shop, and the bus will drop you off so you know you can get there. There is no competition for the bread.
Use the same scenario, but now add that there will be a shortage of bread for a month, and the bus now only runs every second day. Overnight, many people will compete for bread and transport due to scarcity and you will now have competition.
Due to the competition now present, you need to make a clever plan—not your normal plan—to make sure you get the bread.
You need to think strategically about the situation, use clever tactics, and put a plan in place to beat the competition, or you will not have bread.
To conclude, to start with strategy, you must understand the basic definition. From there, you can go deeper into the characteristics, frameworks, tactics, etc., to help you create your strategy.
Depending on the situation and the variables, you might create your strategy within a day or a week, or it might take months.
Remember that Strategy is not fixed and changes based on new information.
For now, note again what a strategy is:
A strategy is a clever plan to get you from where you are currently to where you want to be when competition is present. — Werner Mouton, CGMA