Some people claim that nowadays strategy is no longer needed. At the same time, without strategy, business cannot utilise full human potential. If there was no process of actively thinking about our experiences and reflecting on what has happened, we would never be able to learn anything new.
Less than half of all strategic plans successfully achieve their goals. That is not very good. Nevertheless, the strongest argument for the continued relevance of formulating and developing a strategy is the following: strategic approaches to business – and to life too for that matter – make a lot of sense to human beings.
Good strategy focuses on a few key objectives
We simply cannot do everything, neither as individuals nor as businesses. We all have a limited attention span, which is why we need to prioritise. We need to choose carefully what to focus on. We need to figure out what matters most in terms of getting things done.
In the business world that means what matters most to customers. Focus is the hidden driver of excellence, according to psychologist Daniel Goleman. And as the world is full of distractions, focus is becoming more and more relevant.
Thinking ahead is necessary
Making a series of conscious decisions, enabled by taking a step back and looking at the larger picture rather than being totally lost in ongoing day-to-day activities, is crucial for us to form our future. If you want to be a successful strategist, you must be constantly asking yourself the following questions, according to the website of the INSEAD business school:
- What does our company bring to the world and what difference does it make?
- Does that difference matter?
- How can we be relevant and add value now – and in the future?
-jk-