'Have You Really Got A Strategy?'
The biggest problem you might face implementing your strategy is not widely understood.
Often, even the people who sign off strategy don’t really understand the pitfalls.
And this is a very expensive mistake.
When your senior executives stumble at the starting line, what chance is there of coherent strategic leadership and management?
For the last two decades at least, you will recognise the use of purpose, vision and mission words.
All the most rigorous strategy documents contain this trilogy or variations of it.
But the presence of these three words is often a substitute for a strategy – that one line that says how you are going to create or add value.
Ken Favaro, senior partner at Booz & Company and head of their enterprise strategy practice, explains why this may happen here.
He uses more than three words in this five-minute video.
But he gives away a tremendous amount of know-how.
‘The biggest pitfall in implementing a strategy is not having one’, says Ken.
So, it’s probably worth five minutes of your time.
And that’s what I want you to consider.
Have you really got a strategy?