If you are familiar with Stephen Covey and have planned a holiday trip, you can do strategy. Let me explain.
Where are we going? Why are we going there (for those of you who have travelled with kids, you know you must sell it)? What’s so special about that place? Who’s going? When are we going? How are we getting there? What’s this going to costs us (and sometimes, how are we going to pay for it?). WHEN ARE WE GOING TO GET THERE????
When we set out to develop EPIC strategy, one of our core beliefs is that the process of developing strategy is a simple process but made way too complicated. Too much jargon. Too many concepts. The belief it must be perfect from the outset (it doesn’t). You have to be a ‘strategic thinker’ to do it (you can learn this). And everyone thinks the endeavor ends when you develop the plan, and they get to go back to the regularly scheduled madness of the day-to-day.
Why is this? First off, there’s not one best way to think about the problem. Even Chat GPT doesn’t know exactly how many books and articles have been written on business strategy (We checked). And if you look on YouTube on how to write a Vision or Mission (which are important but aren’t really a strategy) you will easily get a half-dozen different explanations. The point is, they are all not wrong. It’s the same problem with information on fitness or on finance – it’s accessible and available, but not helpful getting you to tackle the problem. A Bain & Company survey of organizations in 2016 found that one-third of companies were not satisfied with their strategy process, and two-thirds didn’t feel the process actually produced a robust strategy. Not bad for a batting average, but it hardly inspires confidence in developing strategy. So, what gives?
Let’s go back to our vacation plan. At the heart of it is having to make a choice – you only have so much budget, and you can’t go in two directions at once. At some point, scarce resources and the laws of physics means you have to commit.
So how do you choose? You get input on what people want. Insights, like some people prefer the beach, others want to ski. Some want adventure, others want just to relax and hit the buffet. You need a budget. A reservation? Tackling these questions and getting the insights on both what you want, and what’s out there, helps you make your choices.
At some point, with some debate and unprincipled negotiation (think kids again), you start to make your plan. Fly or Drive? What are the stops along the way? Who’s packing for the dog? Who gets the window seat? Hotel stops? Interesting sights to see along the way? Eventually you have your plan (and like the author Morgan Housel says, you’ve also planned for when your plan doesn’t go according to plan).
Finally, you arrive. Crack open the beer and have fun on your holiday. Some people like to plan every day and detail. Others wing it. Either way, it’s yours to make the best of it, and if all goes well, you get to have the vacation you wanted and the memories that go with it.
The funny thing is, to make it a success you kind of have to start with the end in mind. What does your ‘good’ holiday look like – hiking in the jungle or lying on the beach? And to back it up one step, you have to plan for it (at some level). And to plan for it, you have to work through all the questions with the crew to determine what’s going to work best for everyone (with the inevitable trade-offs). And you have to make some choices.
Strategy is no different.
You want to have a plan that you can actually execute – take action on. If the plan is too complicated, no one is going to follow it and it will stay on the shelf. And if the plan doesn’t reflect the insights and inputs of the group that has to execute it, chances are they’re not really bought in to getting it done. And finally, and probably most importantly, it has to represent clear choices, and show how your aspirations align to your capabilities, whether they are existing or new ones you will create.
Start with the end in mind of what you are trying to do – to Execute your plan and drive positive change in your organization.
To do that, create a simple focused Plan – who needs to do what by when, and to what effect.
Make sure the Plan is based on the Team’s best Insights.
Make sure to have a few clear Choices based on those insights (and if you’re not saying no to something, then your choices are likely not strategic).
EPIC! Have a great journey.
We would love to hear your thoughts on strategy or your last trip! Send us an email or comment on LinkedIn.
Stay tuned for our next segment on how to gather powerful insights to fuel your strategy.
