Strategy is complicated, and almost everyone has done it wrong at some point. Doing it wrong has long-term consequences that might not be apparent immediately. If your strategy is not based on vision, you could be working on the wrong thing. You could be wasting resources on initiatives that have low return on investment.
One of the best ways to ensure that your strategy is done well is to understand some of the most common strategy mistakes.
Here they are:
Tactics vs. Strategy
Many confuse these two words. They often talk about strategies to get something done when they mean tactics.
Tactics are the shortcuts. Strategy is the destination.
No Vision
Building a strategy without a vision is like setting sail without picking the destination.
Having a vision as the basis for your strategy has these benefits:
- Helps to define what you want to achieve
- Helps to create motivation
- Helps to make decisions
No Constraints
Every successful strategy has defined constraints. Constraints help you understand the limits you are working within and narrow down actions you can take to overcome the challenge and achieve your vision.
No Plan of Action
A clear plan of action is needed to move you from the planning and dreaming phase into the execution phase.
A strategy is only as good as its goal and its plan to achieve it. A good action plan will:
- Be detailed
- Have a clear first step defined
- Describe how to measure success at each step
Doing strategy quickly
Defining your strategy should take time. You need to spend time on your vision and identify the challenges that prevent you from achieving your vision. You also need to discover and define constraints that could derail your strategy.
Take your time. Before you rush into the execution phase, ask yourself this question:
Do you want to have it done on time, or do you want to have it done well?