As leadership teams craft strategy plans for the upcoming year, they should remember the following lessons:
• There are no formulaic answers, however, you can benefit from a systematic approach to both your preparation and strategy planning conversations.
• Markets are dynamic so be disciplined in your strategy thinking. Challenge and test your basic assumptions – even if they are producing good results. Things change.
• Strategy requires clear choices and resource commitment. Each decision either reinforces or weakens the whole. The strength of how the decisions weave together form the fabric of compelling business models (think IKEA, The Container Store and Southwest Airlines).
“Unless commitment is made, there are only promises and hopes… but no plans.” – Peter Drucker
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Tags: In 100 Words, Leadership, management, strategic planning, strategy execution, Troy Schrock
