A Quote by Jack Welch
Strategy is simply resource allocation. When you strip away all the noise, that's what it comes down to. Strategy means making clear cut choices about how to compete. You cannot be everything to everybody, no matter what the size of your business or how deep its pockets.
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Strategy means making clear-cut choices about how to compete.
As I worked to explain how to avoid bad strategy, I began to see that one cannot really evaluate or criticize a strategy unless there is a fairly clear statement of the problem the strategy is trying to solve.
You can talk all you want about having a clear purpose and strategy for your life, but ultimately this means nothing if you are not investing the resources you have in a way that is consistent with your strategy. In the end, a strategy is nothing but good intentions unless it's effectively implemented.
A bad strategy will fail no matter how good your information is. And lame execution will stymie a good strategy. If you do enough things poorly, you'll go out of business.
If you can't describe your strategy in twenty minutes, simply and in plain language, you haven't got a plan. 'But,' people may say, 'I've got a complex strategy. It can't be reduced to a page.' That's nonsense. That's not a complex strategy. It's a complex thought about the strategy.
In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy that will distinguish yourself from others.
The single most damaging misconception about strategy is that it is a set of financial performance goals. The so-called "strategies" created by many managements are nothing more than three-to-five year financial performance forecasts. They are then labeled "strategy" and shipped off to the board of directors which goes through the motions of discussing how big the numbers are. Strategy is not your aspirations. Strategy is concerned with how you will arrange your actions and resources to punch through the challenges you face.
At the end of the day, it doesn’t matter how good your PowerPoint slides are or your strategy or concept. What it really comes down to is your team. How motivated and willing are they to reinvent your organization and how much do they understand the evolving consumer need?
It's important to have a really clear strategy so when you are in business, you only have to make micro-strategy changes.
Stock market goes up or down, and you can't adjust your portfolio based on the whims of the market, so you have to have a strategy in a position and stay true to that strategy and not pay attention to noise that could surround any particular investment.
You are about to be told one more time that you are America's most valuable natural resource. Have you seen what they do to valuable natural resources?! Have you seen a strip mine? Have you seen a clear cut in the forest? Have you seen a polluted river? Don't ever let them call you a valuable natural resource! They're going to strip mine your soul. They're going to clear cut your best thoughts for the sake of profit unless you learn to resist, because the profit system follows the path of least resistance and following the path of least resistance is what makes the river crooked!
A good strategy is not always successful, but even an "inappropriate" strategy may be an actual strategy. A "bad strategy" is one that doesn't even try to address an important challenge. Instead, it speaks of aspirations, visions of the future, lays out performance goals, or simply lists a bunch of unconnected actions.
Everybody wants to disown neocon strategy, including the neocons, because that strategy never worked. Still, it was, in point of fact, a strategy. Nobody else has one.
The first step in making better choices is to simply be brutally honest about your own behavior to yourself. What are the choices you are making? How are you spending your time? What are you neglecting that you shouldn't?
Designing a winning strategy is the art of asking questions, experimenting and then constantly renewing the thinking process by questioning the answers. No matter how good today's strategy is, you must always keep reinventing it.
You can't know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is simply no way to acquire all the wisdom you need to make your business thrive.
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