7 Things Every Leader Should Know About Strategy!
Strategy is a cool word. People like to use it. It leaves a good impression with your audience when you talk about ‘strategy‘. But strategy is probably the most over and misused word in business. And we often have the impression that the more someone uses the word ‘strategy’ in a conversation, the less they know about the subject .
Most people who use it don’t really know what strategy is all about or don’t understand the important underlying business strategy principles. This mini guide about strategy wants to change that.
Know these inside out and you will do better than 80 percent of the managers that you will come across
1. Business Strategy = compete to be unique, not to be the best
Strategy is not about being the best, but about being UNIQUE. Competing to be the best in business is one of the major misconceptions about strategy. And if you only remember one tip from this list, it should be this one. Many leaders compare competition in business with the world of sports. There can only be one winner. But competing in business is more complex. There can be several winners. It does not have to be a zero sum game – you win, I lose or vice versa.
Within a single industry, you can have several companies beating the industry average, each with a distinctive, different strategy. They are no direct threat to each other. There can be several winners. So the worst possible approach to strategy is to seek out the biggest player in the industry and try to copy everything they do.
“Strategy is a pattern in a stream of decisions” Henry Mintzberg