Strategy Choices and Long Term Plans

Strategy Choices and Long Term Plans

If you ask ten business leaders what strategy is, most will answer the same: It is a long-term plan. On the first day of my course in strategic management, my undergraduate students gave a similar answer. Many people use the word to exaggerate the importance of their activities. One executive in a business said, “I’m excited that we have completed our five-year strategic planning after just one year.” Although it was difficult, we managed to do it. He had a strategic plan. The plan was presented to his board of directors, and then he moved on to another large project. This is not strategic management and strategy.

Strategie is about choices.

When I was a teenager, I studied strategy and learned chess. Soon, I realized that chess was a strategy game. Each player starts with the goal of capturing the other’s king. Each player must be able to understand the role and value of each chess piece, as well as how they move. The pawn moves one space, while the knight is inverted L-shape and the knight diagonally to as many consecutively opened spaces as possible. The queen, on the other hand, goes in all directions to every area that is available.

Playing chess can’t be done haphazardly. Keep your eyes on the goal. Consider the possible counters and how the opponent might react to your moves before you make them. Reexamine your overall strategy if the opponent makes a sudden move.

What is the strategy for chess? Your choices are what will help you beat your opponent. This is a strategy in a nutshell. It’s your choice to reach your goals. Design is dynamic, not static. After you have decided your system to capture your opponent’s King, and if she makes an unexpected move, review your strategy and make adjustments as necessary. Do not choose a game plan to eliminate the opponent’s king. You should always check your system and make adjustments as necessary. To develop your future strategy (future), you need to learn the patterns of your opponent (past). Never file a “strategic planning” or do any other type of preparation. It should be updated to reflect current options to fulfill the business’ mission.

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Strategie and Negative Choices

During my 32-years of business experience, I have learned three important lessons about strategy. The strategy allows you to allocate resources efficiently. Second, if you give help to one area, it can also deprive other areas of those resources. This is a crucial point to remember. This is a common mistake.

A third important lesson is that some decisions will not go as planned and are difficult to reverse in the near to medium term. If this happens, be honest about it and look at the options early. This is part of the strategic journey. It is not possible to make every decision ideally. Strategy is dynamic, not static.