Shaping the future
A plan is not a strategy
A plan is not a strategy
Key Takeaways:
Although they seem similar, planning and strategy are actually two different things.
Strategy is the ultimate goal. Planning is identifying ways and steps on how to achieve it.
Planning is a controlled environment. This means looking into and being able to influence parts of change such as deciding who to hire or creating a budget. One way to look at it is viewing planning as a checklist.
On the other hand, a strategy is an overall business outcome you want to achieve. Strategy is influenced by factors out of your control (customers, government policies, changes in the market, etc.), and this can make it challenging to achieve.
Because planning is largely in your control, it is comfortable and easier to manage. In turn, leaders tend to constantly create plans and checklists, falling into a "planning trap".
To avoid falling into the "planning trap", here are three things to keep in mind when creating a strategy:
1.) Recognise there is no 100% guarantee a strategy will surely and definitely succeed.
2.) Lay out the logic behind your strategy and ensure it is flexible. As strategies may change depending on external factors, accept and be ready to adjust it whenever necessary.
3.) Keep it short and sweet. Overcomplicating a strategy can cause confusion in times of communication.
1.) Recognise there is no 100% guarantee a strategy will surely and definitely succeed.
2.) Lay out the logic behind your strategy and ensure it is flexible. As strategies may change depending on external factors, accept and be ready to adjust it whenever necessary.
3.) Keep it short and sweet. Overcomplicating a strategy can cause confusion in times of communication.
Source
Harvard Business Review. (2023). A Plan Is Not a Strategy. YouTube. https://www.youtube.com/watch?v=iuYlGRnC7J8
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