- a plan of action or policy designed to achieve a major or overall aim.
“time to develop a coherent economic strategy”
Strategy is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty.
SUGGESTED STRATEGY READS
A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.
In a nutshell, mission is about what will be achieved; the value network is about with whom value will be created and captured; strategy is about how resources should be allocated to accomplish the mission in the context of the value network; and vision and incentives is about why people in the organization should feel motivated to perform at a high level. Together, the mission, network, strategy, and vision define the strategic direction for a business. They provide the what, who, how, and why necessary to powerfully align action in complex organizations.
Strategy is where you will focus your efforts to achieve your goals, and how you will succeed—or, “where to play and how to win.” It defines a specific course of action that will take you from where you are now to where you want to be.
I see a lot of strategies that resemble missions, visions, or BHGs (big hairy goals). (Please bow down to my stellar consultant speak.) If a strategy statement is too all-encompassing, you get caught on the hamster wheel of trying to do everything all at once, which often results in a lot of busy work. In fact, one of strategy’s primary roles is to set constraints on the work you’ll do.
“Our goals can only be reached through the vehicle of a plan. There is no other route to success.”
– Pablo Picasso
DIG DEEPER DISCUSSION
How did Denny use strategy on the racetrack? In life?
When they say “it doesn’t rain on him” how do you think strategy fits into that comment?
What strategy did Enzo use to get Denny’s attention?
What quotes from the movie can you use to inspire yourself?
“Denny always said the best drivers focus only on the _______, never dwelling on the _______, never committing to the future. ______ must come at a ________ _________.”
Why do you think it is important to record your work (racing, public speaking, sports, dancing) and go back and study what you did?
Balance, anticipation and patience are essential to strategy. Why?
“I know this much about racing in the rain. I know it is about balance. It is about anticipation and patience. I know all of the driving skills that are necessary for one to be successful in the rain. But racing in the rain is also about the mind! It is about owning one’s own body. About believing that one’s car is merely an extension of one’s body. About believing that the track is an extension of the car, and the rain is an extension of the track, and the sky is an extension of the rain. It is about believing that you are not you; you are everything. And everything is you.”
― Garth Stein, The Art of Racing in the Rain
FIND A FAVORITE QUOTE
Find your favorite strategy quote and place it somewhere that you will see it every day. Your computer, your mirror, make a graphic you can print and hang on your wall, be creative and turn it into a piece of art!
“However beautiful the strategy, you should occasionally look at the results.”
“Strategy without process is little more than a wish list.”
“Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.”
“In reality strategy is actually very straightforward. You pick a general direction and implement like hell.”
“Strategy is a fancy word for coming up with a long-term plan and putting it into action.”
“Success is 20% skills and 80% strategy. You might know how to succeed, but more importantly, what’s your plan to succeed?”
“There’s only one growth strategy: work hard.”
“Always start at the end before you begin.”
There are 22 of these words in the puzzle. It’s up to you to find out which ones are hidden!
TIME TO PLAY!
You are a stock investor, and your goal is to be the wealthiest stock investor at the end of the game. Thus, you have to acquire shares in businesses, investing and reinvesting to increase your portfolio. This means you are likely to be involved in trading, and mergers and acquisitions.
How Acquire Teaches Strategic Thinking:
Acquire teaches you the importance of timing, coupled with patience. This goes beyond the basics of teaching the basics of trading (ex. buy low, sell high). Investing in companies is not something that should be done randomly, because you have to choose the right time to invest in order to maximize your profit. Just because you have money to invest does not mean you should do it right away, because there is a right timing for everything.
Acquire teaches you about money management. Aside from investing, you will also learn when to spend and what to spend your money on, even if it’s not necessarily buying up stocks of companies.
A strategy board game of diplomacy, conflict and conquest. Played on a board depicting a political map of the earth, divided into forty-two territories, grouped into six continents
How Risk Teaches Strategic Thinking:
Risk teaches you to recognize a chance or an opportunity when it arises. Even as you await your turn, you have to keep your eyes peeled and use your powers of observation in order to assess how your opponents’ moves will be beneficial to your goal of global domination.
Risk teaches you to identify beneficial alliances and how to build and nurture them, all to maintain a balance of power. In a business environment, you will find yourself in relationships with co-workers, supervisors, and clients. Naturally, you’d have to know which relationships would be more beneficial to you in the long run, and Risk can give you some practice on how to do that.
The board is basically a map of the island of Catan where you and the other players are the settlers. Your goal is to be the dominant force on the island. Roll the dice to collect resources and use what you earned to build settlements, establish cities, and create roads.
How Catan Teaches Strategic Thinking:
Catan teaches you how to manage your resources well. Most employees have resources, but they don’t know what to do with them in order to make them grow. And it teaches you to be more aware and analytic about your environment. The island is filled with resources ranging from the seemingly worthless to the most beneficial ones. Your awareness will definitely grow as you become more observant, and you’ll be more open to critical and deep thinking in analysis of your environment, especially on how the resources can be of use to you.