Few subjects are more talked about and less well understood than strategy. Countless theories have been developed and books written, many with completely contrary advice, so what should a business do when developing strategy? There is no easy answer, but one theme should guide your thinking from the start.
Strategy is about deciding where you want to be in the long term – that means at least five years in the future. First decide what you want your business to look like, and then decide how you will make it happen, not the other way around. Describe your business in the future in sufficient detail; don’t use generic language – instead be specific about as much as you can. If your “future” could describe just about any business you won’t be able to build a real plan to get there.
Strategy is simply the way in which you intend to get to your desired future. It’s no different to planning a journey – first decide on your destination and then pick a route.