What is Strategy?

The Learners definition of Strategy according to Merriam-Webster is:

a careful plan or method for achieving a particular goal usually over a long period of time

Jack Welch says ‘Strategy is NOT a lengthy action plan. It is the evolution of a CENTRAL IDEA through continually changing circumstances”.

While Strategy is certainly a complex decision, you should be able to write it in a sentence once you have it right.

Think of Southwest Airlines, what do you think their simple strategy phrase is?

It is “Wheels Up”.  If the wheels are up on the Southwest 737 fleet, they are making money and so their strategy is to do everything possible to keep the planes full of happy passengers in the air.  What about General Electric under the leadership of Jack Welch? It was ‘first or second in every market or we are out.’ GE would only settle for being the leader or #2 in each market in which they had products/services, or they would exit the market and not compete, simple, clear and compelling.

Your strategy statement provides you and your organization with focus and it guides your decisions.  It is internally focused (not customer facing) and must be designed to drive profitable growth, to help you gain market share, or to create a new market.

 

Find out more about how SeeMetrics Partners can support your strategic planning by checking out our podcasts.