Strategy is Choice

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Strategy is Choice

Most people think that strategy is about analysis and plans, rather than about choice.

Where do you choose to play? And on that chosen playing field, how do you choose to win? Without clear choices, firms have no chance of winning.

For example, they analyze a lot of things before figuring out what is worth analyzing and important to analyze. And then they lay out a strategic plan what they plan to do. But that isn't very helpful. What is helpful is making a few key choices about where to play and how to win (backed by some analysis and lots of judgment).

Without a clear strategy, it is hard to make an intelligent business choice. Although it doesn't guarantee success, a strategy shortens the odds of success. Organizations can't win consistently without well understood strategies.

Ask yourself these five questions to position your company to win:

1. What is your winning aspiration? The purpose of your enterprise.

2. Where will you play? A playing field where you can achieve that aspiration.

3. How will you win? The way you will win in the chosen playing field.

4. What capabilities must be in place? The competencies required to win in the chosen way.

5. What management systems are required? The systems and measures that support the capabilities and the choices.

In "Playing to Win: How Strategy Really Works" (Harvard Business Review Press), two of today's best-known business thinkers finally get to the heart of what strategy is for: winning, and what it's about: choice.

Source: A.G. Lafley: Playing to Win: How Strategy Really Works