Effective strategy cuts through complexity. It reveals the market opportunities to be pursued and the capabilities needed to win. It unifies and inspires people and sets the parameters they need to deliver value to the business, to stakeholders and to customers
However, the mere presence of a strategy does not guarantee business success. Instead, it is a strategy’s maturity or “strength” that is correlated to financial outperformance. Companies who have got their strategy right (those at the top of their sector) deliver capital returns on average 30 times better than the middle 60% of companies who struggle to return their cost of capital.
Strategy must be built on a deep, ideally proprietary, understanding of industry dynamics across customer preferences, segment characteristics, evolving trends and competitive dynamics.
Strategy must build not merely articulate competitive advantage. Healthy strategy makes "big bets" that develops differentiation or scale compared to competitors.
The speed of market and industry change requires that organisational strategy is a iterative process capable of identifying and capturing opportunities as they arise.
Business is a multiplayer game on a three dimensional playing field - great strategy has been stress tested to checkit can stand up to unexpected attacks and shocks.
Strategy can only ever be effective if the organisation has been aligned to it. This means alignment of projects, resources, incentives and messaging.
An execution ready strategy is accompanied by a detailed implementation plan, comprehensive change program and a single minded executive determination to bring the strategy to life.
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