Strategy is seriously misunderstood
Many companies equate having a release plan to having a strategy. Some might even confuse a company mission for a strategy. Others mistake a visionary leader or being innovative as a strategy.
Richard Rumelt, author of Good Strategy / Bad Strategy, explains every effective strategy has three principles:
- Guiding Policy
- Coherent Action
First, we analyze what's going on. Then we define an approach for overcoming what we found. Third, we outline coherent coordinated actions that will help us achieve the desired outcome.