Three Misconceptions about Strategy

When I say the word strategy, what comes to mind?

If you’re like other entrepreneurs I know, you’re likely thinking one of the following:

• My business is too small for a strategy. Developing a strategy is something only big companies need to worry about.

• Isn't strategy just a fancy word for a plan?

• I’m pretty sure my business could use a strategy,  but it feels too complicated and I don’t have the time.

So let’s start by understanding what does the word Strategy actually mean?

The Cambridge Dictionary defines strategy as: a detailed plan for achieving success in situations such as….business, industry, or sport, or the skill of planning for such situations.

So as long as you’re interested in achieving success in your business, then your business needs a strategy. 

The beauty of a good strategy is that it helps pull together all the moving parts of your business and ensures they’re each moving forward, together to achieve your business goals. 

Like a well-oiled machine or a beautifully choreographed dance, the right strategy helps you to move from one action to the next, all in a logical, planned sequence that leads you to your results. 

So let’s dive into each misconception and understand how they may be holding you back from achieving the results you want in your business. 

Misconception #1: My business is too small for a strategy.

Nope.

Every business, no matter how small, could benefit from having a clearly defined strategy. 

It doesn’t matter if you’re a small business looking to serve your local market, or a digital business that wants to achieve global reach, every business benefits by starting with a clearly defined strategy. 

Think of a strategy like the blueprint for your house. Your first step is to decide what type of home you want to build. And regardless of whether it’s a small cottage by the lake or a mansion in Hollywood Hills, they both need to start with a blueprint. 

In the same way that a blueprint helps you figure out the type of house you want to build, the number of floors and where to locate the kitchen, bedrooms and bathrooms; a strategy helps you figure out what type of business you’re building and what needs to go into your business to achieve the results you want. 

Your strategy will inform everything from what type of business you’re building to the products or services you’re offering, how you’re going to market and sell those services and how you’ll deliver your product or service to your ideal customers. 

These are essential elements every business needs to know, no matter how big or small. 

Misconception #2: Isn’t a strategy just a fancy word for a plan?

Well yes and no. 

Going back to the Cambridge Dictionary, strategy is defined as: a detailed plan for achieving success....

The American Dictionary defines strategy as: a long range plan for achieving something or reaching a goal; or the skill of making such plans.

So yes, a strategy is a plan..but not just any plan.

A strategy is focused on helping you figure out HOW you’re going to build your business, while most plans focus on WHAT you’re going to do. 

A strategy starts by taking a look at the type of business you want to build taking into consideration what you want to achieve and who you want to serve. It takes a holistic view of the business. It helps you get clear on how you can set yourself apart from other, similar providers. 

The right strategy helps you connect-the-dots between all aspects of your business to ensure they’re working together and supporting each other to achieve your business goals.

If you find yourself overwhelmed with all there is to do and not quite sure where to start or what to do next in your business, a strategy can help you focus on the things that matter and stop wasting time on the things that don’t.

So to sum it up, yes a strategy is a plan. In fact, it’s THE PLAN  that you should use to guide all your other plans. 

Misconception #3: Creating a strategy is too complicated & takes up too much time. 

It doesn’t have to be. 

While there are core components that go into creating a business strategy, as a business owner, you’ve likely thought through most of them and may already have different pieces in place. For many of my clients, what they need is help to put the pieces together in a way that makes sense and makes it possible for them to get results. 

You’ll notice in both dictionary definitions of the word strategy mentioned above, they each define strategy as a skill. And that’s because it takes skill to transform the big picture vision of what you want for your business into specific, actionable and impactful steps to achieve that vision. 

Strategy is a skill I’m passionate about because I’ve seen the power of what a good strategy can do. With an MBA and over 13 years in corporate, I’ve seen first hand how the right strategy can make all the difference in whether a business, a launch or an idea takes off or falls flat. 

I’ve also seen how the right strategy has helped my clients go from confused, overwhelmed and overworked to knowing exactly where to focus their time and energy to get the results they hoped for in their business. 

Now I’d love to hear from you!  Have you taken the time to develop a strategy for your business? What benefits or challenges have you encountered in implementing your strategy? 

Let me know in the comments below.

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