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Episode 7: Beyond Buzzwords: The True Definition Of Strategy
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Beyond Buzzwords: The True Definition Of Strategy
Host: Werner Mouton, CGMA
5 Key Takeaways:
1. Clear Definition of Strategy:
• "A strategy is a clever plan to get you from where you are currently to where you want to be when competition is present" - Werner Mouton, CGMA. This definition emphasizes the importance of having a strategic approach when there is competition.
2. Common Misconceptions:
• Many book and strategy resources tend to confuse readers by listing characteristics rather than providing a clear definition. This leads to confusion and disillusionment among business owners.
3. Importance of Competition:
• Strategy becomes crucial when there is competition. For instance, if you need to get bread and there is a shortage, you will need a strategic plan to ensure you get it. The presence of competition transforms a simple plan into a strategic one.
4. Dynamic Nature of Strategy:
• Strategy is not fixed; it evolves based on new information and changing circumstances. Business owners should be flexible and willing to adjust their strategies as needed.
5. Start with a Definition:
• To effectively develop a strategy, begin with a clear understanding of what strategy is. Once you have this foundation, you can delve into characteristics, frameworks, and tactics to build a robust strategy.
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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.wernermouton.com
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