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1-Page Summary of Your Strategy Needs A Strategy
Many leaders have a hard time creating and executing strategic plans. They don’t want to spend the time or effort because their strategies are often obsolete within months of being created. However, in today’s complex world, there is an increasing need for effective strategy. In simple terms, strategy is an instrument that helps you win competitively in a particular situation. There isn’t one-size-fits-all model when it comes to strategy; you must tailor your approach according to the business environment in which you operate. To determine your business environment, analyze your market using three dimensions: unpredictability, malleability and harshness (or severity). You’ll find that your business exists in one of five distinct environments:
Strategy should be tailored depending on its context. Different situations call for different approaches and solutions; therefore we need specific strategies for each unique situation/environment.
The “classical environment” is predictable and unchangeable. It has solid brands that are not easily replaced by new entrants, and thus it’s regulated heavily. Industries in this environment include household products and candy, which have a stable customer base with little technological change. The traditional approach to strategy works well here because the industry is stable and there are few competitors entering or exiting the market.
The world is unpredictable, and firms must adapt to it. Firms that want to be successful in this environment should experiment with different ideas, select the best ones, and scale them up. Entrepreneurs have the power to shape their own vision of what they want an industry to look like and then turn that vision into reality. It’s difficult for companies in a shaping environment because there are so many companies involved, but if you can influence those other companies by collaborating with them or orchestrating your efforts effectively, you will succeed.
Businesses that have fallen out of step with their environment enter a renewal stage. They must focus on what they should do and free up resources to find a new way to approach the market.
Once you figure out your environment, it’s easier to strategize a winning approach. You need to decide what parts of the business require which strategies at any given time. Leaders are responsible for selecting the right strategy in each part of the business as well as deciding when that strategy should be implemented.
