Don’t Get Lost in Your Strategy

While finance executives can easily answer the question, “What is your strategy?”, they tend to struggle with answering, “How do you make decisions about changing your strategy?” This can be an issue since the process for creating the strategy impacts the strategy itself. An article from Harvard Business Review, The Different Approaches Firms Use to Set Strategy, states, “Making a strategy without knowing your process is like sailing without a compass. You are setting yourself up for a long, stressful journey. Even worse, if you eventually reach your destination, you may not realize that you’re in the right place.” There are four different approaches to strategy- Ad hoc, collaborative, unilateral and administrative. The approach that works best for you depends on your organization’s specific context.

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