It is easy to confuse your strategy and your strategic plan. I have seen so many leaders tell me that they have a strategy. Yet, when asked specifically what their strategy is, they have difficulty sharing the key moves they are going to make - and when. Strategy and strategic moves should not be as complicated as we sometimes make it. It might be helpful to think about your strategy as having 2 parts:
- Strategic Thinking
- Execution Planning
Strategic Thinking: Taking the time and effort to think and work on your business. To succeed, this needs to be a regular rhythm, not an event. Spend some time every week thinking about your strategic plan. Set aside a couple of hours to work on your strategy. I would suggest scheduling time weekly to do this. If you have a partner in your business, schedule a "strategic thinking hour" together every week. Leave your office, this could be over lunch. You might find it easier to come up with new ideas and new moves in an unfamiliar surrounding. Do not do these meetings in your board room/conference room. Get outside your own physical box in order to think outside the box!
Execution Planning: Figuring out what we are actually going to do. We can have a strategy and spend time thinking about stuff all day long. If we do not convert this thinking into doing, we have not accomplished anything. Execution Planning is the process you use to take your strategic thinking ideas and put it into a documented plan of action. Who is going to do what and when? How will your team work to accomplish this goal? What resources will they use? What tradeoffs might you be willing to make if your team needs additional resources? Get specific. Get dirty. Get your action plan done. Great companies have execution plans done and ready to discuss, debate and agree. Good companies wing it a little more often.