Learning from the failures of others is a valuable way to safeguard your strategy, and increase its chances of success. Take a look at these top reasons for strategy failures:
- Developing a strategic plan without truly understanding what strategy is, and the difference between strategy and planning.
- Focusing on getting results rather than on what is needed to achieve the chosen strategy, in both the short and long term.
- Not understanding or ignoring the needs of current and potential customers.
- Ignoring the competitive landscape, trends and environment.
- Overestimating what the business can deliver in terms of resources and capacity.
- Not communicating the strategic direction and goals to all levels of the organisation.
- Resistance to the change necessary for successful execution.
Now, while you may understand why strategies fail, you may also want to Develop a Strategic MindSet. What does this mean? Strategic people create connections that others overlook or fail to see – between people, ideas and business plans.
The first step in developing a strategic mindset is to take the time to reflect before making decisions. Try to understand the bigger picture and broaden your perspective. Secondly, it’s important to understand not only the risks but also the opportunities and options that are available.
Once these two steps become an integral part of your persona, you will gain confidence in your ability and willingness to make choices, broaden connections and through this greatly increase your strategic contribution. Limit your failures but be courageous in your decisions and choices!