top of page
Search
  • Writer's pictureGrowths Squad Consulting

So What Exactly is Strategy?

Updated: Mar 15, 2021

Many business terms are overused and seldom explained. In our blog, we want to demystify MBA speak and show practical applications.


Strategy. The Oxford dictionary defines it as: "A plan that is intended to achieve a particular purpose"


Like many management terms in use today, strategy originates from military language. Etymology claims the word to be derived from the Greek word “strategos” meaning general. The closest equivalent being a general’s knowledge or wisdom, which could help an army to win wars.


A good general knows the strength of his own army, the weaknesses of his opponent and has the vision to see any advantage that change of territory, conditions or timing could provide. He uses this oversight to devise the battle plan. He is responsible for numerous units that need to work together to prevail and he can see what the commanders in the field cannot. The general thinks about the whole and works to coordinate all the necessary pieces, which at times might even mean sacrificing some if it is necessary to achieve the overall goal.


It is easy to see the similarities between this war scenario and modern-day business leadership; especially the need to utilize hidden strengths to win in the competitive landscape. Senior Executives have to develop a set of tactics that lead to victory. An overarching vision on how resources are allocated is needed to ensure that every department marches in the same direction to achieve the common goal of success.


A solid strategy answers the Where What How for a business:

Where do we compete?

What competitive advantages do we have that attract our customers?

How do we allocate our resources and capabilities?


Summarized, a strategy is the game plan of what to do to gain a competitive advantage so a business can succeed and will help everyone from the owner/leadership team to the worker on the ground to understand how the company intends to reach its goals.



21 views0 comments

Comments


Commenting has been turned off.
bottom of page