The biggest problem with the way organizations think about strategy is that they confuse strategy with plans. They’re not the same.
Strategic planning is an oxymoron.
A strategy is a framework for making decisions. Without a strategy, a company will run in too many different directions, squandering resources. The framework establishes how the event delivers value. The strategy doesn’t answer all questions required for implementation – that’s planning.
More definitions of strategy…
- A plan of action designed to achieve a major goal over a period of time.
- Actions taken to achieve objectives while achieving a competitive advantage.
- A clearly defined, long-term vision to create value and motivate a workforce.
- A continuous process that requires constant effort.
- The art and science of allocating resources for a competitive advantage.
Source: Harvard Business Review
