Stop overthinking strategy. Avoid these 5 sins of strategy planning

Lots of businesses I come across get strategy wrong.

1. They overcomplicate it
2. They don't communicate it well enough
3. They don't keep it agile enough
4. They don't understand the big problem they're solving
5. They have a lack of clarity when it comes to measurable objectives

These are usually the handful of reasons why strategy doesn't work for the business and it fails.

In today's Marketing Gap for CEOs newsletter, I wanted to explore each of these 'sins of strategy' and offer you a little solution based on my experiences to help overcome the problem.

Sin 1. Overcomplicating strategy

In an era where information is abundant and easily accessible, many businesses fall into the trap of over-complicating their strategies. The increased dependence on tools like PowerPoint has made it simple for businesses to churn out massive slide decks that can leave audiences lost in a sea of details. Instead of focusing on the core tenets of their strategy, these businesses get bogged down in the minutiae, resulting in a diluted message and a confused audience.

Solution: Businesses should streamline their strategy presentations. Aim for simplicity and clarity. It's often said that if you can't explain your strategy in a few sentences, you don’t understand it well enough.

Sin 2. Not communicating the strategy

An excellent strategy is of little value if it's not communicated effectively across the business. All too often, strategic plans are developed by senior leadership teams and not disseminated effectively to the rest of the business.

Solution: Establish clear communication channels and ensure that every member of the team understands the strategy and their role in it. Regular updates, team meetings, and transparent feedback loops can help in effectively communicating and reinforcing the strategy.

3. Not Keeping Strategy Agile

The business landscape is dynamic. Markets change, technologies evolve (who would have predicted AI would explode in 2023?), and consumer preferences shift. A strategy that's rigid and unchanging is likely to be left behind. Businesses that don't keep their strategies agile fail to adapt to the ever-evolving landscape, leading to missed opportunities and potential failure.

Solution: Adopt an agile approach to strategic planning. This doesn't mean changing direction constantly, but rather being open to tweaks and pivots as the business environment evolves. Regular strategy reviews and adjustments can help keep the business aligned with the changing landscape.

4. Not Understanding the Problem They’re Solving

Some businesses develop strategies without a clear understanding of the problems they're trying to solve. This misalignment can often lead to wasted resources and efforts targeting the wrong areas instead of focusing time and resources on the identified problem.

Solution: Businesses need to conduct thorough market research and analysis to fully understand the problem they're solving. Engaging with customers, analysing competitors, and continuously seeking feedback can provide valuable insights into the real challenges that need to be addressed.

5. Lack of Clarity When it Comes to Objectives

A strategy (and business) without clear objectives is like a ship without a rudder. Many businesses set vague or overly broad objectives that don't offer a clear direction or measurable outcomes.

Solution: Set tried and tested SMART (Specific, Measurable, Achievable, Relevant, Time-bound) objectives. By clearly defining what success looks like, businesses can direct their resources more effectively and measure their progress against concrete milestones.

Avoiding these five sins of strategy can set a business on a clear path to success. Focusing on simplicity, effective communication, agility, understanding the core problem, and setting clear objectives, businesses can develop and execute strategies that drive real results.