This article mainly discusses the importance of Strategy with the following points.
While you have to be prepared for the short term tactics, the main job of Strategy is to prepare you for a 3 year or 5 year or even a 10-20 year plan in some cases. When you plan for so many years down the line, you become creative and also you stand on the toes of your feet because your competitors don’t look so strong 10 years down the line nor will you be insecure about your business. You have a plan and you are now confident.
I had written an excellent article on how to move up the competitive ladder. It literally tells you how to rank your competitors one by one and then overtake them on your ladder to success. Strategy has exactly that role.
Naturally, when you want to forecast the future as it will be 10 years down the line, you have to collect a lot of input. This input might be from various internal customers like stockholders, distributors, dealers or others. It might be from employees and it might also be from end customers.
This input is crucial. While most companies should collect such inputs periodically, the input collected when your future is at stake has a very high value because you will ask the right questions and you will actually analyze the data in depth.
Both, products and markets are dynamic in nature. A product might have a certain competitor pop up very quickly who is taking away market share. On the other hand, a new market which the company is entering, might be very different from the previous markets where the company has established its hold.
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