What is strategy, and why is it important for an organization?
The first part of that question sounds simple enough, what is strategy. However, one of the biggest problems I see with strategic planning is that organizations often have a difficult time defining the word strategy, and using a consistent definition throughout the organization.
For some companies, strategy represents long-term goals, whereas for others the term refers to specific action plans or tactics. Still others may consider strategy a word picture of their ideal future, more akin to what I would term a vision. When multiple definitions are used within the same organization it creates confusion and skepticism among employees who need clear information on what they should be doing today to move the organization forward.
I define strategy as the broad priorities adopted by an organization in recognition of their operating environment and in pursuit of their mission. This definition ensures attention and focus on the organization’s core purpose (mission) while also ensuring rigorous analysis of the factors influencing its chosen path (operating environment – markets, competition, demographics, technology, SWOT, etc.).
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