Principles for Strategy

To fail to prepare is to prepare to fail.

But having a strategy is no guarantee of success. External factors are always changing and new information becomes available and the environment changes.

So what makes a successful strategy? Below are three principles that underlie a good strategy.

Keep it Simple

A good strategy will have a very simple objective at its core, that can be described in a single sentence and instantly understood, such as Steve Jobs’s ‘1000 songs in your pocket’ for the iPad. By having a clear centre, the strategy will be solidly grounded and anchored to this concept.

Be flexible

It’s a tricky balance to know when to stick to your guns and when to change tactics. But this is one of the most important skills you can have as a strategist, as no plans survive first contact intact. The strategy should have flexibility built into it, with some of the most likely changes in scenario accounted for.

Avoid assumptions

The biggest pitfall of strategies is making incorrect assumptions. When developing a strategy, you should question everything you think you know and make sure you get solid facts. Even better, make sure your strategy relies on as few assumptions as possible – that way it will be as strong as it can be. For more on this, look up ‘Occam’s Razor’.

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