This block, I’m taking a third installment of Strategy…and we are under the watch of a brilliant professor, Joe Lampel. We’ve been exploring the depths of strategy development and I’ve turned a new leaf…
Those of you who have known me professionally won’t be surprised to hear that I like plans and controls. Even two months ago, I would have argued that a firm [or even an individual] must have a plan/strategy and stick to it in order to maintain their focus and realize their potential. WRONG!
To quote my [brilliant] professor, “plans are fine for mediocre companies that wish to maintain the status quo”…
Instead, innovative and responsive firms will operate with a general direction in mind, but will exploit strategic opportunities to the fullest whenever and wherever they appear…they won’t wait for the the “perfect” opportunity, or even the one that seems okay. Ultimately, the perfect opportunity [according to the best laid plans] may never present itself.
So…the moral of the story is, allow your strategy to emerge and evolve and take advantage of opportunities that present themselves. AND once you accept an opportunity and establish yourself (or your firm) within a certain niche, don’t allow yourself to become complacent. Technology has changed may aspects of our lives today…Most notably, the crumble of a major corporate brand that once may have taken 5-10 years to unfold can now take place in a matter of months. All things (including failure and success) are speedy in today’s marketplace.