The Complete New Manager

92 Manage Strategically

Many managers have a disdain for strategy and strategic planning, assuming that they are too theoretical for practical use. Every successful company, however, benefits from an effective strategy. The strategy might have been developed through formal analysis, trial and error, intuition, or just luck. Regardless of its origin, a strategy was indeed executed, whether managers were aware of it or not.

If a business has an excellent strategy and effective implementation, it will likely be successful. If a company has a poor strategy, however, it is probably going to fail in the long run. But what if a firm has a strength in strategy formulation or its ability to implement, but not both?

We know that some businesses have exceptional ...