Episode 71: Let’s Talk Strategy - for Propelling your Business and Career

In Episode 71, of the In Demand Accountant podcast, Sam examines the confusion between Strategic Planning and Strategy, and why so many businesses struggle when it comes to differentiating the two activities.

Following on from recent podcasts and conversations around Purpose, Vision and Values, this podcast is a natural progression into Strategy and why it’s critical to separate this business stage from Planning.

Strategy guru, Roger L Martin, penned an article in 2014 for the Harvard Business Review entitled “The Big Lie of Strategic Planning”. Sam explains how this article clarified the difference for her when she was struggling to meet her vision and goals, most of which required a great deal of strategy.

Calling on her background in Professional Services, Sam conveys the pitfalls of getting caught in modelling and planning rather than tackling the more uncomfortable but ultimately rewarding questions such as client driven revenue forecasts. Acknowledging the temptation to focus on spreadsheet based planning, Sam uses clear and simple logic to compel the listener to face their natural aversion to discomfort and fear, and create true Strategy.

This podcast is designed for anyone looking to step out of their comfort zone and propel their businesses and careers forward by taking their Strategy to the next level.

Listen to an excerpt

What we cover in this episode

●      The difference between Strategy and Strategic Planning

●      Why businesses struggle with Strategy and how to get clear

●      The three areas where we get stuck in developing Strategy

●      Why developing Strategy is so uncomfortable

●      How to tell if you have a strong Strategy

●      Two questions to focus on in assessing your Strategy

●      Three simple rules to stay in the discomfort of developing Strategy

Quotes

“Good strategy does not result from endless modelling or spreadsheets”

“True strategy is about placing bets and making hard choices. The objective is not to eliminate risk but to raise the odds”

“Customer satisfaction, market share and employee satisfaction are taking a backseat on your KPI’s, if indeed, they even have a seat”

“The more uncomfortable I’ve been in strategy, the more time I’ve spent in it, the much more success I’ve had”

“If you aren’t having discomfort I can tell you, you’ve probably got bad strategy”

“They (your clients) will decide to spend their money with you if your value proposition is clear, and better than your competitors”

“Strategy is not about perfection, it’s about simplicity … Until you accept that, you will get a lot of planning instead of strategy, a lot of excuses as to why the revenue doesn’t show up”

“We have to keep asking people what they value. We cannot tell people what they value, so we actually have to find out, and then we have to test and test and test”

Links mentioned

The Big Lie of Strategic Planning - By Roger L Martin

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