5 Strategy Myths that Hurt Your Business

Matt never wanted to talk about “strategy”. Whenever it came up he even use the air quotes with his fingers to mock the idea. He saw it as an unnecessary distraction that didn’t apply to his decades-old business.

He had bought into some of the most dangerous myths about strategic planning – and strategic thinking in general. Myths like:

  1. My business is too small (or too established) for a strategic plan.
  2. Strategic planning is an expensive, academic exercise with low ROI.
  3. I don’t have time to write a strategic plan. Besides, it will be out of date as soon as it is done.
  4. It’s all in my head and that’s good enough.
  5. My operating work plans have everything I need to succeed.

The truth is that lots of businesses achieve a level of success without having a strategic plan. They might have been in the right place and the right time. They might have been lucky. Or maybe the founder really was that good. This kind of accidental (or fortunate) success can be dangerous because it isn’t sustainable.

Thinking strategically, and writing up a simple and actionable plan is essential to avoid or minimize the impacts of the plateaus and stalls that impact every business.

A good plan will help you:

  1. Establish and communicate clear priorities and directions for your business.
  2. Attract and retain excellent team members and partners.
  3. Ensure everyone is aligned and working together to achieve your true objectives.
  4. Simplify and accelerate decision-making.
  5. Anticipate and adapt to challenges and opportunities.
  6. Prepare for business succession and transition.

Now, I’m not advocating that you drop everything and go out and write a huge strategic plan.

I am inviting you to set aside some time to start educating yourself about the core strategic planning disciplines and how you can put them into action in your business. If you’d like some help getting started, just click here and set up a time to talk.

Consistent and persistent investments of time to develop your strategic thinking – and to creating a strategic plan will make your life and your business easier and more profitable.

Yours in Success!



Doug Brown5 Strategy Myths that Hurt Your Business