When creating strategy, far too many leaders give in to temptations that result in weak strategic choices, and ultimately, failure.
Here are three common mistakes and how to avoid them:
Failing to choose.
Attempting to be all things to all customers isn’t a winning strategy. Select specific segments of consumers with particular characteristics that you can serve best.
Acquiring to change playing fields.
Acquisition usually just adds unnecessary complexity. If you can’t strategize in your current environment, you won’t necessarily excel in a different one.
Accepting an existing choice as unchangeable.
A company always has a choice of where in the market they will play, so don’t use this as an excuse for mediocre performance. Change won’t happen overnight, but you can alter the course with focus and dedication.
Adapted from Playing to Win: How Strategy Really Works.