When crafting strategy, companies too often get mired in analyzing the problem. But to compete, a company’s leaders must make choices — about what it will and won’t do, whom it will and won’t serve, and where it will and won’t devote resources.
If your strategy process has stalled, stop focusing on the problem and identify the choices you need to make. For example, your problem may be that your manufacturing plant is inefficient and unproductive, but the choice you have to make is whether you will invest $500 million dollars to retrofit it or shut it down. This makes an abstract conversation more concrete and focuses on how you might solve the problem.
Adapted from the Playing to Win Strategy Toolkit.