5 reasons why we get lost in strategy
I have seen many board members in my life that are successful in creating their strategy map and connecting all four pillars of their balanced scorecard but after a while they get confused and things got disconnected.
1. Never forget that we create strategy and strategy is the product of our mind.
So, when there is a change in market situation or internal processes don't get confused. Just dig into your pillars and all the connections that you have made. The reason is there.
2. Strategically be flexible.
When you were setting up your scorecard, you knew what you knew. If things got change and you were not aware of it then smartly figure out the root cause and redefine your success factors.
3. Periodically, revise your all four pillars of your balanced scorecard.
Finance, Customer, Internal Processes and Learning & Growth. Study the connection of each pillar to the lowest positions in the company and check if every single employee is contributing to company strategy.
4. Don't let strategy run you. You run your strategy.
Many leaders assume that the company strategy is the Bible and no one can change it in long period of time. So, they follow what they created by themselves as a non-changeable road map. The fact that our solutions for company needs time to start working does not mean that we cannot revise them in long-term.
5. Adding value to our decisions doesn't mean that we are not consistent. Sticking to a strategy map without improving it will lead to non-competitiveness.