This difference can mean the difference between success and constantly playing catch-up
Have you ever thought about how often people talk about "Strategy" when they actually mean planning or tactics?
I get this a lot when a customer enquires about my consulting and coaching. A lot of the time they ask for strategy help but really what they want is implementation advice for some special tactics.
So ... What is the Difference Between Planning and Strategy?
Planning involves a list of activities but Strategy is an integrated set of actions toward a desired outcome based upon a hypothesis.
What does that mean? A successful strategy must have a coherent theory that explains why it is going to do something. This involves understanding customer desires and the competitive landscape.
Planning is important. It focuses on things we can control like timing, costs, assets, and resources. Strategy is more focused on working towards outcomes. Strategy is inherently uncertain, changeable, and requires a willingness to take risks.
Uncertainty is always a cause for discomfort but is essential for market leadership and innovation. It involves thinking through the logic of your strategy while being prepared to adapt based on market changes and customer feedback.
Effective strategies don't need to be complex, they can fit on a single page. It's about defining the focus target market, your competitive approach, required resources, and your logic. It should also allow for continuous adjustments based on real-world learning, rather than a rigid A-Z plan.