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Seven basic strategic missteps and how to avoid them

Seven basic strategic missteps and how to avoid them Purpose – The purpose of this paper is to warn managers of the common missteps that can trip up strategy making and suggest how such pitfalls can be avoided. Design/methodology/approach – Based on their experience and research, the authors identify seven key mistakes and describe the best practices that companies can follow. Findings – The article offers a sophisticated how‐to process managers can use to seek a basis for advantage, say “no” to trying to do everything, focus on long‐term‐value creation, factor in competitor reactions, balance ambitious bets with caution, understand the organization's capabilities, and link vision to execution. Practical implications – By avoiding these seven basic missteps managers can stay on the path to strategic success. Originality/value – The authors highlight the best practices for making more effective strategic choices in an easy‐to‐remember and easy‐to‐teach format. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategy & Leadership Emerald Publishing

Seven basic strategic missteps and how to avoid them

Strategy & Leadership , Volume 39 (6): 8 – Nov 8, 2011

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References (1)

Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1087-8572
DOI
10.1108/10878571111176592
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to warn managers of the common missteps that can trip up strategy making and suggest how such pitfalls can be avoided. Design/methodology/approach – Based on their experience and research, the authors identify seven key mistakes and describe the best practices that companies can follow. Findings – The article offers a sophisticated how‐to process managers can use to seek a basis for advantage, say “no” to trying to do everything, focus on long‐term‐value creation, factor in competitor reactions, balance ambitious bets with caution, understand the organization's capabilities, and link vision to execution. Practical implications – By avoiding these seven basic missteps managers can stay on the path to strategic success. Originality/value – The authors highlight the best practices for making more effective strategic choices in an easy‐to‐remember and easy‐to‐teach format.

Journal

Strategy & LeadershipEmerald Publishing

Published: Nov 8, 2011

Keywords: Strategic intent; Strategic missteps; Core competences; Competitive advantage; Business‐defining strategic decisions; Key success indicators; Strategy development options; Competitor reactions; Competitive analysis; Game‐changing strategies; Resource cognizance vision

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