STRATEGY may have been conceived on the front line, but today it is essential for boosting the bottom line — a sound strategy is the key to making business boom.

And a spot of strategic thinking can make even the dimmest of people seem shiny and light up the way to a star-studded career. But the big S has been hijacked by academics and profiteers who surround it with business jargon. Over the past ten weeks we’ve been asking those in the know to uncover the secrets of good strategy.

So if you’re having trouble differentiating between models and matrices, worry no more. Here are the ten things you really need to know about strategy:


Strategy is the big “aha” that makes you more successful, and more profitable, than your competitors. It is a realistic and detailed action plan backed by resources. It is not an aspiration.

There are just three ways of making money in business: seizing an opportunity by exploiting a gap in the market; owning a scarce resource or keeping the competition out by slapping a patent on your ideas; or spending more than anyone else can afford.

You can devise a conventional strategy by analysing your strengths, weaknesses, opportunities and threats (SWOT) or you can be innovative. Although beware that capitalising on creativity ain’t easy; not everyone is as imaginative as Apple Computers’ Steve Jobs.

Masters of strategy think strategically: to do this you need to lift your head above your PC and see the bigger picture. Networking, brainstorming and reflection will help, as will shamelessly stealing ideas.

Involve as many people as possible in strategy development: it will make implementation easier. A good strategy will affect everyone and guide day-to-day recruitment, training and promotion policies.

The most important thing is execution. Almost anyone can plan a strategy, but implementation is dead difficult.

Lots of strategies fail. Not because they are bad strategies, but because they are not executed well — common pitfalls include poor communication, inadequate resources and failure to measure outcomes.

Strategy can be a victim of fashion. You need to be able to follow the trends in your industry and among your customers, and within strategy itself. Being able to differentiate between fashion and fad could save you from being a flop.

You can get help. Consult the consultants, but don’t hand over your future. Theywon’t shore up poor management and can prove costly. It’s important to remain in charge of your own destiny.

Have an exit strategy. You need to know when to change course or to bale out. A strategy isn’t for life. “We don’t have an exit strategy, we have a victory strategy,” Donald Rumsfeld, the US Defence Secretary, told troops in Iraq. Enough said. As Rumsfeld now knows, things don’t always go to plan.

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FOR those of you who have caught the strategy bug here’s where you can learn more:

Go on a course: try Developing Strategy for Value Creation at London Business School (www.london.edu), or Implementing Strategy and Transforming Business at Manchester Business School (www.mbs.ac.uk). Alternatively sign up for an online MBA with a specialism in strategic planning at Edinburgh Business School (www.ebsmba.com).

Read a book: see Strategy: Create and Implement the Best Strategy for Your Business (Harvard Business School Press, £12.99) and Strategy Bites Back (FT Prentice Hall, £19.99)

Scan the web: every- thing you’ve ever wanted to know, and more, is on quickmba.com/strategy

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