A strategy is a prediction about the future. It is a hypothesis that can be tested in small pilots and pivoted over time. A good strategy should be formulated as an if-then statement that specifies the internal actions and external conditions that will lead to your expected results.
A powerful strategy involves concentrating new efforts on a few decisive opportunities (founded in analysis) while leveraging and expanding areas where you are already strong. Traditional strategic planning seeks a sustainable competitive advantage, which is becoming more difficult to achieve in today’s dynamic market. Instead, try focusing on creating and exploiting several smaller strategic opportunities that can exist within in a dynamic cycle. This gives space to test your hypotheses and involves generating, testing, implementing, expanding, and yes, even dismantling these strategic hypotheses or business processes.
To implement any successful strategy, you need a top management team that is aligned with the strategic vision and is willing to adapt the corporate culture to align with the future. The team should be small, diverse, incentivized, trustworthy, and motivated by a common vision.