In business, the terms “strategy” and “planning” are often thrown around interchangeably. But they are not the same.
Think of your business plan as the road map. It lays out the steps, milestones, and resources you’ll need to reach your destination. It’s all about execution and ensuring you cover the necessary ground.
But what happens if you don’t know which direction to head in? That’s where strategy comes in. Strategy is your compass – your true north. It guides you through the tough decisions, telling you – where to go, why to choose a given direction, and how to get there; especially when the path isn’t clear.
Strategy answers the why, what, how, and your right to win. It is defined based on your business goals.
Planning is a breakdown of tasks with timeline, people responsible for the same, resource allocation, and risk management.
You cannot do planning without a strategy. But at times, we all do. I have done it for years! This leads to a lot of hard work, chaos, but very little outcome. Because you might be doing a lot, but the wrong things.
Strategy is difficult, because it involves making difficult choices. You need to say “no” to lots of things and “yes” to a very few things. The big question haunts us – What if I choose the wrong direction? And this leads to indecision. Indecision can kill a business.
You need a lot of data and exposure to be able to make the right choices. Against popular belief, these are not created in boardrooms referring to nice presentations.
They’re shaped by real-world engagement, asking questions, piloting ideas, and learning from the market. By staying attuned to the needs of your customers and the realities of your industry, you ensure that your strategy remains relevant and powerful.
So, the next time you’re setting out to achieve your business goals, remember: Don’t mistake your map for your compass.
A clear, well-defined strategy will guide every step you take, by showing you the direction, ensuring you stay on the right path, no matter how complex the journey.
In Indus Net Technologies (INT.) we took conscious choice to focus on regulated industries like financial services and healthcare, because they are risk averse, and hence 🫴 us higher stickiness. It aligns with our core strengths of sustainability.
We made another choice way back in 2012 to invest heavily in Indian Enterprises, which paid off. To grow this market, and build enterprise capability in the process, we said “no” to several global opportunities. Today this has given us the ability to consult and drive results for large enterprises, which is helping us land large, retained, multi-year contracts.
When you make a choice – you lose something, you gain something. There is no right answer.
Please share examples of difficult strategic choices that you have made, and inspire us!