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"The inability to effectively navigate strategy challenges can have devastating
long-term effects on an organization. ... While it's convenient to blame an organization's failings on external factors such as the economy, decisions about strategy account for failure a whopping 70 percent of the time.
Yes, strategy does matter.
When poor decisions about strategy are made and an organization goes through a revenue stall, it's been shown that, on average, low performance continues for more than 10 years. Unfortunately, this prolonged period of poor performance can lead to bankruptcy. Research on 750 bankruptcies during a 25-year period showed that the number-one factor behind these bankruptcies was bad strategy. Contrary to popular opinion, the researchers attributed the failures to flaws in the strategies themselves, not to poor execution of the strategies. Therefore, it's important to be skilled at crafting strategy."
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"Just as we need strategy for business success, we need to plan for successful lives. Without one, we allow all kinds of forces to push, pull, twist, and turn us into mental and emotional pretzels. Our inability to say 'no' pushes us into time-wasting activities; a lack of strategic direction allows us to be pulled down a career path we never wanted; good intentions to volunteer in the community are twisted into negative comments when we're not able to meet the time commitments; and we're emotionally turned around when the relationship we let wither finally ends."
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