In this interview, Sniukas shares his insights on what strategy really is and how companies can make better strategies.

Strategy is a buzzword that is frequently used in the business world. However, as strategy advisor Marc Sniukas points out, many companies do something they call “strategy,” but it’s not really strategy. In this KAJ Masterclass Live interview, Sniukas shares his insights on what strategy really is and how companies can make better strategies.

What is Strategy?

Sniukas begins by differentiating strategy from planning. Strategy is not a plan; rather, it is the approach a company takes to overcome its biggest challenges and reach its ambitions. Strategy is not necessarily a long-term plan but rather a short-term plan of action that focuses on the next 12 months.

According to Sniukas, strategy is also about identifying opportunities that can help a company reach its goals. To find and seize opportunities, Sniukas advises companies to focus on Innovation rather than copying their competitors’ strategies. Benchmarking and best practices analysis can be helpful, but they don’t always lead to innovation.

Why Are Companies Making Wrong Strategies?

Sniukas explains that strategy originated from corporate planning in the 1950s and 1960s, when there were fewer companies and less competition. At that time, strategy was about estimating market Growth and market share for the next few years and building capacity to meet those estimates. However, today’s business world is vastly different. Companies face disruptions, such as the COVID-19 pandemic, supply chain issues, inflation, and recession. These challenges require a different approach to strategy, one that is more flexible and adaptable.

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Sniukas believes that many companies are making wrong strategies because they are using outdated planning methodologies that don’t work in today’s dynamic environment. Many companies are still using benchmarking and best practices analysis, which leads to copying competitors’ strategies instead of creating innovative strategies.

How to Make Better Strategies?

Sniukas advises companies to focus on innovation and to shift away from benchmarking and best practices analysis. Instead, he recommends identifying challenges and opportunities and developing strategies that are tailored to those challenges and opportunities. He emphasizes that strategies need to be adaptable and flexible, with shorter cycles that focus on the next 12 months.

To develop better strategies, Sniukas recommends companies involve their employees in the process. By engaging employees, companies can tap into their collective intelligence and creativity to generate innovative ideas that can help the company achieve its goals.

Conclusion

In conclusion, developing a better strategy requires a shift away from outdated planning methodologies and a focus on innovation. Companies need to identify their biggest challenges and opportunities and develop strategies that are adaptable and flexible. By involving employees in the process, companies can generate innovative ideas that can help them achieve their goals. With these insights from strategy advisor Marc Sniukas, companies can make better strategies that will help them succeed in today’s dynamic business environment.

Originally published at https://khudania.substack.com.

Khudania Ajay Content Entrepreneur, Podcast Host & Ind. Journalist

Khudania Ajay is a writer, podcast host, and independent journalist. In his 20-plus years in the media, he has worked with renowned organizations such as CNBC (India), Reuters, and Press Trust of India (PTI). Now, he is dedicated to helping his audience succeed through his LIVE Masterclasses.