Let’s talk strategy.  When having this conversation with clients, colleagues or friends, I’m always struck by the vast array of comments I get on:

What is strategy?

Why is it important?

How is it done?

Sometimes goals are  mistaken for strategy.  For instance; “We want to increase our brand’s market share by 10%” is more of a goal, or often just a wish.  Strategy is how you plan to execute your goals.  But it entails much more than this.  It provides the overall direction for where you want your organization or a specific brand to go.  It’s accomplished first by identifying what your company or brand is all about and how you envision reaching your goals. 

When thinking strategy, I use these three “visions” to set the stage:

LIGHTHOUSE

Your company’s core principles are like a lighthouse.  They act as your anchor and your beacon.  They don’t change over time because your core principles are timeless.  These principles lay the foundation for all business activity.

COMPASS

The compass image conveys the idea of directing our strategy to “True North”, as author Stephen Covey has referenced in his many books on leadership.  The compass provides the focus needed to achieve goals, while adhering to core principles of the lighthouse.  And the compass keeps us on track during those times when we venture out of sight of our lighthouse.

MAP

The map is the plan for executing the strategy.  It sets the course for where we want to go.  Now just as maps become outdated, our plans need to be flexible and able to adapt on the fly as new challenges arise.  That’s when we need to re-calculate our GPS maps to avoid trouble awaiting on the current path.  As long as you have that compass, you’ll always make it to your ulimate destination. 

Bill Duffy is an Account Executive at Mirage Advertising, an award-winning creative communications group specializing in graphic design, web design, video production and event staging.