Chasing Quick Wins or Creating Lasting Value in Your Strategy?

3 Key Take-Aways:

1. Strategy is about long-term value creation, not quick fixes.
2. Successful strategy focuses on value creation and differentiation.
3. Collaboration and alignment are crucial for effective strategy.

It’s been an insightful week. It started with reading Steve Hearsum’s “No Silver Bullet” and wrapped up with Jeroen Kraaijenbrink’s “10 Myths of Strategy.” For someone like me, who questions EVERYTHING (seriously, my entire business approach revolves around “The Art of Asking”), this week really pushed me to think, question, and even reconsider a few things.

You see, strategy is riddled with myths—long-held assumptions that have been passed down for decades. And while these myths seem harmless, they can get in the way of real success. In my own experience—whether through case studies, working with clients, or painfully learning the hard way—I've encountered these myths time and again. So, let's dive into some of these misconceptions and, hopefully, help you rethink how you're approaching strategy in your business.

Myth 1: Strategy Is About That Silver Bullet

Everyone loves a quick fix. Who wouldn’t want a magic solution that solves all your business problems overnight? That’s what many people assume strategy is—a silver bullet that, once fired, will deliver instant success.

But here’s the hard truth: there are no quick fixes. No silver bullets. Those who sell you on the idea that strategy is a short-term fix are really offering you a band-aid for a long-term issue. Strategy is about sustainable growth, long-term vision, and often a slow, steady climb. It’s less about finding an easy solution and more about solving complex problems.

Myth 2: Strategy Is About War

Sun Tzu’s “The Art of War” has been quoted in strategy meetings more times than I can count. The metaphor of business as war is powerful, but it can be limiting. Many assume strategy is about crushing the competition, winning at all costs, and “destroying” the enemy.

Today’s business strategy isn’t about annihilation; it’s about value creation. The most successful companies aren’t just better than their competitors—they are different. They focus on unique value propositions that set them apart rather than waging war against competitors. So, while Sun Tzu has some great insights, business strategy in the modern world is more about creativity than conflict.

Myth 3: Strategy Equals Planning

Let’s clear something up—strategy and planning are not the same thing. Strategy is about the “what” and the “why,” while planning focuses on the “how,” “who,” and “when.” Think of it like this: a well-crafted strategy is the vision that guides your long-term success. It’s the big picture. A plan, on the other hand, is how you make that vision happen. It’s the actionable steps, timelines, and people who get things done. Both are crucial, but they serve very different purposes. You need both a solid strategy and a detailed, actionable plan to reach your goals.

Myth 4: Strategy Should Be Elaborative

I’ve read plenty of 300-page business books that could’ve been summarized in a single chapter. We often confuse elaboration with thoroughness. People assume that if you don’t have a 30-page strategy document, you’re not serious. However, many expert strategy consultants, facilitators, and subject matter experts, including me, believe a simple strategy can be very effective. If you can clearly state the problem, present your strategic argument, lay out the actions that will get you there (not referring to the action plan, which is a separate detailed breakdown of these goals), and identify the resources you need—all on one or two pages—then you’ve got a solid strategy.

Myth 5: Strategy Resides at the Top

People often think strategy is the responsibility of upper management. The reality? A successful strategy requires both top-down leadership and bottom-up involvement. You can’t just hand down a strategy and expect everyone to fall in line. Teams need to be aligned with the strategy to unlock synergy. Misalignment leads to silos—suddenly, people are working on different priorities, duplicating efforts, and stepping on each other’s toes. But when everyone understands the strategy and sees how their work contributes, you have a motivated team moving in the same direction. Clear communication and early buy-in make all the difference.

Myth 6: Strategy is a Handoff to Consultants

This one hits close to home. The myth that you can outsource your strategy to ‘done-for-you’ consultants and leave it to them is widespread. While consultants, advisors, and facilitators (myself included) provide valuable insights, a good strategy requires personal involvement – a collective effort. For entrepreneurs, your strategy is most powerful when it reflects your unique vision, experiences, and understanding of YOUR business. For organizations, strategy benefits from diverse input, not just those in the boardroom, the data, or the consultant’s expertise. A consultant is invaluable in the process, but they don’t live and breathe your business as you do, making collaborative input essential in shaping a successful strategy.

Myth 7: More Data Means Better Strategy

We live in the age of data. And don’t get me wrong, data is crucial. It helps identify trends, risks, and opportunities. However, more data doesn’t automatically lead to a better strategy. Too much data can cloud your judgment. A purely data-driven strategy often misses human factors—like relationships, culture, and values. Conversely, a strategy that ignores data is idealistic and out of touch with reality. The key is balance: use data to inform your decisions, but don’t forget the human-centered approach.

Myth 8: Strategy Is About Profit Maximization

There’s this assumption that the sole purpose of any strategy is to maximize profits. Sure, profits are important, but they’re not everything. A strong strategy focuses on long-term value creation—for customers, employees, and shareholders. Strategies that are purely profit-driven often miss out on building lasting relationships with customers. And in today’s business landscape, relationships are just as valuable as revenue.

Myth 9: Competitive Superiority Is the Goal

Now that we know strategy isn’t about war, does that mean we shouldn't be better? Many people believe that the goal of any strategy is to be better than the competition. But this mindset can lead to a narrow focus. Being “better” than competitors isn’t enough. The most successful businesses focus on being different. Your strategy should aim to create unique value that your competitors can’t easily replicate. Instead of focusing solely on outperforming them, focus on out-innovating them by delivering something truly unique and sustainable to your customers.

Myth 10: Strategy Equals Success

And finally, one of the biggest myths of all: the idea that a great strategy guarantees success. The truth? Even the best strategy can fail. It’s not enough to create a strategy, sit back, and wait for success to roll in. Strategies need to be adaptable. Markets change, customer preferences evolve, and unforeseen challenges arise. A rigid strategy that doesn’t evolve with the times is doomed to fail. Strategy is a living, breathing thing—it requires constant adjustment, learning, and iteration.

Strategy is full of myths. Whether it’s the misconception that strategy is a silver bullet, a war plan, or something only top management needs to worry about, these assumptions can hold us back from real success. By questioning these myths and rethinking our approach, we open the door to better, more effective strategies grounded in reality, adaptability, and value creation. After all, strategy isn’t about having all the answers—it’s about asking the right questions and being willing to adjust when those answers change.