Pick and stick as much as possible

Welcome to instalment 3 of the ‘Countdown to Christmas’ blog series “What separates good/bad strategy and culture".

Click on this link for the prequel.

Today’s blog will explore Good vs Bad strategy in relation to 'pick and stick as much as possible'.

Good strategy avoids the temptation of changing direction too frequently.??You can think about strategy as a continuum.?On one end is the impulsive strategy with zero ability to delay gratification.?As soon as there’s a new opportunity the strategy changes.?This is the type of strategy that creates chaos over time with constantly changing goalposts.

On the other end of the continuum is the stubborn strategy so doggedly determined to see the plan through they march their companies right off the cliff.?Think Kodak, stubbornly sticking to a path despite all the signs that the path was not going to work.?This type of strategy is akin to denial.

Good strategy gets the balance right between discipline and agility.??The word ‘balance’ can be a little vague and in this context I would suggest it is better to err a little on the ‘stubborn’ side.??Erring on the stubborn side a little means you’re avoiding the temptation of reacting to the latest trend or issue, avoiding the temptation to change the strategy due to an implementation problem, or over-reacting to issues…..but it also does NOT mean blindly sticking to a product/service/channel/market that has no future.

Erring a little on the stubborn side means you are having an experience of seeing something through that builds discipline and accountability and creates learnings to inform the next plan.

?People that know me know how closely I study the sporting world because I am convinced there are a lot of parrallels with Business.?I saw a study undertaken recently in the NBA (American basketball league) that showed the teams that stuck to their coaches had more success and vice versa, ie the teams that constantly replaced their coaches had the least success.

On the local sporting scene, the Richmond AFL club is living proof of the value that comes from ‘erring on the stubborn side’.?Their coach, Damien Hardwick, was recruited in 2010 and by 2016 was under pressure after a few years of poor results.?The Richmond board met that year to discuss Hardwick's future and, as the story goes, almost sacked him.?They ultimately stared down the ‘outside noise’ and stuck with their Coach.?The very next season Richmond won the premiership, their first triumph since 1980.?They went on to win 3 out of next 4 premierships.?An absolutely remarkable achievement given the history of failure at the club.

?Good strategy errs a little on the stubborn side and that’s what the Richmond Board did in 2016.?A real sliding doors moment that may have ended very differently had they made the easier choice when the pressure was on.

Where does your strategy sit on the continuum between impulsive and stubborn?